Companies are complying with tax-incentive requirements for economic development projects more than ever, according to an annual report recently released by Ohio Attorney General Mike DeWine, The Columbus Dispatch reports. The report shows “a compliance rate by companies of 78.9 percent for 2014,” up from 70.6 percent for 2013 and 54.9 percent for 2012; this is the highest compliance rate since reporting started in 2010. While some companies “came up short on their job-creation promises,” others exceeded the number of jobs they promised to add, resulting in a net “combined 111 percent of the jobs that were promised,” according to David Goodman, director of the Ohio Development Services Agency. In many cases where the companies fell short of the requirements, “the state has amended the deals to reduce the incentive,” while in other cases, “companies terminated the incentive deal with the state” or repaid some of the award, according to the article. In the report, DeWine said, “[w]hile the state encourages growth in business, capital investments, and workforce retention and enhancement through incentives and training, it is imperative that these taxpayer dollars are used wisely.” For more, read the full article.
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Highest-ever compliance rate for tax incentive requirements reported
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