All Things Business

Mansfield Company Receives Job Creation Tax Credit

31 Aug , 2017  

There was good news for the Mansfield economy today, as a local project was among those which received job creation tax credits from the State of Ohio.

The Governor’s office announced the awards, which represented eight projects set to create 3,792 new jobs and retain 459 jobs statewide. During its monthly meeting, the Ohio Tax Credit Authority (TCA) reviewed economic development proposals brought to the board by JobsOhio and its regional partners. Collectively, the projects are expected to result in more than $115 million in new payroll, and spur more than $377 million in investments across Ohio.

Locally, Synova LLC expects to create 20 full-time positions, generating $1.5 million in new annual payroll and retaining $853,276 in existing payroll as a result of the company’s expansion project in Mansfield.  Synova produces oils and release compounds used in the commercial baking industry. The TCA approved a 1.44 percent, six-year Job Creation Tax Credit for this project.

Two of the other approved projects involve massive investments by Amazon.com. In the city of Monroe in Warren County, that project is expected to create 1,000 full-time positions, generating $26.7 million in new annual payroll. The TCA approved a 1.391 percent, 10-year Job Creation Tax Credit for this project.

In the Village of North Randall in Cuyahoga County, Amazon.com expects to create 2,000 full-time positions, generating $55.4 million in new annual payroll as a result of the company’s new project. The TCA approved a 1.35 percent, 10-year Job Creation Tax Credit for this project.

Source: State of Ohio

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