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Ohio has enacted a temporary tax credit that could help small to medium-sized companies compete with larger firms.
Senate Bill 269, sponsored by state Sen. Anthony Sinagra, (R-Cleveland), calls for a corporate income tax credit for purchases of new machinery. The measure covers equipment added to Ohio plants during an 18-month period beginning Jan. 1, 1995.
The credit, which applies only to new machinery and equipment, will equal 20 percent of the cost of the equipment.
"It's a recognition by Ohio policy makers that Ohio is dependent on the manufacturing sector," said Dan Navin, director of taxation at the Ohio Chamber of Commerce.
Navin believes …