You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Ohio ranks third in U.S. for number of tax incentive “megadeals” to companies


Ohio ranks third in the nation, tied with Texas, for the number of “megadeals” awarded companies in tax subsidies, according to a new report released last week by nonprofit Good Jobs First.

State and local governments have been awarding “giant” economic development subsidy packages to corporations more frequently than before, Good Jobs First said in releasing findings of a study into tax incentive practices in the U.S.

The group identified 240 “megadeals,” or tax subsidy awards, that cost at least $75 million over the past 35 years. The cumulative cost of these deals is more than $64 billion, Good Jobs First said, which is based in Washington, D.C.

Since 2008, the average frequency of megadeals per year has doubled compared to the previous decade, Good Jobs First said.

Michigan has awarded 29 such deals, New York has done 23, and Ohio and Texas has done 12 each.

This newspaper reported in October 2012 that Ohio has awarded millions to companies that threaten to leave the state in the form of tax incentives.


Reader Comments ...


Next Up in Business

New shopping center proposed at long-vacant Springfield site
New shopping center proposed at long-vacant Springfield site

A new retail development is likely coming to the east side of Springfield at a longtime vacant property, the first major commercial growth there in several years. The Springfield Board of Zoning Appeals approved Wednesday night a variance for the former Roberds site in the 3000 block of East Main Street. City documents filed by developer Springfield...
Gmail phishing scam may lead users to give up login info
Gmail phishing scam may lead users to give up login info

A new phishing scam is allowing hackers to gain access to unsuspecting Gmail users' accounts and target their login credentials, according to recent reports. Mark Maunder, CEO of security service Wordfence, described the scam in detail in a blog post, adding that it is also targeting other services beyond Gmail. Tech Times reported that the scam involves...
Millennials spend more on coffee, save less for retirement
Millennials spend more on coffee, save less for retirement

A large number of Millennials spent more on coffee in the past year than they invested in their retirement savings, according to a new study. » RELATED: What makes Millennials tick in the workplace? It may surprise you About 41 percent of the Millennials — ages 18 to 35 — admitted to spending more on coffee than they saved for retirement...
Some worry over impact from health care law repeal
Some worry over impact from health care law repeal

The U.S. House of Representatives on Friday joined the U.S. Senate in passing a budget reconciliation measure that would allow Congress to de-fund key elements of the Affordable Care Act, including tax credit subsidies and federal funding for Medicaid expansion in states like Ohio. While some are rejoicing over the move, replacing President Obama&rsquo...
Will Obamacare repeal leave people in the lurch?
Will Obamacare repeal leave people in the lurch?

As Congress moves forward on a resolution to repeal the Affordable Care Act, experts have warned such a measure could crash the law’s commercial insurance program, jeopardizing coverage for 11.5 million Americans, including more than 230,000 Ohioans. But local industry leaders remain hopeful that congressional Republicans — who are leading...
More Stories