Senator Yuko Praises Tax Credit Awarded To Lubrizol Corporation
Incentive could create 24 full-time jobs in Painesville Township
March 31, 2015
 
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COLUMBUS—Today, State Senator Kenny Yuko (D-Richmond Heights) praised the Ohio Tax Credit Authority’s approval of a 45 percent, seven-year Job Creation Tax Credit to the Lubrizol Corporation expansion into Painesville Township. This tax credit is slated to create an additional $1.6 million in their annual payroll, equating to 24 new full-time positions.
 
“There is nothing more rewarding than to hear that a hardworking and well-deserving business will be awarded a tax credit to help promote expansion and job growth in Northeast Ohio” said Senator Yuko. “Putting Ohioans back to work, has and always will be one of my main objectives, and I hope to see a continued trend of support and investment in this area.
 
The approved tax credit will relieve payroll tax obligations allowing Lubrizol to generate and maintain new jobs. These tax credits are performance based and will be rewarded only when a new job is created.  
 
“Our region is filled with untapped potential that is just waiting to be released,” Senator Yuko said. “It is more than pleasing to witness both the private and public sector working together to support the goal of making Greater Cleveland even greater."
 
The internationally and nationally recognized corporation Lubrizol, produces advanced specialty polymers, polymer based additives, and chemical additives used in consumer and industrial applications. The company’s main headquarters are also located in Lake County in the City of Wickliffe.

 
 
 
  
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