Five companies have been approved for Job Creation Tax Credits by the Ohio Tax Credit Authority. This was announced by Lieutenant Governor Lee Fisher. According to him, “To drive the long term competitiveness of our state, we are focusing on what businesses have told us they need to stay on top in a global economy. The partnerships we’re forming today with these five companies, and many others daily, are key to building upon our successes in each community across the State and enhancing opportunities for Ohioans.” Governor Fisher also serves as the Director of the Ohio Department of Development.
The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The five companies granted by this were involved in business location or expansion projects that, if situated in Ohio, are likely to contribute more than $110 million to Ohio’s economy, create 228 positions, and retain 85 positions for Ohioans. The spread of projects became a big factor in the approval of tax credit with the businesses, to wit:
- ZincOx Resources plc. (ZincOx), to be located in York Township (Fulton County). It is a British company formed in 1997 with the principal activity of reevaluating and exploring mineral resources, and has carried out successful metallurgical research into the treatment of primary zinc oxide deposits that has enabled the company to develop a strategy for the recovery of zinc from secondary and waste materials. It has been awarded a 45 percent tax credit for a ten-year term to establish a new facility. The value of the tax credit is estimated at $192,100 over the term, and the company would be required to maintain operations at the project site for 20 years.
- Freeman Schwabe Machinery (FSM), to be located in Union Township (Clermont County). This business has been awarded a 40 percent tax credit for a five-year term to establish its first Ohio facility. The value of the tax credit is estimated at $118,864 over the term, and the company needs to maintain operations at the project site for 10 years.
- North American Bus Industries, Inc. (North American Bus), located in Delaware (Delaware County). North American Bus was founded in 1992. This industry designs, manufactures, assembles, and sells transit buses under the brand names of NABI, Optima, and Blue Bird. The company also owns and operates an aftermarket parts division located in the City of Delaware that supplies aftermarket parts for the products not only manufactured by North American Bus but also other bus manufacturers. It has been awarded a 45 percent tax credit for a seven-year term to expand its headquarters and national bus parts distribution facility. The value of the tax credit is estimated at $148,789 over the term, and the company would be required to maintain operations at the project site for 14 years.
- American Stone Corporation DBA Cleveland Quarries (American Stone), to be located in Vermillion (Erie County). This has been awarded a 45 percent tax credit for a seven-year term to establish a new quarrying facility. The value of the tax credit is estimated at $125,430 over the term, and the company would be required to maintain operations at the project site for 14 years. American Stone’s main business is the quarrying and fabricating of sandstone.
- Artco Group International, Inc. (Artco), to be located in the Village of Hannibal (Monroe County). This business has been awarded a 40 percent tax credit for a seven-year term to establish a new facility. The value of the tax credit is estimated at $124,224 over the term, and the company would be required to maintain operations at the project site for 14 years.
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