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Development - Business Incentive Programs

Mayor William Healy is aggressively pursuing the attraction of new companies and businesses to the city.  Canton has a wide variety of attributes that make the city a smart location for companies of all shapes, sizes, and industries. 

In addition to these attributes, we have created several programs that provide incentives to companies looking to locate, re-locate, or expand locally.

Below are just a few of the many ways we can help your business thrive in Canton - to learn more, contact Development Director Kirby Freeman at +1 (330) 489-3258 or kirby.freeman@cantonohio.gov.  


Loan Program

CCIC Loan

In collaboration with the Canton Community Improvement Corporation, the City of Canton can provide a low interest loan for a term of up to five years. The amount of the loan is determined by the total project investment.  Applications can be made through the CCIC by contacting Rafael Rodriguez at 330-438-4129.


Income Tax Incentives

The City of Canton has two income tax incentives for businesses to create jobs at a new or existing facility.  While these incentives can be combined with a CCIC loan or property tax incentive, the income tax incentive programs cannot both be used on the same project.


Job Creation Incentive Program
The City of Canton may provide a percentage of the employees' 2% income tax withholdings paid to the City as a yearly payment for a defined period of time.  To qualify, a new or existing business within the City of Canton must meet the following basic eligibility requirements:

  • Enterprise must create or relocate a minimum of 25 full time or full time equivalent net new jobs.
  • Applicant must apply for the incentive prior to expanding the business, signing a lease, constructing a new facility, annexing or purchasing a building within the City of Canton.
  • Applicant must be approved for a Job Creation Tax Credit from the State of Ohio.
  • Applicants receiving a Net Profit Tax Incentive are not eligible for the Job Creation Incentive Program.
  • Enterprises with annual payroll of over $1 million that are receiving property tax incentives are not eligible for the Job Creation Incentive Program.

The percentage of tax withholdings returned and the length of the agreement will be based on a number of factors, including:

  • Number of jobs created
  • Total payroll
  • Total project investment
  • Terms of contract with property owner
  • Infrastructure needs


Net Profit Tax Incentive
The City of Canton may provide a percentage of the net profits tax paid to the City as a yearly payment for a defined period of time.  To qualify an enterprise must meet the following basic eligibility requirements:

  • The enterprise must be new or relocating to the City of Canton.
  • Employer must be subject to the City of Canton’s 2% net profit income tax.
  • Enterprise must create or relocate a minimum of 25 full time or full time equivalent new jobs to the City of Canton.
  • Applicant must apply for the incentive prior to signing a lease, constructing a new facility, annexing or purchasing a building within the City of Canton.
  • Applicants receiving a Job Creation Incentive are not eligible for the Net Profit Tax Incentive.
  • Enterprises with annual payroll of over $1 million that are receiving property tax incentives are not eligible for the Job Creation Incentive Program.

The percentage of the net profit taxes returned and the length of the agreement will be based on a number of factors, including:

  • Number of jobs created
  • Total payroll
  • Total project investment
  • Terms of contract with property owner
  • Infrastructure needs

 



Property Tax Incentives

The City of Canton has three property tax incentives for businesses that locate or expand in Canton.  While in most cases these incentives can be combined with a CCIC loan or income tax incentive, any one project cannot use more than one property tax incentive.  Businesses with an annual payroll of more than $1 million that receive a property tax incentive are not eligible to also receive an income tax incentive.

Community Reinvestment Area (CRA)

Enterprise Zones

Tax Incremental Financing (TIF)

 

 

 

 

For more information on the income tax or property tax incentive programs, contact Development Director Fonda Williams at +1 (330) 489-3258 or fonda.williams@cantonohio.gov

 

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