Business Incentives

Conneaut Incentives

Revolving Loan

The City of Conneaut established the revolving loan fund that can be used for a working capital fixed asset purchase, or real estate acquisition.

Downtown Revitalization Loan

Conneaut established the Downtown Revitalization Loan to make improvements to the facade of the building located in the downtown district. This loan is a 0% loan and requires a minimum of 50% participation by the owner.  In the past, it has been reported that their is NO FEE for applying, the City Website does not mention the "no fee" in the new description, so you may want to ask before applying for this loan.  Also, you have to be located in the "downtown" district to be eligible for this loan.

Community Reinvestment Areas

The City of Conneaut has established a city-wide Community Reinvestment Area, also referred to as CRA. The CRA provides a tax reduction on the increase in taxable value of a property for the renovation of existing and construction of new structures.

The City of  Conneaut offers up to 100% real estate tax abatement for 15 years for new commercial or industrial facilities and up to 100% real estate tax abatement for 12 years for the renovation of an existing commercial or industrial facility. The City of Conneaut has an agreement with the Conneaut Area City Schools for revenue sharing on projects over $500,000.00

The City of Conneaut also offers up to 50% real estate tax abatement for five years on new residential improvements and up to 100% real estate tax abatement for fifteen years on new commercial or industrial facilities. You can also apply for tax abatement up to twelve years for the renovation of an existing commercial or industrial facility.

State Incentives

Ohio Job Creation Tax Credit

Provides corporate franchise or state income tax credit for businesses that expand or locate in Ohio for companies that incur tax liability under ORC Sections 5733.06 or 5747.02. Program will provide a tax credit against the Commercial Activity Tax (CAT) beginning on July 1, 2008.Insurance companies that pay the annual franchise tax under ORC Sections 5725.18/5729.03 are eligible for the tax credit beginning July 1, 2005.

Ohio Job Retention Tax Credit

Provides corporate franchise or state income tax credit for businesses that commit to retain a significant number of full-time jobs. Program will provide a tax credit against the Commercial Activity Tax (CAT) beginning on July 1, 2008.

Ohio Research & Development Investment Tax Credit

Provides a nonrefundable tax credit against the corporate franchise tax and is designed to encourage Ohio's corporations to invest in increased research and development activities.

Training Tax Credit

Provides tax credits for employers that train existing employees who are at risk of losing their jobs primarily due to skill deficiencies.

Ohio Manufacturing & Equipment Grant/ Ohio Manufacturing Machinery & Equipment Tax Credit

Provides a nonrefundable corporate franchise or state income tax credit for manufacturer located in Ohio that purchases qualified new or retooled machinery and equipment that is used in manufacturing.

As of July 1, 2005, the M&E Equipment Grant replaced the M&E Investment Tax Credit as the mechanism for companies to take the incentive. The M&E Equipment Investment Grant Program incentive values are calculated in the same manner at the M&E Investment Tax Credit, and therefore the annual incentive amounts previously calculated through the tax credit program will apply to the grant program. The M&E Equipment Grant program will require companies /individuals intending on taking the incentive (again - the same amounts as the annual values calculated through the M&E Investment Tax Credit program on the Notice of Intents) must file a grant request form with their tax return.

Technology Investment Tax Credit

Offers a variety of benefits to Ohio taxpayers who invest in small, research and development and technology-oriented forms.

Research & Development Sales Tax Exemption

Provides an exemption from the usual state and county sales tax for companies that purchase equipment for research and development activities

Manufacturing Machinery & Equipment Sales Tax Exemption

Provides an exemption from state and county sales tax for companies that purchase machinery and equipment for manufacturing activities.

Warehouse Machinery & Equipment Tax Exemption

Provides an exemption from state and county sales tax for companies that purchase eligible warehousing equipment.

Warehouse Inventory Tax Exemption

Provides an exemption from the personal property tax on qualifying inventory. Claimed as part of the Personal Property Tax return.

Enterprise Zone

Provides real and personal property tax incentives for businesses that expand or locate in Ohio.

Ohio Historic Preservation Tax Credit

The Ohio Historic Preservation Tax Credit program provides a tax credit for the rehabilitation expenses to owners of historically significant buildings. Funding is provided through competitive rounds based on economic benefit and regional distributive balance.

Community Reinvestment Area

Provides local real-property tax incentives for residents and businesses that invest in designated areas of Ohio.