Ohio Venture Association Strongly Encourages Extension of the Ohio Technology Investment Tax Credit Program
April 13, 2009
The Ohio legislature should renew the Ohio Technology Investment Tax Credit (OITC) program, the Ohio Venture Association argues in a position paper.
The tax credit encourages individual Ohio investors to provide their experience to and re-invest their capital-typically earned building their own companies-in the next generation of entrepreneurs. Early stage technology companies create the majority of new jobs and wealth in the U.S., as has been well documented by the National Venture Capital Association.
Ohio has done a good job recently of supporting entrepreneurship and should renew the OITC program, which is an important component of Ohio’s support for a robust entrepreneurial environment, to continue that momentum. The OITC program has resulted investments of over $104 million by Ohio angel investors in early stage companies and to the formation of dozens of companies that have created thousands of jobs.
The position paper, Ohio Technology Investment Tax Credit is available in its entirety on this website.
The Ohio Venture Association is a Northeast Ohio membership organization for entrepreneurs, angel investors, venture capital investors and support industries.