Hexion Specialty Chemicals, Inc. (Hexion), located in Columbus (Franklin County), has been awarded a 60 percent credit for a ten-year term to expand operations. The value of the tax credit is estimated at $5,928,346 over the term, and the company would be required to maintain operations at the project site for 20 years. Hexion is the world's largest producer of thermosetting resins, or thermosets.

The company serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products, and technical support for customers in a diverse range of applications and industries. Hexion presently operates four segments: Epoxy and Phenolic Resins, Formaldehyde and Forest Products Resins, Coatings and Inks, and Performance Products. Headquartered in Columbus, Hexion employs approximately 6,900 people worldwide.

The company proposes to invest leasehold improvements and lease approximately 54,000 square-feet of additional space in Downtown Columbus for headquarters and administrative operations. Ohio is in competition with Texas for this more than $1.6 million project, which is expected to create 200 jobs and retain 241 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 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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