ABC Manufacturing, Inc., to be located in Malta (Morgan County), has been awarded a 55 percent credit for a six-year term to expand operations. The value of the tax credit is estimated at $766,975 over the term, and the company would be required to maintain operations at the project site for 12 years. ABC Manufacturing is a manufacturer of industrial conveyors and was established in April 2007. It is a privately owned company that has until now utilized rented facilities and equipment, and hired temporary workers.
The company proposes to purchase machinery and equipment, and acquire a building and make renovations and on-site infrastructure improvements. The facility will be used for the manufacturing of fabricated metal products, including industrial conveyors. Ohio is in competition with Wisconsin and Arkansas for this more-than-$2.2 million project, which is expected to create 200 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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