LORDSTOWN PLANT

Published:Thursday, August 21, 2008

LORDSTOWN PLANT

State assistance

As it did six years ago, Ohio is offering financial incentives that, in part, helped keep and expand the General Motors complex in Lordstown. The new incentive package is more than the one in 2002 and is more to the point.

2008 incentive

The state is providing $82.1 million.

$77.7 million through a 75 percent Job Retention Tax Credit to cover the current work force.

$4.4 million through a 75 percent Job Creation Tax Credit for the cost of new hires.

2002 incentive

The state provided $63 million in 2002.

$37 million in machinery and equipment investment tax credits. $20 million for a business development grant for on-site infrastructure assistance. $4.5 million Ohio Investment in Training Program grant. $1.5 million low-interest loan to Trumbull County for waterline improvements.

Source: Vindicator files