Business Leaders gathered at Heartland Bank’s main office on October 31st for a Power Breakfast presentation to help them better understand the impact of state and local taxes. Presenting was Laurence Jones, Director of the State and Local Tax Practice at Brixey & Meyer, and he led the discussion with information about how to reduce your risk of non-compliance on state and local taxes, as well as taking advantage of all incentives available when you invest in your business.
Included in this discussion was a lively conversation on the how a business could be at risk of a Use Tax audit, nexus in other states, withholding and remitting payroll taxes to additional cities and maximizing incentives to the fullest extent.
At the close of his presentation, Jones talked about the three new programs that are available. The presentation is also available for download.
- Business Investment Program provides at 10% non-refundable personal income tax credit for investments up to $10 million to investors that infuse new equity (cash) into Ohio small businesses to acquire an ownership interest in the company.
- Vacant Building program grants to an employer that moves operations into a facility that has been vacant for 12 month and increases payroll by hiring and employing employees at the facility. The grants are equal to $500 per employee.
- Training Program – Ohio has $20M in training funds from casinos to be used for training on a first come first serve basis with application opening as soon as October.
G. Scott McComb, Chairman, President and CEO of Heartland Bank closed the breakfast with comments on the state of the economy and stated, “These Power Breakfasts help Heartland Bank continue its tradition of helping clients by bringing them sound financial advice and excellent resources to help make valuable decision.”
Laurence’s practice areas include business and tax incentives, tax consulting/compliance, sales/use tax and property tax. The Brixey & Meyer team has negotiated and secured more than $330 million in incentives for clients with credits and cash grants at the federal, state and local level, including jobs creation tax credits, investment tax credits, training grants, training credits, New Market Tax Credits and the Work Opportunity/Welfare-To-Work Tax Credit.
Prior to joining Brixey & Meyer, Laurence was with Ernst & Young’s Ohio Valley State and Local Tax Practice where he secured over $200 million of incentives representing global and national organizations. Laurence is a member of the International Economic Development Council and the Ohio Economic Development Association.
To learn more about Laurence Jones and Bixey & Meyer services you can visit www.brixeyandmeyer.com.
About Heartland's Power Breakfast Series
Power Breakfasts are held bi-monthly at the Corporate Office in Gahanna, Ohio. The purpose of these informative meetings is to have an open dialog with a guest speaker and guests to discuss topics of importance to Small Business owners and their partners. If you are interested in attending or being the guest speaker, please contact us.
If you’re a small business owner and looking for a bank to be your “partner in success” be sure to check out all of our helpful business banking services. We’d be honored to help!