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Ohio Approves Tax Credits for Business Expansion
COLUMBUS, Ohio -- BRT Extrusions Inc., to be located in Niles, Ohio, is among 14 projects to be approved for job creation tax credits by the Ohio Tax Credit Authority, reports Gov. Bob Taft. The expansion and location projects are expected to create 840 jobs and retain 2,403. BRT will receive a 60% tax credit for a five-year term to begin operations. The value of the tax credit will be $141,415 over the term, and the company would be required to maintain operations at the site for 10 years.BRT is a start-up company specializing in extruded aluminum products, primarily catering to the construction and building industries. Examples of the products to be manufactured by BRT include air handling equipment, entrance doors, trailer and truck body trim, fences and mailboxes, state officials said.The proposed project includes BRT leasing an existing 80,000 square-foot facility to manufacture its extruded aluminum products. The $1.1 million project is expected to create 90 jobs within the first three years of operation. The state also has agreed to provide a $300,000 direct loan for the project.Other projects to receive tax credits are:BMW Financial Services NA, LLC, Hilliard; 60% tax credit for an eight-year term to expand operations. Amantea Nonwovens LLC, to be located in Cincinnati; 60% tax credit for a five-year term to begin operations.Guardian Millbury Corp., Millbury; 50% tax credit for a five-year term to expand operations. Nissin Brake Ohio Inc., Findlay; 55% tax credit for a seven-year term to expand operations.Oldcastle APG Midwest Inc., to be located in Sheffield Village; 50% tax credit for a seven-year term to expand operations.Sekuworks LLC, Harrison; 55% tax credit for a seven-year term to expand.JBC Technologies Inc., North Ridgeville; 55% tax credit for a seven-year term to expand.SigmaTEK Corp., Forest Park; 55% tax credit for a five-year term to expand operations.HL-A Co. Inc., Marysville; 55% tax credit for a five-year term to expand operations.Ceres Group Inc., Strongsville; 55% tax credit for an eight-year term to expand.Applied Vision Co. LLC, Akron; 60% tax credit for a seven-year term to expand operations.Sunny Delight Beverages Co. Inc., to be located in Blue Ash; 70% tax credit for a five-year term to expand operations.General Dynamics Land Systems Division, Shawnee Township; 75% tax credit for a 10-year term to expand.The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new full-time employees in Ohio."