On November 1, the state Development Services Agency stopped accepting applications for the Technology Investment Tax Credit, which “reduced state taxes by 25 percent on the amount investors put into qualified Ohio technology companies,” because the program ran out of money before the state legislature could pass a bill reauthorizing it, Columbus Business First reports. Created in 1996, the program was projected to reach its $45 million cap in 2013, but the date was moved up due to a “strong increase in applications recently,” the article said. H.B. 511, which would add $6 million to the program and would also revive the Ohio Capital Fund, “passed the state House in May” and is currently in a Senate committee; however, the Ohio General Assembly has been recessed since summer, the article said. For more, read the full story.
Technology Investment Tax Credit exhausts funding before it can be renewed
