State budget estimators “drastically underestimated” the total tax credits companies would claim for new job creation in Ohio’s last budget year, the Dayton Daily News reports. State officials had forecasted that the Ohio Job Creation Tax Credit program would generate $40.7 million in credits, but the total more than doubled that, coming in at $83.8 million, according to the article. Companies must create jobs in order to claim the credits, the terms of which “are determined by the number of jobs to be created, jobs retained, wages, capital investment, location, local incentives, and other factors.” Stephanie Gostomski, a spokesperson for Ohio Development Services Agency, explained the significantly higher dollar amount simply, saying, “It’s more jobs.” To be eligible for the state tax credits, “projects must add a minimum of $660,000 a year in new payroll to Ohio; be economically sound; and tax credits must be a major factor in a company’s decision to move forward with a proposed project in the state,” reports the Dayton Daily News.
Tax credits for job creation so successful, total claims double the original estimate
