Explanation
BACKGROUND: RAPID Biomedical GmbH was founded in 1998 by Professor Axel Haase, President of the University of Wuerzburg and Dr. Ulrike Haase, General Manager. The company is headquartered in Rimpar, Germany. RAPID Biomedical GmbH is a technology company that develops, produces, and sells products to be used in Magnetic Resonance Imaging (MRI) units. These products are called MRI coils which make MRI examinations faster, more precise and more efficient. RAPID Biomedical GmbH, with 24 employees all located in Germany, is the only company in the world that develops and produces MRI coils for all purposes and field strengths. The company's MRI coils are used for application in medical diagnosis, chemistry and animal research.
The project will result in an investment of $350,000 in new personal property and the creation of 11 full-time permanent jobs with an annual payroll of $686,400.
The Department of Development recommends a 65%/7 year Jobs Creation Tax Credit.
This legislation is requested to be considered as an emergency in order to allow RAPID MR International, LLC to make a decision on the location of the proposed project as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an agreement with RAPID MR International, LLC for a Jobs Creation Tax Credit of 65% for a period of 7 years in consideration of the company's investment of $350,000 in new personal property and the creation of 11 permanent full-time jobs; and to declare an emergency.
Body
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of Ohio is authorized to establish the Tax Credit Authority and to execute agreements with taxpayers of the State of Ohio for the purpose of granting these taxpayers job creation tax credits against their corporate franchise tax or income tax, which tax credits are provided to create new jo...
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