PCC Airfoils, LLC, to be located in Painesville (Lake County), has been awarded a 50 percent tax credit for a 10-year term to expand its existing facility. The value of the tax credit is estimated at $952,824 over the term, and the company would be required to maintain operations at the project site for 20 years.

PCC Airfoils manufactures geometry blades, vanes, and vane segments used in high-temperature turbines of commercial and military jet engines and power generation equipment. Headquartered in Beachwood, Ohio, the company employs more than 3,000 people. PCC Airfoils is a subsidiary of the publicly-owned Precision Castparts Corp., which is headquartered in Portland, Ore., and is a leading maker of investment castings used in aerospace and power generation applications.

The company proposes to invest in land acquisition, building construction, and machinery and equipment to construct a 96,000 square foot facility that will be used to manufacture industrial gas turbines as well as allow the flexibility for future expansion or change in product line.

Ohio is in competition with Georgia and Oregon for this more than $32.8 million project, which is expected to create 150 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.

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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