The Ohio Department of Development s Ohio Tax Credit Authority announced approvals yesterday for tax credits intended to lure new employers and allow existing companies to expand.
The authority awarded a seven-year, 55 percent tax credit, worth more than $1 million, to Xunlight Corp., of Toledo, which will make thin-film photovoltaic sheets. The award is intended to help the company expand with a new $5 million investment in Toledo that would create up to 280 jobs and retain 30.
Also approved was a 40 percent credit for six years to lure Next Specialty Resins Inc. into a $3.5 million facility in Sylvania Township that is expected to create 25 jobs within three years. The privately held company, based in Addison, Mich., manufactures thermoplastic resins used in several industries.
Quality Machining & Manufacturing Inc., of Fort Wayne, would be the beneficiary of a five-year, 35 percent credit for its proposed $684,000 investment at a new facility in Sherwood Industrial Park in Defiance County s village of Sherwood. The company would manufacture hydraulic couplers and connectors at the 20,000-square-foot plant where up to 30 jobs would be created, state officials said.