Governor Ted Strickland and Department of Development Director Lisa Patt-McDaniel recently announced the launch of the Ohio New Markets Tax Credit program. The program is modeled after the Federal New Markets Tax Credit program and provides a 39 percent tax credit over seven years for qualified investments in low-income community businesses. Only Community Development Entities (CDE) serving Ohio that have already received an allocation of Federal New Markets Tax Credits are eligible to apply. A total allocation of $10 million in tax credits is available in the first round of funding. Applications are due on September 20 and awards will be announced by October 31, 2010. Read More…