The Invacare project was one of nine projects approved across the country by the tax credit. The state said the nine projects would create a total of 1,700 new jobs, preserve 924 jobs, generate more than $87 million in new payrolls and stimulate more than $1.5 billion in investments across Ohio. The Development Research and Investment Fund has provided loans of $500,000 to $5 million for projects primarily focused on research and development. Loans come with fixed interest rates (at or below market rates) and other lending conditions similar to those of financing by commercial banks. Businesses receive a dollar-to-dollar tax credit for interest and interest payments made in Ohio during the term of the loan during the year, up to $150,000. Ohio`s Job Creation Credit Program was launched in 1993. The program provides a refundable tax credit for starting a business or income tax on a business based on the state income tax withheld by new full-time workers. (C) Retail projects are not eligible for tax credits, in accordance with Section 122.17 of the revised code. The tax credit also approved Monday a tax credit for batteries from Ultium Cells LLC in Lordstown, a joint venture of General Motors and South Korean LG Chem, with a 15-year tax credit and 1.95% for job creation. Ohio`s New Markets Tax Credit Program helps finance business investment in low-income communities by providing investors with public tax credits to provide you with investment options that are worth less than the market. Investors benefit from a seven-year, 39% tax credit if they invest in a low-income, skilled joint venture.
With this attractive tax credit, the program is helping to revitalize Ohio communities. This would create more employment opportunities, especially for job seekers with disabilities. For Invacare, the tax credit approved an eight-year, 1.476 per cent tax credit for the creation of $7.32 million of new annual payroll as a result of the company`s proposed expansion in the cities of Elyria and North Ridgeville.