Economic growth
1:14 pm
Tue May 20, 2014

Ohio approves tax credits for GE

Credit GE

The Ohio Tax Credit Authority has approved an 85 percent, 15-year Job Creation Tax Credit for General Electric to locate a new regional headquarters in Southwest Ohio.

Two other local companies are also receiving tax incentives.

Here's the breakdown:

AtriCure, Inc., West Chester Township (Butler Co.) & City of Mason (Warren) expects to create 30 full-time positions, generating $1.8 million in additional annual payroll and retaining $11.2 million in existing payroll as a result of the company’s expansion project in West Chester Township (Butler Co.) and in the City of Mason (Warren). AtriCure is an atrial fibrillation medical device company. The TCA approved a 40 percent, six-year Job Creation Tax Credit for this project.

General Electric Company (Location TBD) expects to create 1,400 full-time positions, generating $111 million in additional annual payroll as a result of the company’s new location project at a to-be-determined project location in southwest Ohio. General Electric is a technology and financial services company. The TCA approved an 85 percent, 15-year Job Creation Tax Credit for this project.

Rhinegeist, LLC, City of Cincinnati (Hamilton Co.) expects to create 40 full-time positions, generating $1.2 million in additional annual payroll and retaining $550,000 in existing payroll as a result of the company’s expansion project in the City of Cincinnati (Hamilton Co.). Rhinegeist is a brewery that self-distributes kegged and canned beer. The TCA approved a 40 percent, five-year Job Creation Tax Credit for this project.

On Monday the state’s Controlling Board gave its approval for plans to create a brewery near Eden Park in the former Mt. Adams Pump Station. The Cincinnati USA Chamber expects that project "could see capital investment of more than $5 million upon completion" and will create 13 jobs.