The Ohio Tax Credit Authority has approved job creation tax credits for five businesses involved in location or expansion projects that, if located in Ohio, are expected to create 170 positions and retain 315 jobs for residents.
‘Our state's central location, strengths in logistics and collection of diverse industries are complemented by Ohio's highly skilled workforce,’ says Lisa Patt-McDaniel, interim director of the Ohio Department of Development. ‘Businesses continue to discover the benefits of locating in our state – from Ohio's robust supply chain to our growing renewable energy technologies.’
LAH Development LLC has been awarded a 50% job creation tax credit for a six-year term in support of the company's new location in the city of Greenville. The value of the tax credit is estimated at $390,882 over the term, and the company would be required to maintain operations at the project site for 12 years.
LAH traditionally has been involved in engineering, site development, construction of concrete and steel building fabrication, and is currently transitioning its resources to engineering, manufacturing and installation of wind turbine assemblies on wind farm sites. This project is expected to create 100 positions.
The job creation tax credit is a refundable tax credit against the commercial activity tax or income tax. The credits equal a percentage of new state income tax withheld on retained, full-time employees in Ohio.
SOURCE: Ohio Department of Development