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Springfield City Commission Approves EF Hutton Tax Incentives

Two EF Hutton directors, and one former director, stand in front of the company's new headquarters in downtown Springfield in 2016.
Dan Gummel
/
WYSO

Springfield City Commissioners voted Tuesday evening to approve a large tax-incentive program for its newest corporate resident, EF Hutton. 

The financial industry giant moved its headquarters to the city earlier this year, promising Springfield officials it will bring more than 400 jobs to the city over the next five years. The company estimates the hiring would amount to more than $24 million in annual wages to Springfield employees.

Springfield would return half that money back to EF Hutton -- if the investment firm meets its employment goals. The incentive deal approved by city commissioners could amount to more than $235,000 dollars a year for EF Hutton for the next seven years.

Assistant City Manager Bryan Heck says the agreement is performance-based. He’s hopeful EF Hutton will meet its hiring goals and help keep much-needed business activity in downtown Springfield. "How the employment incentive agreement works, the company only benefits if they add the jobs they say their going to add.  It's a sharing of the income tax. If they don't generate the jobs, then they don't see a benefit because they aren't generating income tax." The city of Springfield is facing cuts in police, fire and emergency medical services after voters rejected an income-tax increase in November.

Jerry began volunteering at WYSO in 1991 and hosting Sunday night's Alpha Rhythms in 1992. He joined the YSO staff in 2007 as Morning Edition Host, then All Things Considered. He's hosted Sunday morning's WYSO Weekend since 2008 and produced several radio dramas and specials . In 2009 Jerry received the Best Feature award from Public Radio News Directors Inc., and was named the 2023 winner of the Ohio Associated Press Media Editors Best Anchor/News Host award. His current, heart-felt projects include the occasional series Bulletin Board Diaries, which focuses on local, old-school advertisers and small business owners. He has also returned as the co-host Alpha Rhythms.