Chill-Can Project Gets State Tax Credit
YOUNGSTOWN, Ohio – The Ohio Tax Credit Authority yesterday approved a 1.444% job creation tax credit for Joseph Co. International for the manufacturing campus it is developing in Youngstown.
The abatement is for eight years, according to documents from the Ohio Development Services Agency. Under the terms of the tax credit agreement, Mitchell must maintain operations at the project site for at least 11 years.
Construction is underway on the city’s east side where Joseph Co. is working on a multi-building campus for research and development, bottling and packaging of beverage cans using its chill-can technology. The company broke ground in November on the $20 million project.
The abatement will be applied toward whatever the company owes in Ohio’s commercial activity tax, said Sarah Boyarko, vice president of economic development with the Youngstown Warren Regional Chamber.
“We’re pleased that the tax credit authority approved this percentage and term in support of the company’s investment,” she said. “This support is welcome as also is the local support, and all of that combined is definitely an important part of securing such an investment.”
Joseph Co. plans to create 287 full-time equivalent jobs for a new annual payroll of $7.8 million by 2020, according to the state documents.
Earlier this month, Mitchell Joseph, chairman and CEO of the company, said construction was ahead of schedule with the third building expected to be finished by the end of September. He anticipates hiring of permanent employees to begin in the fourth quarter of this year.
Joseph is being recognized this morning as Business Professional of the Year at the Youngstown Warren Regional Chamber’s Salute to Business 2017.
Copyright 2024 The Business Journal, Youngstown, Ohio.