Tax breaks cost Ohio $63 million last year

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Ohio's minimum wage is increasing in 2015.

DAYTON, Ohio (AP) – An Ohio Department of Taxation report finds that since 2012 the amount of tax credits granted businesses promising to create and retain jobs has been going up.

The report finds the value of the incentives grew from $56 million that year to $63 million last year to an estimated $65 million in the fiscal year that began July 1.

The Dayton Daily News reports Ohio businesses increased their payrolls by 43,100 jobs last year at the same time more tax revenue was foregone.

Daryl Hennessy, the Ohio Development Services Agency’s Business Services Division chief, says tax credit benefits outweigh the cost in every instance.

Doug Moorman, vice president of Cincinnati-based Development Strategies Group LLC, says incentives help Ohio compete with states with no income tax.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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