Ohio Gave GM Money For Lordstown Plant But Now The State Wants Its Money Back
Ohio gave General Motors some $60 million dollars in state tax credits for its Lordstown operation. Now the attorney general is demanding the company pay the state back.
Ohio Attorney General Dave Yost says the state gave General Motors $60 million back in 2009 with the promise that the company would maintain its operations through 2028. But the company closed that plant last year. Now, Yost has a message for GM.
“Yea, we want our money back," Yost says.
Yost says the bottom line is GM didn't do what it promised. If the company is allowed to keep the money, it will have "carte blanche to walk away from its other Ohio tax incentivized operations. And so will every other business," Yost states in a written brief to the Ohio Tax Credit Authority.
Yost says the GM closure caused the loss of nearly 8000 jobs and $8 billion in regional economic activity. If GM fails to repay the state, Yost says he’s prepared to take the matter to court.