Proposal Would Allow Tax Incentives For Big Employers Like Foxconn
Columbus City Council is scheduled to vote Monday on a proposal to allow tax incentives for larger businesses promising new jobs.
Council member Elizabeth Brown, who plans to introduce the legislation, says the “economic development net profit tax incentive” would allow the state auditor and Department of Development to better negotiate with large companies.
Brown says it’s not a ploy specifically to bring the Asian electronics behemoth Foxconn here, though it could attract that sort of business.
“It could lure large international companies like Foxconn," Brown says. "It could lure companies who fit that description, of large scale capital investment — $50 million in capital improvement — of large scale job creation — 1,000 jobs — and $45 million in payroll, and only jobs that are $15 an hour.”
Several reports have linked Foxconn with Central Ohio.
Businesses who meet those requirements would get a break on their corporate net profit tax, which would be negotiated on a case by case basis.