Rimrock Corp., Columbus, OH, will receive a 55 percent tax credit over a six-year term for expanding its manufacturing operations. The company is planning to invest $250,000 in the expansion, and will create 10 new jobs within the first three years of operation. The company will be expected to retain its present 86 positions. The value of the tax credit will be $55, 406 over the term. The company will be required to maintain operations at its present site for a total of 12 years.
“I am pleased that the Ohio Department of Development has recognized that Rimrock continues to grow and expand in today’s globally aggressive economy,” said Bob Archer, chief financial officer of Rimrock Corp. “As this industry continues to become increasingly competitive and we strive to keep jobs at home rather than overseas, this award is a validation of our hard work and efforts to be the leading automation provider. We are proof that manufacturing jobs are still a vital part of Ohio’s economy, and we are looking forward to continued growth in the years to come.”
The Job Creation Tax Credit is a refundable tax credit against the business corporate franchise or income tax. The credit equals a percentage of new state income tax withheld on new full-time employees in Ohio. Portions of the additional state assistance are contingent upon the approval of the State Controlling Board.