Kendle International, Inc, located in Cincinnati, Ohio, has been awarded a 50 percent credit for a five-year term to expand operations. The value of the tax credit is estimated at $487,556 over the term, and the company would be required to maintain operations at the project site for 10 years. Kendle is a public company that was founded in 1982 and is among the world's leading global clinical research organizations.
Kendle delivers clinical development solutions - from "first-in-human" studies through market launch and surveillance - to help the world's biopharmaceutical companies maximize product life cycles and grow market share. Kendle also provides a full line of clinical development and regulatory services to accelerate the drug development process. The company has more than 3,000 employees worldwide and has conducted clinical trials in more than 80 countries.
The company proposes expanding its existing 119,139 square-foot space and leasing an additional 11,753 square feet. Kendle will invest in new machinery and equipment, building renovation, and leasehold improvements, and the facility will be utilized for headquarters operations. Ohio is in competition with Kentucky for this more-than-$3.9 million project, which is expected to create 75 positions and retain 635 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 Job Retention Tax Credit provides corporate franchise or state income tax credit for businesses that commit to retain a significant number of full-time jobs.
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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