Ohio grants Fuyao a significant tax break

COLUMBUS, Ohio (WDTN) – The Ohio Tax Credit Authority granted Fuyao a 75 percent tax credit for 15 years to locate its plant in Moraine.  In guarantee, the tax break Fuyao must create 800 jobs by the end of 2019.

2 NEWS was the only Dayton television station with a crew in Columbus Tuesday morning when the four members in attendance voted unanimously in favor of the jobs creation tax credit.

The tax credit is valued at more than $9,680,000.  Those are your tax dollars.

Laura Jones, Communications Director of JobsOhio, told 2 NEWS, “There is a very lengthy vetting process, many meetings to consider is this a good use of taxpayer dollars. These projects do not get recommended or move forward to the tax credit authority without that great consideration.”

According to Jones, Fuyao gets nothing without producing the jobs.  “A company must create those jobs. There is no money up front occurring and the company has to file a report with the State of Ohio,” said Jones.

Chinese manufacturer Fuyao invested $15 million to purchase 1.4 million square feet of the old General Motors plant in Moraine.

The facility will build an estimated four million sets of automotive glass a year.

The chairman of the company says he hopes to hire 1,000 people by the end of 2016 and is committed to hiring local workers.

The state job creation tax credit adds to incentives already offered locally by the City of Moraine and Montgomery County.

 

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