The state of Ohio said on Wednesday it plans to provide $71.3 million in tax credits for a new Honda Motor Co.and LG Energy Solution joint venture battery plant.
On Tuesday, the companies said they would commit to invest $3.5 billion and create 2,200 jobs in central Ohio, but said the overall investment is projected to reach $4.4 billion. Honda separately is investing $700 million and adding 300 jobs to retool three Ohio plants to build EVs and parts.
The Ohio Department of Development said the 30-year Job Creation Tax Credit is performance-based and the company must fulfill its job creation and payroll commitments to receive the credit.
The department said it is also working with the Ohio Legislature “to invest $85 million in local water and transportation infrastructure upgrades to ensure the success of the project and benefit the local communities.”
