Bill offers incentives to keep companies in Ohio
By Marc Kovac
State lawmakers are considering a special tax incentive to keep American Greetings and other large employers from moving out of state.
“Ohio has lost 436,000 jobs,” Sen. Tom Patton, a Republican from the Cleveland area, told members of the chamber’s ways and means committee.
“Our neighboring states have been offering substantial incentives to Ohio companies for years, and it is happening again with a major corporation in Northeast Ohio.”
Patton offered sponsor testimony this week on Senate Bill 6, which would establish a new, refundable job-retention tax credit for companies that commit to retaining at least 1,000 jobs and investing $25 million in a project site.
Eligible companies also would have to prove that other states have offered them financial incentives to relocate.
The program is aimed squarely at American Greetings, which is considering sites in Illinois for its operations, employing about 2,000 people.
Gov. John Kasich also has reached out to the company with hopes that it will remain in the state.
“I believe by creating a refundable job-retention tax credit, we can curb that trend and show Ohio is not only friendly to new businesses but existing businesses as well,” Patton said.