The Press Newspaper
Lake Township trustees enjoyed some good economic news during their meeting last week with the announcement a countertop business was re-locating to a Tracy Road site where it plans to invest almost $800,000 in new machinery and building renovations.
The Ohio Tax Credit Authority approved a payroll credit for new jobs created by Cutting Edge Countertops, which is moving to the 60,000-square-foot facility on Tracy Road from a Perrysburg location.
According to applications the company filed with the Ohio Department of Development to receive the credit, it has about 60 current employees and plans to increase its workforce by 25.
Wade Gottschalk, associate director of the Wood County Economic Development Commission, said the company plans to invest about $400,000 in new machinery and about $390,000 in building renovations.
A spokesperson for the Ohio Department of Development said the 40 percent credit will be applied to the state income tax on new employees as well as the Commercial Activity Tax levied on a business’ taxable gross receipts.
The credit will be in effect for five years but the company will be required to remain at the Tracy Road site for eight years to receive the credit.
The company has been based at Flagship Drive in Perrysburg.
According to its website, Cutting Edge Countertops services most of Ohio and southeast Michigan in its customized countertop business and has large-scale commercial jobs nationwide.
The Carroll Co. had been located at the Tracy Rd. site.
The Ohio Job Creation Tax Credit program was established in 1993. The program provides a refundable tax credit against a company’s corporate, franchise, or income tax based on the state income tax withheld from new, full-time employees.