Improved Tax Climate - Ipa-Iba

 Ipa-Iba

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."

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Received on Fri Jul 06 2007 - 07:45:44 EDT