2 NW Ohio projects are among 11 statewide receiving state tax credits
Posted By: The Toledo Blade on April 1, 2024. For more information, please click here to read the source article.
Two northwest Ohio projects are among 11 that have been approved statewide for economic assistance from the Ohio Tax Credit Authority in hopes of creating more jobs.
Vehtek Systems Inc. expects to create 120 full-time jobs in Bowling Green and generate $5.9 million in new annual payroll, according to a release issue by the Ohio Department of Development.
Vehtek designs, develops, and manufactures automotive systems, assemblies, modules, and components for sale to original equipment manufacturers. It has a new location in Bowling Green. The tax authority approved a 1.362 percent, eight-year tax credit for work that includes leasing a new facility where front and rear door components for electric vehicles will be produced.
Norplas Industries Inc. expects to create 140 full-time jobs in Rossford, generating more than $6.3 million in new annual payroll. Norplas also designs and manufactures automotive systems for original equipment manufacturers. It has a new location in Rossford. The tax authority approved a 1.329 percent, eight-year job creation tax credit for work that includes leasing and building out a new facility to house production of a battery case/tray.
In all, the 11 projects should create 1,025 jobs and retain 567 jobs statewide, resulting in more than $65 million in new payroll and $523 million in investments across Ohio.
The announcement was made by Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted.
« Back to Insights