Columbus City Council voted this month to create a new tax incentive that may help the city land a project from Asian electronics giant Foxconn. The incentive, “equal to a percentage reduction in the annual net-profit tax due from the taxpayer” for a 30-year period is “aimed at attracting large companies that plan to invest heavily in jobs and operations,” The Columbus Dispatch reports. Any company pursuing the incentive “must generate annual revenue of at least $7 billion and have at least $45 million in annual payroll,” and must create “1,000 new, non-retail, full-time positions” that pay at least $15 per hour, according to the article. Foxconn has said it “plans to build multiple plants in the United States,” and has shown interest in Columbus as a potential location. Foxconn Chairman Terry Gou recently dined in the Short North after an event at the White House announcing plans to build a facility in Wisconsin. For more, read the full article.
Columbus creates tax incentive legislation aimed at large companies
