Ohio Grants Job Tax Credit to Progressive Insurance for Expansion

April 26, 2006

Ohio Governor Bob Taft announced that the Ohio Tax Credit Authority has approved job creation tax credits for 10 companies involved in business location or expansion projects that, if located in Ohio, are expected to create 811 jobs and retain 7,310 positions.

Among the companies receiving the tax credits are Clopay Building Products Company, headquartered in Mason; Citigroup Technology, Inc., located in Liberty Township, and Progressive RSC, the insurance holding comany located in Mayfield Village, Highland Heights and Mayfield Heights.

Taft said Ohio is in competition with Florida, Colorado, Texas, New York and Arizona for the Progressive $161 million project, which is expected to create 1,000 jobs and retain 6,398 positions within the first three years.

Progressive has been awarded a 75 percent tax credit for a 15-year term to expand its national headquarters facility. The value of the tax credit would be $17,375,040 over the term, and the company would be required to maintain operations at the project site for 30 years.

Progressive’s project would include the creation of the companys Campus III facilities, consisting of two office buildings, a common area that will have a cafeteria and other amenities and two parking garages.

Source: Ohio Governor’s Office

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