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Wednesday, March 28, 2007

Improved Tax Climate for Business Development - 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.

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.

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.

"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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