Ohio Governor Proposes Tax Incentives for Employers

Democratic Governor Ted Strickland has proposed the expansion of tax breaks to companies that create or keep jobs in Ohio.

The governor’s proposed two-year, $54.7 billion budget also calls for $500,000 in computer upgrades at the Ohio Department of Development, to better track the results of such tax-incentive programs.

The upgrades, dubbed “BUILD-IT,” will revamp the agency’s information-technology systems and allow better monitoring and reporting of how many jobs are created or retained.

Ohio’s economy lost 89,000 jobs last year, and 111,600 since Strickland took office. He has announced the proposed expansion of three tax-incentive projects and two new tax credits designed to help create jobs.

The state’s existing Job Retention Tax Credit program allows qualifying companies to get credit for up to 75% of state income taxes withheld from eligible full-time employees for up to 15 years.