LORDSTOWN, Ohio (WKBN) – Lordstown Motors promised to create 1,570 full-time jobs in Trumbull County over the next 15 years in exchange for a tax credit from the state of Ohio.
The Ohio Tax Credit Authority approved that tax credit Monday morning.
Lordstown Motors was one of 16 businesses that were presented for tax credits after promising to create jobs and spur economic development.
Lordstown Motors will receive a 1.637% tax credit started on January 1. They have until December 31, 2025 to meet the promises presented to the Ohio Tax Credit Authority.
Lordstown said the jobs created would generate over $91 million in payroll.
The project involves establishing assembly lines for the corporation’s electric trucks and would create a fixed asset valued at $423 million in Lordstown.
Walt Good, Managing Director at Team NEO, recommended Lordstown Motors for the credit. He said it was important to approve the tax credit because Lordstown Motors is also considering a site in Michigan for the project.