Economic Development Incentives

Through SmartWorks, Franklin County Economic Development offers several programs to assist new and existing business complete commercial, industrial, office and residential development projects. The total value of these incentives will depend upon the type of incentive received, total investment, tax revenue generation, job creation, or retention estimated for the project.

Tax Incentives

Community Reinvestment Area (CRA)

The county's Community Reinvestment Areas (CRAs) are designed to offer real estate tax abatements on the increased value of real property improvements. The State of Ohio created the CRA Program initially to encourage housing development by offering tax incentives for the renovation, construction or remodeling of housing units. Today, this program is used as an economic development tool to help businesses in expansion. Businesses opting to erect new facilities are offered real estate tax abatements on the increased value of their property under this program. For additional information on Community Reinvestment Areas, visit Ohio Development Services Agency website.

Enterprise Zone (EZ)

The Enterprise Zone Program allows for tax abatement incentives to businesses planning to expand, construct or renovate their facilities. The Enterprise Zone Program was created by the State of Ohio to help stimulate economic development and to allow communities to offer competitive business recruitment packages to prospective businesses. Typically, the business enterprise must be non-retail in nature and must propose to create and maintain jobs in Franklin County. For additional information on Enterprise Zones, visit the Ohio Development Services Agency website.

CRA & EZ Map

Tax Increment Finance (TIF)

Tax Increment Finance (TIF) is an economic development tool to finance public infrastructure improvements and in some instances, residential rehabilitation. A TIF locks in the taxable worth of real property at the value held at the time the authorizing legislation was approved. Any increase of the assessed value real property within a TIF district that exceeds the locked in amount is directed towards a separate fund as a payment in lieu of taxes (PILOT) to finance the construction of public infrastructure defined within the TIF legislation.

Additional Resources

In addition to the incentives we offer as an agency, several of the organizations we partner with can assist you in matters of Business Attraction, Expansion, and Retention. Please see our Business Services to learn more about SmartWorks what partners can do for you.