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FISHER ANNOUNCES TAX CREDITS THAT WILL SPUR AN ESTIMATED $1.4 MILLION IN INVESTMENT TO TECHNOLOGY STARTUPS
FOR IMMEDIATE RELEASE
April 13, 2007
Columbus, OH -- Lieutenant Governor Lee Fisher today announced that the Ohio Technology Investment Tax Credit (TITC) Committee approved $348,000 in tax credits for private investments of nearly $1.4 million for 12 Ohio technology startup companies.
"This program bridges a critical gap in the funding continuum for start-up companies," said Lt. Governor Lee Fisher, who also serves as Director of the Ohio Department of Development. "By encouraging private investment to emerging entrepreneurs, the Technology Investment Tax Credit serves as a stimulus for companies to achieve economic success."
The Tax Credits were approved for 36 private equity investors, who may reduce their state taxes by 25 percent of the amount they invest in qualified, technology-based Ohio companies. The credits may be applied to personal income tax, corporation franchise tax, public utility excise tax or the tax on dealers in intangibles, and may not exceed $62,500 per investor in each approved company.
Additionally, eight companies were qualified by the TITC committee to receive private equity investments.
- Boxicom, Inc., of Columbus
- Interscopic Analysis, of Cleveland
- Interventional Imaging, Inc., of Cleveland
- MemPro Ceramics Corporation, of Akron
- NiceVision, Inc., of Seville
- Tooling University LLC, of Cleveland
- UltimateAir, Inc., of Athens
- Vergeline, LLC, of Toledo
Ohio's Technology Investment Tax Credit (TITC) program offers a variety of benefits to Ohio taxpayers who invest in small, research and development and technology oriented firms. Since it began in 1996, the program has offered incentives in investments of over $77 million by private investors in 326 approved startup companies. The TITC program is administered through the Division of Technology at the Ohio Department of Development.
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Media Contact: Nikki Jaworski (614) 466-9161
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