Troy offers several classes of tax incentives:
Community Reinvestment Areas
Interested businesses and developers may consider the Community Reinvestment Area (CRA) Program, which provides tax abatement for those making improvements to downtown historic buildings and homes.
Employee Creation Incentive Program
The Employee Creation Incentive Program is a City-administered payroll withholding rebate program leveraging industrial, manufacturing and high technology businesses interested in relocating to Troy or expanding current Troy operations. This incentive is available only to businesses making a significant investment of capital, jobs and employee wealth in the City of Troy.
Ohio Enterprise Zone Program
The City of Troy has participated in the state of Ohio Enterprise Zone Program since 1987, offering companies a tax benefit when making substantial capital investments. With the change in Ohio tax law of 2005, previous tangible personal property and inventory taxes were replaced with the Commercial Activity Tax, thus reducing the tax benefit of the Enterprise Zone Program. However, manufacturing businesses making significant real property improvements may qualify to receive 100% tax abatement for up to 15 years depending upon job creation and new payroll figures. The Troy Enterprise Zone Program can also contribute towards leveraging additional incentives from the state such as tax credits, grants and low interest loans.
Tax Increment Finance District
The City of Troy has a Tax Increment Finance District (TIF) which started in 2003, consisting of an 80 acres mix of professional office, retail, and business services on the west end of Troy. This shopping and business district is home to Troy’s most recent upscale development with visible access to I-75 and SR 41 (West Main Street).