Monday, December 03, 2001

Two paper makers seek tax credits

By Mike Boyer
The Cincinnati Enquirer

        Two Hamilton paper companies are seeking Ohio tax credits for plant investments expected to create 60 jobs.

        Smart Papers LLC, the new company that acquired the former Champion paper plant on North B Street earlier this year, is seeking a five-year credit from the Ohio Tax Credit Authority for a $6 million investment expected to create 30 jobs. The 60-percent tax credit is expected to generate an $82,527 savings for the company. The state estimates the project will generate $192,564 in new tax revenues over the next 10 years.

        International Paper Co., which owns the former Beckett Paper Co. on Dayton Street, is seeking a five-year tax credit for a $5 million investment expected to create 32 jobs. The five-year credit will save the company $78,970 and generate $184,264 in new tax revenues for the state over 10 years, the Ohio Department of Development estimates.

        Both projects are to be reviewed today by the Ohio Tax Credit Authority.

        The authority will also review a request from Lerner, Sampson & Rothfuss Inc. and AccuTitle Agency, a mortgage banking and title company, for a five-year tax credit to expand their offices at 120 E. Fourth St., in downtown Cincinnati.

        The companies plan to lease an additional 20,000 square feet and add 75 jobs over the next three years. The companies are seeking a 55 percent tax credit, expected to save $128,418 over the period and generate $338,557 in new tax revenues over 10 years.


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