Ohio Agency Awards Tax Credit to Plastics Recycler

Ohio Lt. Governor Lee Fisher announced that the Ohio Tax Credit Authority has approved Job Creation Tax Credits to a plastics recycling company, one of 16 firms that recently.

The tax credit a number of companies involved in business location or expansion projects that, if located in Ohio, are expected to contribute more than $460 million to the state’s economy, as well as create close to 2,000 jobs, as well as retain a similar number of employees.

Plastic Recycling Technology, Inc., which is relocated to Spring Creek Township, Ohio, has been awarded a 30 percent tax credit for a seven-year term. The value of the tax credit is estimated at $31,127 over the term, and the company would be required to maintain operations at the project site for 14-years.

PRT recycles plastic industrial waste streams from within the state, as well as throughout the Midwest. The company also recycles post-consumer, post-commercial and post-industrial plastics by converting the plastic waste into plastic pellets and densified and ground plastic, which are sold to plastic product manufacturers.

The company proposes to establish its headquarters and manufacturing operations with the purchase of new machinery and equipment, and investments in facility improvements and the lease of a 416,420 square-foot facility that will be used for recycling plastic waste into usable material for plastic product manufacturers.

This $2 million project is expected to create 25 jobs and retain 40 positions within the first three years of the project's initial operations.