Effective November 1, 2012, the Ohio Development Services Agency is no longer accepting new entity and investor applications for the Technology Investment Tax Credit program. Due to a strong increase in the number of investor applications coming in for the program that has far exceeded the average rate, the program has reached its cap of $45 million. This is a strong indicator of the growth in investment opportunities in Ohio, and is further evidence that the collaborative approach to building an established investor network and entrepreneurial ecosystem is gaining momentum. An alternative program that investors may consider is InvestOhio. InvestOhio has $45 million available for qualified investments and may provide an opportunity for investors. Updates on the TITC program going forward will be posted to this website.
The Technology Investment Tax Credit program offers a variety of benefits to Ohio taxpayers who invest in small, research and development, and technology-oriented firms. Through this innovative program, Ohio investors may reduce their state taxes by 25 percent (or 30 percent- see FAQ) on the amount they invest in qualified, technology-based Ohio companies. Both the companies and their investor's must meet several requirements specified by Ohio law in order to be considered for the Technology Investment Tax Credit program.
All of these requirements, along with complete information about the program, can be found by following the links to the left.
Below are the applications used by the Technology Investment Tax Credit program, each application is available in both Microsoft Excel format and Adobe PDF format.
Companies seeking approval or re-qualification in the Technology Investment Tax Credit program: For information on what requirements need to be met in order to qualify, please read the program bylaws and legislation. For further questions please visit the FAQ's section. Please note that there is a $150.00 application fee when submitting this form, a check should be addressed to the Edison Representative that the form is sent to, and not to "Edison Center". Each entity is initially approved for one calendar year starting with their original approval date. Once this time has expired, entities wishing to remain in the program must complete the Entity Re-qualification Application. There is no fee associated with this form. Please follow the mailing instructions on page one of the forms.
Each investor must fill out an Investment Application in order to be approved for a tax credit in a TITC approved company. This form is also submitted to an Edison Representative accompanied by a $200 application fee. Groups of two or more investors should include an $800 application fee. Investors must also meet the set of requirements listed in the application, along with the bylaws and the legislation. More information is available in the FAQ's section of the web page.
Once an investor has been approved by the TITC Committee, the investor is required to submit proof of investment via the Tax Credit Certificate Request Form. The required forms of proof of investment are outlined in the form. Also, once an investor is initially approved in the program, an approval letter with instructions and a deadline (120 days) is mailed to them.