Basic Search  |  Geographic Searches  |  Advanced Search | Megadeals

Subsidy Tracker Individual Entry

Company: Honda
Parent Company: Honda
Subsidy Source: state
Location: Ohio
City: Jefferson
County: Fayette
Project Description: EV battery production
Year: 2022
Major Industry of Parent: motor vehicles
Specific Industry of Parent: motor vehicles
Subsidy Value: $393,300,000
Subsidy Value in 2023 Dollars: $409,524,195
Program Name: multiple
Awarding Agency: multiple
Type of Subsidy: 
MEGADEAL

Number of Jobs or Training Slots: 2,527
Wage Data: $46,500
Wage Data Type: average salary
Capital Investment: $3,500,000,000
Source of Data: Ohio Tax Credit Authority, meeting minutes from October 31, 2022: (click here). A press release from JobsOhio, "Support for Honda and LG Energy Solution," February 8, 2023: (click here). Jim Weiker, "State invests $71M for Honda factory", Daily Record, November 6, 2022. Via LexisNexis. For local subsidies, see: Carrie Ghose, "Ohio reveals 'megaproject' incentive package for Honda's EV battery plant," Columbus Business First, October 13, 2022. Via LexisNexis.
Notes: The project includes building an EV battery production facility in Fayette County (in cooperation with LG Energy Solution) and upgrading three existing facilities in Marysville, East Liberty, and Anna. The estimated $393 million package includes: $71.3 million in Job Creation Tax Credits from the Tax Credit Authority; $85 million from the state for water and roads infrastructure improvements; $237 million from JobsOhio ($140 grant for the Fayette plant, $10 million workforce development grant, and $87 million grant to retool the existing facilities). Local subsidies have not been disclosed but in Fayette County could include a TIF, property tax abatement via a CRA, and a joint economic development district, all for 30 years. In addition to creating new jobs, the company promised to retain $578,716,093 in existing payroll by 12/31/2033. The average annual salary was calculated by using jobs (2,547) and annual payroll ($117,603,200) data included in the Tax Credit Authority minutes. Overlaps with the main data: 2022 Job Creation Tax Credit ($71.3M).
Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.