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The Ohio Tax Credit Authority recently approved a 55 percent Job Creation Tax Credit for The Sherwin-Williams Company for a seven-year term. The company is consolidating business support operations of its foreign subsidiaries into its corporate headquarters in the City of Cleveland, Cuyahoga County.
The tax credit, administered by the Ohio Department of Development's Strategic Business Investment Division, will help create 110 jobs.
"This project supports a company with a long-standing history in Ohio and will benefit the Northeast Ohio economy, creating job opportunities," said Christiane Schmenk, Director of the Ohio Department of Development. "Sherwin-Williams continues to be a staple of the Cleveland area and is a major economic driver for the state."
The value of the tax credit is estimated at roughly $1.7 million over the term, and the company would be required to maintain operations at the project location for at least 10 years. Sherwin-Williams is the largest manufacturer and retailer of paint, coatings, and related products in the United States and the third largest worldwide.
The Ohio Tax Credit Authority is a five-member independent board consisting of taxation and economic development professionals from throughout the state that is responsible for reviewing and approving applications for state tax credit assistance. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects. The Ohio Tax Credit Authority's approval of incentives indicates the state's commitment to the company, and precedes a final decision of the company to accept or decline the tax incentives approved.
Working with partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.
