Marion Ethanol, LLC, to be located in Marion Township (Marion County), has been awarded a 50 percent tax credit for a seven-year term to establish an ethanol production facility. The value of the tax credit is estimated at $129,413 over the term, and the company would be required to maintain operations at the project site for 14 years.
Marion Ethanol is partnering with the Broin (Broin) Companies and Broin and Associates, the design/build side of the business which has designed and constructed 22 operating ethanol plants, with nine more currently under construction. Currently, Broin manages, produces, and markets nearly 1 billion gallons of ethanol annually, which makes them the second largest ethanol producer in the United States.
The company proposes to purchase new machinery and equipment and nearly 200 acres, and construct an ethanol production facility. The 50,000 square-foot facility will produce up 60 million gallons of ethanol per year. Ohio is in competition with Indiana and Michigan for this $130 million project, which is expected to create 41 jobs within the first three years of the project's initial operations.
The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new, full-time employees in Ohio.
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