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Ohio Projects Get State Funding, Will Add Jobs"
COLUMBUS, Ohio -- The Ohio Tax Credit Authority has approved Job Creation Tax Credits for 14 companies -- some with ties to the Mahoning Valley -- that are involved in business location or expansion projects that are expected to create 916 jobs and retain 1,393, according to Gov. Bob Taft. Also, one company was approved for a $1 million state loan.Among the projects funded are:ms consultants, inc., Columbus, has been awarded a 60% tax credit for a five-year term to expand operations. The firm has offices in Youngstown. The value of the tax credit will be $461,041 over the term, and the company, which is required to maintain operations at the site for 10 years, proposes to expand it's existing facility with new construction and the purchase of machinery and equipment, Taft said. The project, valued at more than $2.4 million, is expected to retain 89 positions and create 69 within the first three years of operation. Famous Enterprises Inc., Sebring, will receive a $1 million 166 Direct loan at an interest rate of three percent for a 15-year term to purchase an existing 350,000-square-foot building that until last year housed Little Tykes Inc. Famous Enterprises is a wholesale distributor of heating, ventilation and air conditioning systems and plumbing fixtures and plans to consolidate and expand operations and better serve its customers, Taft said. This $3.4 million project is expected to create 30 jobs and retain 17 over three years.As reported yesterday by Ohio Lt. Gov. Bruce Johnson, InfoCision Management Corp. has been awarded a 55% tax credit for a seven-year term to begin operations in Youngstown. The value of the tax credit will be $363,613 over the term, and the company is required to maintain operations at the site for 14 years. The $1 million project is expected to create 250 jobs within the first three years of operation. Other state assistance committed for this project includes a $48,000 Ohio Investment in Training Program grant.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, Taft said."