Columbus, Ohio - Feb. 28 - Ohio Department of Development Director Mark Kvamme today announced that the Ohio Tax Credit Authority has approved Job Creation and Retention Tax Credits for 16 projects that, if expanded or located in Ohio, are expected to create 1,769 jobs and retain 552 positions.
"We need to move quickly to provide the tools business leaders need to create jobs and grow our workforce," Kvamme said. "These incentives are designed to supply the business community and our local entrepreneurs with the resources needed, so they continue to grow their companies and strengthen their communities."
Simonton Building Products, Inc. dba Simonton Windows has been awarded a 55 percent Job Creation Tax Credit for an eight-year term as a result of the company's new location in the City of Columbus (Franklin County). The value of the tax credit is estimated at $1.54 million over the term, and the company would be required to maintain operations at the project site for 11 years. Simonton operates as a manufacturer of vinyl windows and patio doors and has incorporated the production of new construction and retrofit vinyl window and door products. This project includes the leasing of a building to house its new corporate headquarters. The more than $1.1 million project is expected to create 85 jobs.
Polymera, Inc. has been awarded a 45 percent Job Creation Tax Credits for a five-year term as a result of the company's new location in Union Township (Licking County). The value of the tax credit is estimated at $33,550 over the term, and the company would be required to maintain operations at the project site for eight years. Polymera is a manufacturer of wood polymer composite materials, servicing the extrusion, injection molding, and compression molding industries. This project includes the leasing of a 160,000-square-foot facility for manufacturing and to house the company's corporate headquarters and research and development operations. The $5.5 million project is expected to create 25 jobs.
The Ohio Tax Credit Authority is a five-member independent board consisting of taxation and economic development professionals from throughout the state that is responsible for reviewing and approving applications for state tax credit assistance. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects. The Ohio Tax Credit Authority's approval of incentives indicates the state's commitment to the company, and precedes a final decision of the company to accept or decline the tax incentives approved.
Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.
"We need to move quickly to provide the tools business leaders need to create jobs and grow our workforce," Kvamme said. "These incentives are designed to supply the business community and our local entrepreneurs with the resources needed, so they continue to grow their companies and strengthen their communities."
Simonton Building Products, Inc. dba Simonton Windows has been awarded a 55 percent Job Creation Tax Credit for an eight-year term as a result of the company's new location in the City of Columbus (Franklin County). The value of the tax credit is estimated at $1.54 million over the term, and the company would be required to maintain operations at the project site for 11 years. Simonton operates as a manufacturer of vinyl windows and patio doors and has incorporated the production of new construction and retrofit vinyl window and door products. This project includes the leasing of a building to house its new corporate headquarters. The more than $1.1 million project is expected to create 85 jobs.
Polymera, Inc. has been awarded a 45 percent Job Creation Tax Credits for a five-year term as a result of the company's new location in Union Township (Licking County). The value of the tax credit is estimated at $33,550 over the term, and the company would be required to maintain operations at the project site for eight years. Polymera is a manufacturer of wood polymer composite materials, servicing the extrusion, injection molding, and compression molding industries. This project includes the leasing of a 160,000-square-foot facility for manufacturing and to house the company's corporate headquarters and research and development operations. The $5.5 million project is expected to create 25 jobs.
The Ohio Tax Credit Authority is a five-member independent board consisting of taxation and economic development professionals from throughout the state that is responsible for reviewing and approving applications for state tax credit assistance. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects. The Ohio Tax Credit Authority's approval of incentives indicates the state's commitment to the company, and precedes a final decision of the company to accept or decline the tax incentives approved.
Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.
Have something to say? Share your thoughts with us in the comments below.