Ohio Attorney General pushes for GM to repay $60M in tax incentives after plant closure

State Attorney General Dave Yost recently “ratcheted up the pressure” on General Motors (GM) to repay $60 million in state tax incentives, citing the company’s failure to meet the contractual obligations of the incentive agreement, Gongwer reports. AG Yost filed a brief with the Tax Credit Authority arguing “a clawback of the benefits was in order” due to GM’s closure of its Lordstown plant last year; the incentives “came with the caveat that GM would maintain operations . . . through 2028 and retain 3,700 jobs through 2040,” according to the article. Yost said “repaying the tax credits will be at a cost to GM of one percent of its 2019 savings from closing the facility,” based on GM’s report that the plant closure saved the company $6 billion. 

 

Economic Development, Financial Incentives, State Updates