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FISHER ANNOUNCES TAX CREDITS THAT WILL SPUR AN ESTIMATED $1,755,000 MILLION IN INVESTMENT TO TECHNOLOGY STARTUPS
FOR IMMEDIATE RELEASE
May 3, 2007
Columbus, OH -- Lieutenant Governor Lee Fisher today announced that the Ohio Technology Investment Tax Credit (TITC) Committee approved $438,750 in tax credits for private investments of nearly $1,755,000 for 13 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 success."
The Tax Credits were approved for 32 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 (or $90,000 in disadvantaged companies or distressed counties) in each approved company.
Additionally, five companies were qualified by the TITC committee to receive private equity investments.
- Global Allow Products of Dayton
- iStatus, LLC of Cincinnati
- The NexTV, LLC of Peebles
- RSP Tooling, LLC of Solon
- Sypherlink, LLC of Dublin
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 329 approved startup companies. The TITC program is administered through the Technology Division at the Ohio Department of Development.
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Media Contact: Nikki Jaworski (614) 466-9161
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