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Ohio Enacts TBED Components of Third Frontier Project

July 11, 2003
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Ohio Governor Bob Taft today signed into law Am. Sub. House Bill 1, putting into place the newest components of his Third Frontier Project to foster tech-based economic development (TBED) and growth in Ohio.

The law creates incentives for businesses to invest in Ohio companies as they commercialize research coming out of private, public and university labs. Among its key provisions, the act:

  • Establishes the Research and Development Investment Fund to help Ohio attract and construct research and development facilities. This revolving loan fund, capitalized with $50 million beginning in FY 2005, will provide low-interest loans to companies that relocate to or expand in Ohio. The act also grants tax credits equal to a recipient's loan payments for the research and development project.
  • Creates the Ohio Research Commercialization Grant Program to help finance commercialization and pilot production of technologies resulting from the federal SBIR, STTR, ATP and other federal cooperative technology programs. And,
  • Expands the Technology Investment Tax Credit Program by authorizing $20 million for state tax credits equal to 25 percent of an investment up to $250,000 used to offset the risk of investment in small, technology-oriented Ohio firms. The state's exposure through the tax credits previously was limited to $10 million. The program is administered by the Edison Technology Centers.

The Third Frontier Project is a $1.6 billion plan to create high-paying jobs for Ohioans. Am. Sub. HB 1 goes into effect immediately upon the governor's signature and filing with the Secretary of State.

Ohio