Ohio: New job tax credits approved for 23 projects in first quarter

Ohio has a Job Creation Tax Credit Program that provides a refundable tax credit against a company's insurance premiums tax, Commercial Activities Tax, or an individual's Ohio personal income tax obligations.

The Ohio Tax Credit Authority (OTCA) is the body that reviews and approves applications for the program, sets the applicants' benefit rates and terms, and monitors the progress of the approved projects to ensure compliance. The five members are taxation and economic development professionals from throughout the state.

Each month, the OTCA holds a meeting at which applicants present their projects. In the first three months of 2016, the OTCA has approved 23 projects.

The 10 projects approved in January are expected to create 1,227 jobs and retain 1,564 jobs, resulting in $50 million in new payroll, and approximately $96.3 million in investments across Ohio.

MedAssets Net Revenue Systems, LLC is the biggest project in terms of job creation. MedAssets, expects to create 444 full-time positions, and generate $15.4 million in new annual payroll. The OTCA approved a 1.559 percent, nine-year Job Creation Tax Credit for this project.

King’s Command Foods, another major job creator, is looking to expand in Versailles. The project should create 160 full-time positions, generate $4.7 million in new annual payroll, and retain $1.5 million in existing payroll. The OTCA approved a 1.164 percent, seven-year Job Creation Tax Credit.

The smallest job creation project is Reztark Design Studio, LLC. Located in Cincinnati, Reztark expects its expansion to create 16 full-time positions, generate $768,000 in new annual payroll and retain $1.5 million in existing payroll. The TCA approved a 0.838 percent, five-year Job Creation Tax Credit for this project.

In February, eight new projects received tax credit assistance. Collectively, they hope to create 453 new jobs, retain 2,163 jobs, generate $25.2 million in new payroll, and spur approximately $16.7 million in investment statewide.

Among the firms is CardioInsight Technologies Inc., located in Independence. Its expansion is expected to create 28 full-time positions, generate $2.9 million in new annual payroll, and retain $2.9 million in existing payroll. The OTCA approved a 1.8 percent, five-year Job Creation Tax Credit.

In March, the five approved projects are set to create 670 jobs and retain 1,419 jobs, resulting in $23 million in new payroll and approximately $134.8 million in investment throughout Ohio.

Among the projects is ConAgra Foods Packaged Foods, LLC’s expansion in Archbold. It is expected to create 107 full-time positions, generate $5.4 million in new annual payroll, and retain $13 million in existing payroll. The OTCA approved a 1.121 percent, six-year Job Creation Tax Credit.

Another is the expansion of CC Kitchens, LLC, in Sharonville. Its expansion is expected to create 355 full-time positions, generate $9.1 million in new annual payroll, and retain $126,555 in existing payroll. The OTCA approved a 1.214 percent, eight-year Job Creation Tax Credit.

If all goes well, the first quarter’s 23 projects will create 2,350 new jobs and nearly $100 million in new payroll.