Ohio offers tax credits to 6 economic development projects
(The Center Square) – Home furnishing company HomeGoods plans to use state tax credits to open a 1-million-square-foot distribution facility in central Ohio that would be its national hub.
The facility is one of three economic development projects in central Ohio given incentives recently by the Ohio Tax Credit Authority. Overall, the agency approved tax breaks for six projects.
The HomeGoods facility would employ 250 people and create $9 million in new payroll, and the company expects to invest $40 million in equipment. The state approved a 1.363%, eight-year job creation tax credit that could save the company $1 million.
Also in the Columbus area, American Freight Management is expected to create 37 new full-time positions and retain $6.2 million in existing payroll with a 1.822%, eight-year job creation credit.
The national furniture, mattress and home accessory company plans an expansion project in Delaware.
The final Central Ohio project is Pitney Bowes’ Canal Winchester project that is expected to create 117 new full-time jobs and generate $4.3 million in annual payroll. The state approved a 1.477% job creation credit for the e-commerce fulfillment and shipping company.
Northeast Ohio: MAI Wealth Management will create 50 full-time positions and $4 million in annual payroll, while retaining $16.5 million in existing payroll, with an expansion project in Independence. The state approved a 1.733%, eight-year job creation tax credit for the planning and advisory service company.
Superior Roll Forming also plans a new project in Medina County that will create 150 jobs and produce $7.5 million in annual payroll. It received a 1.491%, eight-year tax credit.
Southwest Ohio: Pepper Construction plans to expand its operations in Lockland and Blue Ash to add 20 full-time jobs and $1.5 million in new payroll. It received a 1.435% job creation tax credit covering six years.
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