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OEDA - Schoeny Smith (10/14/2009)
- 1. Ohio Department of Development’s Incentive Update Steve Schoeny Chad Smith Strategic Business Investment Division Ohio Department of Development Wednesday, October 14, 2009
- 9. Scenario 1: 3-year Company
- 11. Scenario 1: 3-year Company
- 12. Scenario 2: Single-contract Dependent
- 14. Scenario 2: Single-contract Dependent
- 15. Scenario 3: 2-year Company, Steady Growth
- 17. Scenario 3: 2-year Company, Steady Growth
- 18. Ohio Job Ready Sites Program (JRS)
- 22. Ohio Film Tax Credit
- 25. Questions? Steve Schoeny Director Strategic Business Investment Division (p) 614-728-9499 (f) 614-644-1789 Chad Smith Manager Office of Grants & Tax Incentives Strategic Business Investment Division (p) 614-387-1498 (f) 614-644-1789
Editor's Notes
- Fixed Asset Investments This amount should be consistent with what the company indicates in the FAA as opposed to the Commitment Letter. The Tax Incentives Office derives the amount from the fixed asset portion in the investment breakdown in the FAA. Additionally Furniture & Fixtures and Inventory do not count toward the Fixed Asset Investment. Affiliates / Subsidiaries Will any additional company’s have involvement in the project? This includes company’s making the investment and taking part in the hiring of employees. Maintained Employees Does the company have any sites with employees within the county or a 15-mile radius of the project site? If so, these employees need to be counted as maintained. Facility Ownership Is it leased or owned? If leased, does the term or renewal options cover the tax credit term?? It is also important to check that any property tax abatements from the local jurisdiction benefit the company and not the lessor. Double Check Wage & Job Numbers Because the both value of the tax credit, and the rate/term given are highly driven by employee wages, it is important to make sure the wages and job numbers are consistent across the board. What the company indicates in the FAA should be consistent with negotiated numbers.
- Project Timing Make sure if the company has indicated construction or occupancy dates prior to the Tax Credit Authority meeting, they have a the new Go Forward letter sent to them. If hire dates prior to the Tax Credit Authority date are indicated, make sure the company is aware those employees will not be counted as new hires. Service Projects Make sure on service projects the % of sales outside of Ohio are at least 51% or are part of a value-added component that has sales outside of Ohio of at least 51%. JCTC Start Date Communicate to the company that this is the year the company may begin claiming the credit on new hires (on a calendar year basis only). The company may choose to start the credit whenever it pleases. In most cases, the decision is between claiming the credit right away at the beginning of the hiring cycle (thus less employees) or capturing the most employees in the first credit year (thus waiting until most or all employees are hired). Relocation Projects It is important to notify the Department as soon as possible if employees are relocating in Ohio for the project so the Tax Incentives Office can prepare the proper notice. Employees relocating within Ohio to the project site will not be counted as new. Confirm Only 1 Project Site The program is site specific, therefore, double-check with the company to make sure the project is being conducted at just one site.