Tax Incentives and Business Resources
New Bremen Taxes: The Highlights
At a glance, here are some of the major tax benefits that come with doing business in New Bremen and the state of Ohio at large.
State Tax Benefits:
- No corporate profits or income tax
- No tangible personal property tax
- No inventory tax
- No tax on products sold outside of Ohio
- No tax on machinery and equipment investments
- No tax on R&D investments
- No tax on first $1 million in taxable gross receipts
- Ohio has only one state business tax – The Commercial Activity Tax (0.26%)
New Bremen Tax Benefits:
- Community Reinvestment Area (CRA) Program
- Enterprise Zone Agreement
- Port Authority
A Pro-Business Tax Climate at State and Local Levels
Choosing New Bremen gives your company the advantage of Ohio’s numerous incentives in addition to local benefits and programs.
Ohio and its local communities act in full partnership with our corporate citizens to better help our companies succeed. State and local tax incentives, grants and low-interest financing options offer businesses the opportunity to reduce risk while encouraging investment in communities like New Bremen.
The Village of New Bremen is fully equipped to help your company take advantage of state and local incentives that will add to your company’s bottom line.
Local Incentives and Resources
There are several local tax incentives and resources in place to help your business grow. You can read on for more information or contact us. The New Bremen Economic Development office can connect you to the programs you need to ensure success.
Community Reinvestment Area (CRA) Program
A CRA is an area of land in which property owners can receive tax incentives for investing in real property improvements. The CRA Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. Program benefits are available for residential, commercial and industrial properties.
Enterprise Zone Tax Abatement Program
This program provides an opportunity for variable tax abatements on local real property taxes. Abatements are negotiated in local communities.
Toledo-Lucas County Port Authority
Through the efforts of Auglaize County, New Bremen is a participating community in the Toledo-Lucas County Port Authority.
The Port Authority has developed a national reputation for innovative business financing, including fixed interest rate revenue bonds, off-balance sheet transactions, infrastructure financing and conduit revenue bonds.
The Port Authority has been involved in 225 economic development projects, representing an investment of $1.3 billion and the creation and retention of more than 13,000 jobs.
State Incentives and Resources
Ohio is the place to be for businesses. There are so many excellent incentives and resources; it’s only a matter of finding the right one for your business.
Below you’ll find an overview of some of Ohio’s most beneficial business loan and grant programs.
JobsOhio Loan and Grant Programs
JobsOhio Economic Development Grant
The JobsOhio Economic Development Grant funds eligible projects in the state of Ohio undertaken by businesses that have an eye on economic development, business expansion and job creation. For eligibility guidelines, visit JobsOhio online.
The JobsOhio Growth Fund provides capital for expansion projects for companies that might otherwise have limited access to conventional, private funding. If your company is in a growth, established or expansion stage and has generated revenue through an established business plan, you can learn more about applying for the program here.
Research and Development Center Grant
The JobsOhio Research and Development Center Grant is meant to foster new R&D centers in the state. Is your company developing new technologies and creating new jobs? Find out if this grant is right your industry and business by visiting them online.
JobsOhio Revitalization Program
The JobsOhio Revitalization Program focuses on helping rejuvenate sites in preparation for end-users that support job creation opportunities for Ohioans. The program, which includes both loans and grants, is available to public and private entities seeking to clean up and redevelop sites across Ohio. Find out if your business is eligible.
The JobsOhio Workforce Grant supports businesses that are providing workforce education in areas like technical training, leadership skills and skilled trades. Your business could be eligible for a grant if you’re working on a job creation or employee training program. Learn more here.
State Loan and Grant Programs in Ohio
Research and Development Investment Loan Fund
The Research and Development Investment Loan Fund, like the grant discussed above, provides financing for companies pursuing R&D projects. This program provides fixed-rate loans ranging from $500,000 to $5 million for eligible projects that are primarily engaged in R&D activity. Additionally, if you participate in this loan program, you’ll receive a dollar-for-dollar Ohio Commercial Activity Tax credit for principal and interest payments (up to $150,000). Read more about eligible projects here.
The 166 Direct Loan is for companies that are looking to expand but lack access to capital and funding from traditional financing sources. Eligible businesses can apply for fixed-rate, low-interest loans for projects like equipment purchases, land purchases, renovation costs and long-term leasehold improvements. Find out if your expansion project is a good fit here.
The OEBF loan is intended for businesses that create or preserve employment opportunities in Ohio. The loan is based on allowable costs, which you can read more about here.
The Innovation Ohio Loan Fund was created to help companies throughout the state keep up with the ever-changing technological demands of the current economy. The loan, which ranges from $500,000 to $1.5 million, can help companies with capital costs that come with technology, facilities and equipment purchases. Learn more about the loan here.
Roadwork Development (629) Funds
Roadwork Development (629) Funds go toward road improvements. If a project is helping to create or retain jobs and includes a road improvement component, funds may be available to help. Local participation is required. For more information, visit the fund overview page.
State Business Tax Credits in Ohio
The Job Creation Tax Credit is performance-based and depends on your created payroll. It goes toward your company’s Commercial Activity Tax liability and is available for companies that created at least 10 jobs (within three years) with a minimum payroll of $660,000, and that also pay at least 150 percent of the federal minimum wage. Learn more about the tax credit here.
Learn how these state and local benefits helped other companies succeed.