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Ohio OKs $2.6 million in incentives for V&M Star Steel
TweetPublished: Mon, December 8, 2008 @ 2:32 p.m.
The Ohio Tax Credit Authority OK’d tax incentives valued at an estimated $2.6 million for a steel company considering an expansion on the borders of Youngstown and Girard.
The board unanimously approved the 10-year, 75 percent tax credit for V&M Star Steel. The incentives are refundable tax credits against what companies pay in corporate activity or income taxes, based on the state income taxes withheld on its new, full-time employees.
Company President Roger Lindgren said several sites are being considered for the project, and no final decisions have been made.
Comments
Good News For The Valley!!
We'll take whatever we can get at this point. Good news for Youngstown/Girard and the local economy.
You'd think the local politicos would realize that vacant land that gets developed even at a 70% tax break is better than that same land collecting zero tax dollars.
More jobs lead to something called trickle down economics. Sound familiar? Worked pretty good when some guy named Regan started using it.