FirstGroup America, Inc., located in Cincinnati (Hamilton County), has been awarded a 55 percent tax credit for a seven-year term to expand its headquarters facility. The value of the tax credit is estimated at $968,513 over the term, and the company would be required to maintain operations at the project site for 14 years.
FirstGroup and related entities in North America provide school bus transportation, public transit, inter-city bus transportation, and vehicle fleet maintenance services. FirstGroup America was established in 1999 and has total employment in North America of approximately 98,000. FirstGroup plc, the corporate parent based in the U.K., has approximately 135,000 employees worldwide.
FirstGroup proposes to invest in leasehold improvements and information technology equipment. FirstGroup has recently completed a significant acquisition and anticipates leasing approximately 75,000 square feet of space at a facility that will be used as the company's U.S. headquarters.
Ohio is in competition with other states for this more than $1.5 million project, which is expected to create 135 jobs and retain 140 positions 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.
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.
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