Tax credits to bring 500 new jobs

0

Tax credits to bring 500 new jobs

Southwest Ohio projects were big winners in securing state tax credits Monday.

The Ohio Tax Credit Authority approved tax credits for eight area projects that the state expects to help create nearly 500 new jobs in Greene, Butler, Clinton and Hamilton counties, Gov. John Kasich’s office said.

Statewide, tax breaks were approved for 13 projects expected to create 1,417 jobs while retaining 2,995 existing jobs, generating $57 million in new payroll and $86 million in investment.

The credits are calculated as percentages of state tax withholdings for a company’s new employees. The money goes back to the companies as lower taxes or rebates. The amount may vary from month to month or year to year.

The biggest planned project in terms of expected new jobs was one in Wilmington. DealerTrack Inc. expects to create 213 new full-time jobs, generating just over $6 million in new annual payroll and retaining $1.4 million in existing payroll as a result of an expansion. DealerTrack provides contract screening and vehicle title administration services.

Kasich’s office said the tax credit was a “major factor” in the company’s decision to expand in Wilmington. Ohio was competing with California, Texas and Indiana for the project, the state said.

A spokesman for Lake Success, N.Y.-based DealerTrack wanted to confirm the plans before commenting. The company says it operates the largest online credit application network in North America.

Wilmington and Clinton County have fought for jobs and development since DHL closed its U.S. freight hub at the Wilmington Air Park in 2009, cutting 8,000 jobs.

Since then, Clinton County’s focus has been on the future, said Chris Schock, executive director of the Clinton County Regional Planning Commission.

“Everyone knows we’ve undergone an economic disaster here,” Schock said. “But our greatest pride is that we’ve weathered that economic disaster.”

Among other projects which the Tax Credit Authority approved for tax breaks were:

• ANC LLC in Fairborn. The company expects to create 27 full-time positions, generating $1.3 million in new annual payroll and retaining $2 million in existing payroll as a result of a local acquisition project. ANC is a medical equipment manufacturer that provides engineering and manufacturing services. The company was approved for a 45-percent, six-year job creation tax credit.

• Avure Technologies Inc., in Middletown. This manufacturer and designers of high-pressure machinery was approved for a 40-percent, six-year job creation tax credit for an expansion expected to create 30 full-time jobs which will generate $1.9 million in new annual payroll, the state said. The company is expected to move to Middletown.

• Control Concepts and Design, Inc., doing business as E-Technologies Group in Butler County’s West Chester Twp. This engineering and information technology services provider expects to create 27 full-time new jobs, generating $2.3 million in new annual payroll and retaining $8 million in current payroll as a result of an expansion in West Chester. The company was approved for a 45-percent, five-year job creation tax credit project.

In addition, two other companies in Wilmington were approved for tax breaks — Custom Molded Products, doing business as NB Allen Ltd; and Praxair Distribution Inc.

Custom Molded Products expects to create 40 new full-time jobs, generating $1.2 million in new annual payroll and retaining $4 million in current payroll as a result of an expansion in Wilmington. The producer of emergency, dental and automotive and other products received a 45-percent, six-year job creation tax credit for the plans.

Praxair Distribution Inc. expects to create 25 full-time new jobs, generating $1.1 million in additional new annual revenue. The authority approved a 40-year, six-year job creation tax credit for the producer of high-pressure atmospheric and industrial gasses for industrial and medical uses.

Also approved Monday were credits for planned expansions in the Cincinnati area.

Emery Oleochemicals LLC plans to create 35 new full-time jobs in St. Bernard in Hamilton County, and Epipheo Inc. in Cincinnati plans to create 100 new positions. Epipheo is an Internet video studio providing online marketing videos. Emery is a chemical producer.

View Comments 0

Weather and Traffic