New, Improved Tax Climate Makes Ohio Preferred Location for Business Development
Tax reform reduces risk, helps businesses prosper.
Columbus, OH (PRWEB) June 6, 2007 -- Business owners are choosing Ohio as a preferred location for development, relocation and expansion thanks in large part to sweeping changes in the state's tax environment. According to the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment, Ohio's new tax code and supportive environment for business and personal development make the state a top competitor in the global marketplace.
Independent, third-party economic models project that by 2010, the reforms will grow Ohio's economy by $5.6 billion, boost personal income by $3.6 billion, create 78,500 new jobs and inject an additional $6.3 billion in new capital investment into Ohio's economy.
The new tax structure was a deciding factor for Dayton-based Microtek Laboratories, Inc. when looking for a location to build a new research and development facility.
"We considered Research Triangle in North Carolina," said Timothy Riazzi, president of Microtek Laboratories, Inc. "But Ohio's inviting business climate, especially its revamped tax code and opportunity for a successful work/life balance made our decision to expand in Dayton a simple one."
Microtek, a developer and manufacturer of microencapsulated materials for military and industrial applications, is among dozens of companies that have recently located to or expanded in Ohio because of the state's tax reform.
With its revamped tax code, Ohio's state taxes are projected to be the lowest in the Midwest for companies making new capital investments. Just two years after implementation, the new tax code is already growing the state's diverse economy, improving the standard of living and enhancing Ohio's standing in an increasingly competitive market.
New, Improved Tax Climate Makes Ohio Preferred Location for Business Development - 2
By 2010, Ohio's tax reform package will:
- Reduce operating costs - No tax on inventory or corporate income
- Enhance productivity - No tax on investments in machinery and equipment
- Attract talent - Shrink labor costs through a 21 percent reduction in personal income tax
- Create a level playing field - All companies taxed the same low rate
- Boost return on investment - No tax on products sold to customers outside Ohio
- Reward entrepreneurship - First $1 million in gross receipts are tax-free
"Ohio's innovative business climate coupled with the state's unique micro-metropolitan structure and low cost of living makes Ohio a natural choice for business development and expansion," said Ed Burghard, executive director of the Ohio Business Development Coalition. "Ohio has the infrastructure for business success, leaving more time for executives to pursue their personal aspirations. Ohio is the state of perfect balance."
About the Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit http://www.ohiomeansbusiness.com.
Media Contact: Dace de la Foret
Paul Werth Associates
614-224-8114, ext. 235
delaforet(at)paulwerth.com
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