The state expects the move to generate $8 million in new annual payroll. Pratt manufactures and sells 100 percent recycled boxes and packaging materials.
The Tax Credit Authority approved a 65 percent, 10-year “job creation tax credit” for the project.
According to the state’s project notes, the proposed expansion involves building a new facility. The company’s fixed asset investment would go towards construction costs and new machinery and equipment, the Ohio Development Services Agency said.
The company will claim the tax credit on income tax revenue generated at the project location in excess of the company’s baseline income tax revenue at the site, the agency said.
The Preble County Development Partnership has expressed support for the proposed project, the state said.
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