20% off! Small business gets major tax credit for new equipment. (Ohio) (Small Business Strategies)

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 …