Experience Whitehouse Business Magazine - Page 8

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WHITEHOUSE JOB CREATION GRANT PROGRAM

Eligibility

- Companies investing in Whitehouse and creating new jobs

- Retail commercial companies are not eligible

Requirements

- Create at least 5 new jobs

- Generate at least $100,000 in new annual payroll

- Be current on all taxes, assessments, etc.

Rates/Terms

- Maximum 8 year grant

- Maximum $20,000 per year

- Amount of grant is .005 times the new payroll

- Number of years determined by number of new jobs created

INCENTIVES

Whitehouse and the Ohio Development Services Agency has a variety of bonds, grants, loans and tax credits that can assist Ohio companies as they grow and create jobs in Ohio.

RESEARCH AND DEVELOPMENT INVESTMENT LOAN

The Research and Development Investment Loan Fund provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at- or below-market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non- refundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.

RESEARCH AND DEVELOPMENT INVESTMENT TAX CREDIT

The Research and Development Investment Tax Credit provides a non-refundable tax credit up to seven percent for qualified research and development expenses. Qualifying expenses fit into two categories: in-house research expenses, and contracted research expenses. Any unused portion of a tax credit may be carried forward for up to seven years.