Ohio Giving an Estimated $23.4 Million in Tax Credits to 10 Companies

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by Todd DeFeo

 

Ohio is giving tax credits that could reach an estimated $23.4 million to 10 companies planning to expand their businesses in the state.

The companies plan to create a total of 1,559 new jobs and retain 1,788 jobs statewide, according to development officials. The projects are expected to result in more than $105 million in new payroll and bring about more than $139 million in investments statewide.

Companies only earn the tax credits, approved by the Ohio Tax Credit Authority (TCA), if they meet specific criteria as part of an agreement with the state.

“As always, these are estimated values of the potential tax credits if all elements approved by the Tax Credit Authority are met,” Lisa Colbert, public information officer for the Ohio Development Services Agency, said in an email. “These are not actual tax credits. The Job Creation Tax Credit is a performance-based credit. So, the actual value of the tax credit is based on jobs created and new payroll tax generated, as verified.”

In the largest project, Mercy Health, which operates 43 hospitals in seven states, is expanding its Cincinnati campus and expects to create 500 full-time positions. The TCA approved a 12-year tax credit valued at $16 million for the project.

In another high-profile project, Carvana plans to create 400 full-time positions as part of a project in Heath. The TCA approved an eight-year tax credit valued at more than $1.3 million for the online used car dealer.

The TCA also approved:

• A nine-year credit valued at $2.8 million for Belcan, an engineering project management and technical staffing firm, which is looking to create 200 full-time positions during the company’s expansion in Blue Ash

• A seven-year credit valued at $250,000 for City Barbeque Group, a fast-casual barbecue chain that is planning to create 35 full-time positions as a result of the company’s expansion in Dublin

• A six-year credit valued at $90,000 for Integra Beauty, which provides services to retail beauty companies, which is looking to create 61 full-time positions with the company’s new project in Groveport

• An eight-year credit valued at $302,400 for McKesson, a health care company that plans to create 42 full-time jobs with an expansion project in Jefferson Township

• An eight-year credit valued at $900,000 for ORIX Real Estate Capital Holdings, a provider of capital solutions, which intends to create 62 full-time positions as part of an expansion project in Columbus

• A six-year credit valued at $65,000 for SM Management Services, a business advisory firm, which plans to create 20 full-time positions with an expansion project in Cleveland

• A six-year credit valued at $105,000 for Toyoda Gosei North America, a manufacturer of rubber and plastic automotive components, safety systems and LEDs, which plans to create 14 full-time positions for a new project in Dublin

• A nine-year credit valued at $1.5 million for Univar USA, a distributor of chemicals and ingredients, which plans to create 225 full-time positions as part of a consolidation project in Dublin

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Todd DeFeo is a contributor to The Center Square.
Photo “Ohio Welcome Sign” by ohio.org.

 

 

 

 

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