Tax credits approved for Scripps
The Ohio Tax Credit Authority approved a 60 percent, six-year tax credit to Scripps (NYSE: SSP) for the creation of $11.3 million in additional annual payroll as a result of the company’s expansion project in Cincinnati. As part of the agreement, the company is required to maintain its operations in Cincinnati for at least nine years.
Scripps, a media company, expects to create 142 full-time equivalent employees generating $11.3 million in annual payroll within three years of initial operations and retain $18.2 million in existing payroll.
The proposed project involves retrofitting its current location or moving to another location to accommodate jobs growth.
The city of Cincinnati is prepared to offer a job creation tax credit of 60 percent for six years on the withholding tax generated by all new and relocating employees to the city.
The tax credit will begin January 2012 and end December 2017.
Read the full Business Courier article here.
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