Tax Credits Approved with 73 New Jobs + $7 Million in Payroll Expected
On September 29, 2014, the Ohio Tax Credit Authority approved a Job Creation Tax Credit for Lubrizol Advanced Materials. The project will retain 525 jobs with a payroll of $55 million and create 73 jobs with a payroll of nearly $7 million.
Lubrizol Advanced Materials is a leading global producer of polymers, polymer additives and chemical additives used in everyday consumer and industrial applications.
The Job Creation Tax Credit (JCTC) is a refundable tax credit that can be granted to companies with significant new job creation and is applied toward the company’s Ohio commercial activity tax liability. For information on the JCTC program and how to secure this credit, contact Team NEO or the economic development partner in your county.
Team NEO is the JobsOhio Network Partner for Northeast Ohio.