GM to repay $40M in tax credits for shuttered Lordstown plant

The Ohio Tax Credit Authority (TCA) has ordered General Motors (GM) to “repay $28 million of the $60.3 million in tax credits the company received in 2008,” after the company failed to meet the terms of the agreement when it closed its Lordstown Chevy Cruze plant in 2019, reports. GM also agreed “to make $12 million worth of grants in the Mahoning Valley by the end of 2022,” according to the article. The Business Journal reports “state and local officials largely hailed” the TCA’s decision; Lordstown Mayor Arno Hill said the authority probably weighed GM’s investment in the $2.3 billion Ultium Cells battery plant in Lordstown, and said he was happy the company hadn’t completely left the community. For more, read the full and Business Journal articles. 

Economic Development, Financial Incentives, State Updates