The Ohio Tax Credit Authority just approved a tax credit - with an estimated value of $872,000&amp - to help attract Ultra Premium Oilfield Services to Trumbull County, Ohio. The 55% credit is intended to provide the company with tax savings over a period of 9 years so that the firm will locate in Ohio.

The Ohio Job Creation Tax Credit (OJTC) Program was established in 1993. The program provides a refundable tax credit against a company's Ohio Commercial Activity Tax (CAT) based on the state income tax withheld from new, full-time employees. The Ohio Tax Credit Authority (Authority), a five-member independent board consisting of taxation and economic development professionals from throughout the state, is responsible for reviewing and approving applications for tax credit assistance and setting the benefit level.

Ultra, a subsidiary IPSCO Koppel Tubular Corporation (IPSCO) is considering a location in Trumbull County for a $10 million expansion project that could create 120 jobs. IPSCO is a leading supplier of tubular steel products used in oil and natural gas exploration.

The Regional Chamber has been working to attract the firm for months to the Youngstown/Warren area, in-part identifying properties for the company’s use and working to identify and secure incentives. Ultra is considering local versus non-local sites for this endeavor.

According to Walter Good, the Regional Chamber’s vice president of economic development, business retention and expansion, “On the heals of V&M’s announcement last week, this is a big step in our efforts to land another significant Valley economic development project. The Chamber will not rest on the laurels of last week’s win as we continue to very aggressively work to bring jobs to the area so that we can grow and diversify our local economic base.”

The Regional Chamber’s Sarah Boyarko, manager of business development, who was in Columbus at the hearing to provide local support, says “today’s approval of the credit is an important step in assisting the company to locate in Trumbull County.” Boyarko has been working closely with the company, the Ohio Department of Development and the Office of Congressman Tim Ryan on this effort. A final announcement as to whether the projects moves forward is expected in the very near future.

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