Intel Gets $1.3B in ‘Direct Cash Incentives’ to Build in Ohio
Ohio offered Intel $1.29 billion in “direct cash incentives” to invest $20 billion in building two semiconductor fabs on a 1,000-acre campus in Licking County (see 2201210085), Department of Development Director Lydia Mihalik told a virtual media briefing Friday. The…
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project is expected to add $2.8 billion to Ohio’s annual “gross state product” when it’s fully operational in 2025, said Mihalik. State tax authorities “will obviously have say over the job creation tax credit,” said Mihalik. "In terms of the direct cash incentives, we’ll be working with our partners in the legislature to bring those to fruition.” The Ohio Tax Credit Authority (TCA) approves all applications for the JCTC program and customarily meets monthly on the last Monday of each month, said a Department of Development spokesperson. "When an JCTC application is submitted to the TCA for review and approval, it will appear on a meeting agenda" that's posted publicly on the Thursday before the meeting, he said.