JOB CREATION TAX CREDITS APPROVED FOR BUSINESS EXPANSION
Projects Expected to Generate Investments to Ohio’s Economy
COLUMBUS – Ohio Governor Ted Strickland and Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development, today announced that the Ohio Tax Credit Authority has approved Job Creation Tax Credits for five businesses involved in location or expansion projects that, if located in Ohio, are expected to create 170 positions and retain 315 jobs for Ohioans. "Our state’s central location, strengths in logistics, and collection of diverse industries are complimented by Ohio’s highly skilled workforce,” said Patt-McDaniel. “Businesses continue to discover the benefits of locating in our state, from Ohio’s robust supply chain to our growing renewable energy technologies.” ...
LAH Development, LLC has been awarded a 50 percent job creation tax credit for a six-year term in support of the company’s new location in the City of Greenville (Darke County). The value of the tax credit is estimated at $390,882 over the term, and the company would be required to maintain operations at the project site for 12 years. LAH traditionally has been involved in engineering, site development, construction of concrete and steel building fabrication, and is currently transitioning its resources to engineering, manufacturing, and installation of wind turbine assemblies on wind farm sites. This more-than $1 million project is expected to create 100 positions. ...
The Job Creation Tax Credit is a refundable tax credit against the Commercial Activity Tax or income tax. The credits equal a percentage of new state income tax withheld on retained, full-time employees in Ohio. The Ohio Tax Credit Authority is a five-member independent board consisting of taxation and economic development professionals from throughout the state that is responsible for reviewing and approving applications for state tax credit assistance. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects. The Ohio Tax Credit Authority’s approval of incentives indicates the state’s commitment to the company, and precedes a final decision of the company to accept or decline the tax incentives approved.
[projects from other counties were redacted from the full press release]
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