Gov. Ted Strickland, D-Ohio, has signed an executive order implementing the elimination of the state's tangible personal property tax and real property tax for advanced and renewable energy project facilities.
‘As Ohio residents and businesses are fighting hard to recover from the crippling Wall Street recession, we must give promising companies every reason to develop and invest in Ohio as quickly as possible,’ says Strickland.
The elimination will affect projects that begin construction before Jan. 1, 2012, produce energy by 2013 (or 2017 for nuclear, clean coal and cogeneration projects) and create Ohio jobs.
The law exempts qualified energy facilities from tangible personal property and real property taxes, and, instead levies drastically lower service payments based on a project's energy production levels and their commitment to Ohio jobs.
SOURCE: Office of Gov. Ted Strickland