Business Incentives

Mayor Thomas M. Bernabei 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, relocate, or expand locally. To learn more, call 330-489-3258.

  1. Income Tax Incentives
  2. Property 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:

  • The 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.
  • The 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 an annual payroll of over $1 million that are receiving property tax incentives are not eligible for the Job Creation Incentive Program.

Factors

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

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

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.
  • The employer must be subject to the City of Canton’s 2% net profit income tax.
  • The 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 an annual payroll of over $1 million that are receiving property tax incentives are not eligible for the Job Creation Incentive Program.

Factors

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

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