Ohio Agency Awards Tax Credit to Startup Firm

The Ohio Tax Credit Authority has approved a Job Creation Tax Credit for Magnetic Lifting Technologies US LLC to open a manufacturing plant in Campbell, Ohio. The value of the tax credit is estimated to be $72,000, and the company would be required to maintain operations at the site for nine years.

Magnetic Lifting Technologies is one of nine companies to be awarded Job Creation tax credits by the authority in late August.

In a press release announcing the tax credit, Ohio Gov. Ted Strickland, states, "In the face of the worst economic recession in our lifetimes, we haven't given up on Ohio. We are investing in our strengths and supporting the innovative companies that create jobs that are hard to outsource." He adds, “We have more work to do, but Ohio will emerge from the recession stronger than we were before. These investments will help create more than 500 good jobs and continue moving Ohio's economy in the right direction."

Magnetic Lifting is a privately owned company that manufactures, repairs, services, inspects and re-manufactures industrial electro-lifting agents. This project includes the lease of a 33,000-square-foot facility for manufacturing and servicing heavy electro-magnets.

The $293,000 project is expected to create 19 jobs and retain three positions.