Tax system overhaul better than credits, think tank says
Instead of awarding job creation tax credits to individual companies that expand or build new businesses in Ohio, the state should focus on overhauling its entire tax code to make it more favorable to all businesses, a senior research fellow at a non-profit think tank told The Center Square.
The state recently approved $26.1 million job creation tax credits for seven new projects that are projected to represent a total of $1.1 billion and create 1,221 new jobs and preserve 1,089 existing jobs.
Greg Lawson, with The Buckeye Institute, believes some tax credits are valuable but creating a tax system that encourages business could mean more to the state.
“Ohio should continue improving its overall tax code to make it the most competitive in the nation instead of giving specific tax breaks to specific businesses,” Lawson told The Center Square. “While some tax exemptions can be appropriate when applied broadly across businesses, individual carve-outs unfairly tilt the scales in favor of those businesses that know how to work the system.”
The largest of the potential projects approved by Ohio for tax credits this week is Lonza USA Inc. which is considering a new $1 billion biotech facility Williamsburg Township in Clermont County. The Ohio Tax Credit Authority approved Lonza for $22 million in job creation tax credits for this project.
“If the investment meets due diligence requirements and is approved by the Lonza Board of Directors, it will create 650 full-time-equivalent positions and generate $50 million in new annual payroll from an investment of some $1 billion,” Gov. Mike DeWine said in a news release. “Lonza is the world’s largest contract development and manufacturing operation dedicated to serving the pharma and biotech industry. The project remains subject to successful due diligence and internal approvals. “
The next largest project in terms of tax credits approved was for UDD Tech Corp., a Ukrainian drone manufacturer planning a factory in the village of Holland in Lucas County, which could create 300 new jobs and $18.4 million in annual payroll by 2029, according to the state.
“The proposed project is being driven by the company’s selection by the U.S. Department of War to partake in the Drone Dominance Program to enhance production of small drones in the United States,” DeWine said.
The state board approved TCA $2.7 million in job creation tax credits.
Pacific Scientific Energetic Materials Co. was approved for $555,000 in credits for a possible project in the city of Solon in Cuyahoga County.
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