Ohio Approves Tax Credits for Cohen & Company Expansion

YOUNGSTOWN, Ohio – The Ohio Tax Credit Authority on Monday approved job creation tax credits over six years for Cleveland-based Cohen & Company to help expansions at its Cleveland, Akron and Youngstown offices.

The Business Journal reported in its Mid-November edition that the accounting firm plans to double the number of employees at its local office in downtown’s Commerce Building. 

According to the Ohio Department of Development, the firm plans to create 61 full-time jobs across the three offices, resulting in new annual payroll of $6,455,449 by Dec. 31, 2024. 

The tax incentives, which are performance based, are estimated at $500,000 and are conditional upon the company maintaining offices at the locations for at least nine years, the agency said.

Ohio was in competition with Michigan, Wisconsin, Illinois, Massachusetts and Pennsylvania for the proposed project, the state said.

Cohen & Company chose to expand in Northeast Ohio given its longtime commitment to the success of the region and strong partnerships with the area’s numerous universities and colleges. An economic development team comprised of JobsOhio, Team NEO, Youngstown/Warren Regional Chamber, city of Youngstown and ODOD worked with company executives to ensure the organization grew its operations here.

“Northeast Ohio has been our home since we opened our doors nearly 45 years ago,” Cohen & Company CEO Randy Myeroff said in a statement. “We are grateful for the support the region has given us, and we know how critically important it is to give back. Adding jobs and recommitting to this region’s continued development and rising star status is truly exciting for us.”

“The Northeast Ohio Region has a strong and supportive business community with a 100-plus-year heritage in financial services, part of our growing, world-class professional services cluster,” added Team NEO CEO Bill Koehler. “Along with our local partners, ODOD and JobsOhio, we welcome Cohen & Company’s expansion here and are committed to working with company leaders to ensure their ongoing success and growth of their business.”

The Tax Credit Authority also approved job credit incentives for LG Chem America Inc. to produce new materials at a new research and development center in Ravenna. 

LG Chem plans to create 72 jobs at the facility with a cumulative annual payroll of $4,735,474 by Dec. 31, 2025. 

The new research center would develop ABS, a heat and impact-resistant compound that would be used primarily in the supply chain for electric-vehicle batteries.

LG Energy Solutions, a company related to Korea-based LG Chem, has formed a joint venture with General Motors called Ultium Cells LLC. Ultium is currently building a $2.3 billion EV battery manufacturing plant in Lordstown.

The tax credits of the Ravenna project hold and estimated value of $540,000 over eight years if all conditions are met. The city of Ravenna has also awarded the project a tax abatement of 100% over 15 years.

Ohio was in competition with Michigan and Pennsylvania for the project, the state agency said. 

The Tax Credit Authority on Monday approved incentives on 10 projects intended to create 946 jobs, $50 million in new payroll and $296 million of investments across Ohio. 

Pictured: Lisa Metzinger, Nicole Pavlansky and Matt Tomko are employed in the Youngstown office of Cohen & Co. Standing next to Tomko is Chris Bellamy, president of the accounting firm. The local office is on a fast track to double the size of its staff.

Copyright 2024 The Business Journal, Youngstown, Ohio.