Tue April 1, 2014
Tax Credits To Support 160 Factory Jobs In Miami Valley
The Ohio Tax Credit Authority has announced credits to help three different Miami Valley factories open or expand, adding up to 166 jobs.
Fecon, which already makes forestry equipment in Lebanon, is widening its plant floor and adding 25 jobs.
“We’re infiltrating markets that we previously hadn’t really had a presence so we sold recently to Russia, South America and Europe,” says Fecon CFO John Desczc.
The company’s clear-cutting gear is used in construction projects and for invasive species removal and biomass harvesting. A 6-year tax credit would take 35 percent off payroll taxes owed for a possible $1 million in new payroll, at an estimated value of $40,000 to the company.
The other credits announced in the Miami Valley this month are all about eating: L&L Foods, a California company that packages fruits and nuts, is opening a branch in Wilmington and could bring up to 100 jobs and $2.4 million in annual payroll—if it does it’ll get a payroll tax discount estimated at $146,879 over six years.
Perham Eggs, a Minnesota company that cracks eggs and then sells the liquid, also got a break: it plans to open a cracking factory in Mercer County and hire 41, and could receive a credit totalling $94,718 in a 45 percent, six-year deal.
Ohio is second in the country after Iowa for egg production.
The Job Creation Tax Credit cuts down payroll taxes for companies adding new jobs. The Ohio Tax Credit Authority considers proposed credits monthly and tracks the jobs added over the period of the credit.
The Economy & Business