State & National Business News
Senator Sherrod Brown's Northwest Ohio Quarterly Regional Newsletter - Fourth Quarter 2011
Senator Brown shares his 2011 accomplishments for revitalizing the economy and rebuilding the middle class. Read highlights of some of his recent work across Northwest Ohio here.
Ohio’s 2012-2013 Budget Bill Creates New InvestOhio Program
A new initiative was included in the 2012-2013 Ohio budget reform that was signed into law last July by Gov. Kasich. The program's intent is to encourage investment in Ohio's qualifying small businesses. Furthermore, the program is designed to enhance economic activity by providing companies access to increased sources of capital allowing them to expand their businesses and add jobs. In general, InvestOhio creates a non-refundable personal income tax credit program for persons investing in a small business enterprise with an operating presence in Ohio.
Additional details on the InvestOhio
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April 26, 2011
STUDY FINDS OHIO IS THIRD FRIENDLIEST TAX STATE IN THE NATION
Competition comes from every corner of the world and businesses need every advantage to survive and prosper. For investors, site selection is a critical decision because the ideal business location maximizes the value of the investment by delivering a perfect balance between access to mission-critical resources and low overhead costs. Businesses find Ohio is uniquely able to deliver that perfect balance, and the state continues to gain recognition for its proactive, business-friendly redesign aimed at helping companies better compete in a 21st century global economy. Just one of Ohio’s incentives includes a sweeping tax reform, which is now being recognized as a key contributor to keeping overhead costs down. Click here to read the entire article.
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Grant from DOT to Increase Trasportation Options: U.S. Transportation Secretary Ray LaHood today announced the availability of up to $175 million in livability grants to help urban, suburban and rural communities develop transit options to better connect people where they live, work and play. To read more of this press release click here.
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Friday, May 20, 2011
Obama Administration Announces Jobs and Innovation Accelerator Challenger to Promote Regional Growth and Competitiveness: To accelerate innovation-fueled job creation and global competitiveness, today the Obama Administration announced a $33 million Jobs and Innovation Accelerator Challenge, an unprecedented initiative to spur economic growth through public-private partnerships in at least 20 regions around the country. Click here to download the entire press relase from the White House.
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New National Tax Burden Report
This report is an excellent tool to help you provide objective third-party support of the real business tax burden in Ohio. Please take a look at the table on page #1 of the Executive Summary that positions Ohio as the third friendliest tax state in the nation.
On that page, there is also a good overview of the capital investment decision as a two phase process. The first phase is what we describe as Winning the First Moment of Truth, the Second is what we describe as Winning the Second Moment of Truth. Please use this report as appropriate to support your efforts to win both Moments. We know from our quantitative research that awareness of the real tax structure in Ohio is not where we need it to be. This report will help you increase awareness and generate interest in Ohio as a location for capital investment.
Edward Burghard
Retired Harley Procter Marketer, Procter & Gamble
Executive Director, Ohio Business Development Coalition
614-857-0900
eburghard@me.com
www.OhioMeansBusiness.com
http://blog.ohiomeansbusiness.com
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USDA Energy Grant and Loan Guarantee Program Announced
Rural Energy for America Program (Section 9007)
Complete applications must be received by the Rural Development State Office by July 31, 2009. Please submit your project’s application at the earliest opportunity since eligible high-scoring projects may qualify to be funded prior to this date. Additionally, priority consideration is being given to projects requesting less than $20,000. Combination loan guarantee and grant applications can again be filed this year and may receive priority consideration.
All projects to be completed in Ohio must submit applications directly to the Rural Development State Office in Columbus.
All projects involving construction should apply early in the process to allow adequate time for this office to complete an environmental assessment for the proposed project. Form 1940-20, “Request for Environmental Information” and related attachments should be submitted as soon as possible.
All applicants, with the exception of individuals, must have a Dun and Bradstreet Data Universal Numbering System (DUNS) number to file an application. See page 24769 of the Federal Register for directions to obtain this free number. Be aware this process can take some time, so apply early by phone or on line.
The maximum grant amount remains unchanged from previous years; $250,000 for energy efficiency improvement projects and $500,000 for renewable energy projects. The grant request may not exceed twenty-five percent of the project’s eligible costs.
The limit for loan guarantees has been raised to $25 million. Loan requests of $600,000 or less are eligible to receive a loan guarantee of up to 85%.
The Federal Register announcement is available at:
http://edocket.access.gpo.gov/2009/pdf/E9-12178.pdf
For application forms and information, please contact Randy Monhemius, Rural Energy Coordinator at 614-255-2424 or via email at Randy.Monhemius@oh.usda.gov.