Incentives
We understand that businesses are looking for every advantage when it comes to minimizing start-up costs and operating expenses. That’s why New Albany offers a customized incentive package to meet the diverse needs of each business. Whatever it takes to inspire you to make the move to New Albany, we’ll carefully craft a package that makes sense, with powerful incentives designed to your specifications.
New Albany Real Property Tax Abatement (Community Reinvestment Area) Program
The Village offers the most aggressive Community Reinvestment Area Program package available in central Ohio today. Eligible projects may qualify for a 15-year, 100% real property tax abatement. The purpose of the program is to provide tax incentives to businesses to spur private capital investment in the local economy. Since the Community Reinvestment Area Program was created in 1998, New Albany has realized over $800 million in private investment, 5.6 million square feet of new construction and 8,500 new jobs in the New Albany Business Park. These companies have generated $48 million in income tax revenue for the Village with over $14 million for the New Albany Plain Local School District.
New Albany Job Creation Tax Credit and Technology Credit Program
New Albany created an economic development incentive based on income tax credits. The program is designed to attract businesses that fit into one of our four industry clusters (retail/creative services, finance, medicine and information technology/research) and to promote and encourage the core development principles in the community which include sustainability, technology and design.
New Albany Green Building Incentives
To support and advance our sustainable development principles, New Albany offers a Green Building Incentive Program, including building permit discounts and income tax credits for eligible projects. Our sustainable practices and green-friendly policies extend throughout the village. In fact, 75% of our service department fleet runs on bio-diesel fuel. And, New Albany maintains integrated swale and filtration ponds and recycles asphalt and motor oil.
Revenue Bond and Direct Loan Financing
The Columbus-Franklin County Finance Authority is a public agency designed to facilitate capital investments by the private, non-profit and public sectors in Central Ohio. The Finance Authority is an eligible issuer of tax-exempt and taxable debt. The Finance Authority works in partnership with traditional lending institutions and other public partners, acting as a valuable resource for your financing options. Programs include: Business Loan Program, Tax-Increment Financing, Tax-Exempt Financing, Lease Financing and Special Purpose Financing.
Ohio Department of Development Incentives
With over 500 capital investments in 2008, the state of Ohio is the nation’s top location for company expansions and relocations for the 3rd straight year. The five keys to success include:
- Supply Chain & Location;
- Tax Reform (Ohio will be only 1 of 2 states without a general tax on corporate income or personal property next year);
- Skilled Workforce & Education;
- Financial Incentives; and ,
- Balance without Compromise.
Contact the Ohio Department of Development today to find out why Ohio Means Business.