In 2013, IBM relocated their data analytics center to the City of Columbus. England was a direct competitor with Columbus for the relocation, and Columbus won. "Starting the center here was absolutely the right thing," said Ron Lovell, the IBM vice president who heads the Columbus operation called Client Center: Analytics Solutions Lab. IBM (NYSE: IBM) has credited a group of central Ohio's largest employers with attracting the center to Columbus.
Carrie Ghose, Staff Reporter, Columbus Business First
Job Creation Tax Credit
: A non-refundable tax credit calculated as a percentage of the City of Columbus income withholdings for eligible new employees and applied toward the company's municipal tax liability. The credit rate and term is based upon the amount of new investment and the number of jobs created as a result of the project. In order to receive this credit the State of Ohio must also grant an Ohio Job Creation Tax Credit.
Jobs Growth Incentive
: A cash payment up to twenty-five percent (25%) of the local income tax withholdings for eligible new employees for up to a negotiated term for businesses locating or expanding outside of the Columbus Downtown area. The rate and term is based on the number of new employees, the investment amount and the lease term.
Downtown Office Incentive
: Businesses locating or expanding in Downtown Columbus may be eligible for the Downtown Office Incentive. This incentive involves a cash payment equal to fifty percent (50%) of the local income tax withholdings for eligible new employees for a negotiated term for a minimum of ten new jobs created and retained within the Columbus Downtown area.
Property Tax Abatements
Enterprise Zone (EZ)
: A designated area of land in which a business can receive a tax exemption related to eligible new investment in real property improvements. Enterprise Zones allow the City of Columbus to negotiate exemptions on new property tax from investment for up to seventy-five percent (75%) for up to ten (10) years. Eligible businesses must invest in new building construction and/or improvements to existing land and buildings.
Community Reinvestment Area (CRA)
: A designated area of land in which property owners can receive a tax exemption related to eligible new investment in real property improvements. The CRA districts allow the City of Columbus to negotiate exemptions on new property tax from investment for up to one hundred percent (100%) for up to fifteen (15) years. Eligible businesses must invest in new building construction and/or improvements to existing land and buildings.
Business Development Loan Fund
: A low-interest loan up t $199,000 for the acquisition of real estate and/or large equipment. This loan requires that a second lending institution match the Business Development Fund amount to comprise the principal. The creation of a minimum of one new job per $30,000 of City investment is required with 51% of the jobs created awarded to low-moderate income individuals.
Revolving Loan Fund Partners
• Community Capital Development Corporation (CCDC):
• Finance Fund:
Green Columbus Fund
: Established to encourage sustainable development and redevelopment, private businesses and non-profit organizations can receive grants up to $200,000 per project to assess and redevelop Brownfield sites or to construct green buildings in Columbus.