GM will repay US$28 million to Ohio in tax incentives after closing plant

GM will repay US$28 million to Ohio in tax incentives after closing plant

General Motors will repay US$28 million in state tax incentives after it closed its Lordstown Assembly plant in March 2019, the state and automaker confirmed Monday.

A view of the entrance to the West Plant of the General Motors Lordstown Complex assembly plant in
FILE PHOTO: A view of the entrance to the West Plant at the General Motors Lordstown Complex, assembly plant in Warren, Ohio, U.S., November 26, 2018. REUTERS/Alan Freed

REUTERS: General Motors will repay US$28 million in state tax incentives after it closed its Lordstown Assembly plant in March 2019, the state and automaker confirmed Monday.

Under an agreement with the Ohio Tax Credit Authority, GM will also be required to invest US$12 million in the Mahoning Valley by the end of 2022.

Ohio Attorney General Dave Yost had demanded the Detroit automaker repay US$60 million in state tax credits after it closed its Lordstown Assembly plant in March 2019 after it failed to retain 3,700 jobs in exchange for the credits.

(Reporting by David Shepardson, Editing by Franklin Paul)

Source: Reuters

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