Economic Development Tax Incentives
For additional information, please contact Mike Weddle at 330 - 689 - 2814
City of Stow Income Tax Sharing Program
City of Stow Community Reinvestment Area
State of Ohio Economic Development Incentives
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City of Stow Income Tax Sharing Program
In June of 2007, the City of Stow amended its Income Tax Sharing Program, established in October of 2005, which would provide a monetary grant to a business that occupies an existing industrial/office building in the City of Stow (where such occupancy results in the business meeting certain annual payroll criteria).
An eligible grant recipient will receive an annual grant equal to no more than twenty-five percent (25%) of the total annual payroll taxes paid to the City for the duration of the Income Tax Sharing Program Agreement. The duration of the agreement may not exceed the lease term if the owner/business is leasing space. Maximum duration of an agreement is dependent upon the company’s annual payroll.
City of Stow Income Tax Sharing Program Application (pdf)
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The City of Stow established an Enterprise Zone under the State of Ohio Enterprise Program in 1995 in order to assist existing Stow businesses to expand by offering real and personal property tax exemptions. Under the Enterprise Zone Program, the City of Stow may offer exemptions of up to 75% for ten years on qualified new investment. Industrial building expansions / improvements and new equipment purchases are the type of investment that qualifies for tax exemptions under the Enterprise Zone program. In certain situations, new business moving into Stow can be offered these exemptions as well.
Stow's Enterprise Zone program is part of a larger Summit County Enterprise Zone, and as such, any tax incentive agreement must be approved by both the Stow City Council as well as the Summit County Council. For details about the Enterprise Zone Program visit the Summit County Executive's Office website.
Other sites providing information about the Enterprise and Foreign-Trade Zone programs:
Enterprise Zone Program Application (pdf)
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City of Stow Community Reinvestment Area
In 1996, the City of Stow established a Community Reinvestment Area (CRA) for the purpose of offering real property tax exemptions to existing Stow businesses wishing to expand and for new businesses moving into Stow. Under CRA, the City of Stow can offer real property tax exemptions of up to 100% for 15 years on the investment in a new industrial or commercial building, or building expansion / improvement. Stow City Council is responsible for approving all CRA agreements.
The Tax Incentives available under the Enterprise Zone and CRA are offered based upon the amount of new investment and the number of jobs created and/or retained. Incentives are not offered to retail or residential development projects.
Community Reinvestment Area Application (pdf)
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State of Ohio Economic Development Incentives (pdf)
Follow the link above for a summary of some of the Ohio Department of Development programs intended to benefit and strengthen Ohio businesses. Please note that some of these incentive programs must be approved prior to a formal commitment by a company to proceed with a capital investment of machinery or property. Please contact the representatives listed for full program and eligibility requirements.
