Prior to 2005, Ohio’s antiquated tax structure was impeding the state’s business progress and competitiveness. By eliminating the corporate franchise and tangible personal property taxes, and reducing personal income tax by 21 percent Ohio is reducing the burden on its small businesses and assisting in the creation of high-paying jobs for the future.
The Third Frontier Project is the state’s largest-ever commitment to expanding Ohio’s high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for future generations. The Project is a 10-year, $1.6 billion initiative designed to build world-class research capacity, support early stage capital formation and the development of new products; and finance advanced manufacturing technologies to help existing industries become more productive.
These initiatives coupled with vigorous economic development efforts, have made a positive impact on the state’s job sector. Since the turn of the century, Ohio has followed national unemployment trends, and today is rebounding with a rate lower than the 1970s, 1980s and 1990s. Today, Ohio’s per capita income is up 4.2 percent, ranking second in the Midwest region and 94 percent of the national average.
Lt. Governor Johnson believes that Ohio has a bright future in the knowledge-based economy. By investing in new technologies, innovative manufacturing processes, life-saving biomedical research and reducing our dependence on foreign oil, Ohio will see future job growth and demonstrate to the world that "Ohio Means Business."