July in the Midwest is known for heat and humidity. With the ongoing heated political messaging taking place in the region, things can only get hotter. While the media continues to focus on the many campaign promises made regarding the improvement of the lives of manufacturing families in Ohio and beyond, for many small and medium sized manufacturers, it’s business as usual. Instead of getting caught up in campaign rhetoric made of future promises, Ohio’s manufacturers understand that actions taken today determine the true outcome.
Fueling Business Expansion
In addition to creating businesses that work alongside customers to create the most innovative solutions, Ohio manufacturers also have a great permanent benefit for business expansion in the form of the Ohio R&D tax credit. With legislation making the R&D tax credit permanent as of December 2015, the Ohio Tax Credit Authority recently approved nine business expansions. The Tax Credit Authority’s approval should create more than $130 million of investment in the state, according to an article in areadevelopment.com.
Creating a Clearer Path
The permanence of the R&D tax credit could also pave the way for greater use, particularly by small and medium sized manufacturers that may not have previously considered taking advantage of the tax credit. This is particularly true when it comes to secondary manufacturing jobs. Looking forward, the advantage of using the R&D credit coupled with the specializations small to medium sized manufacturers provide, could be a smart match. How so? Small to medium manufacturers thrive on finding specific business solutions for unique needs.
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