Company: Intel Parent Company: Intel Subsidy Source: multiple Location: Ohio City: New Albany County: Licking Project Description: computer chip factory Year: 2022 Major Industry of Parent: electrical and electronic equipment Specific Industry of Parent: semiconductors Subsidy Value: $2,388,700,000 Program Name: multiple Awarding Agency: multiple Type of Subsidy:
Number of Jobs or Training Slots: 3,000 Wage Data: $135,000 Wage Data Type: average salary Capital Investment: $20,000,000,000 Source of Data: Subsidy breakdown taken from: Mark Williams, "Ohio incentives for Intel's Licking County chip plant will top $2B, including $600M 'onshoring grant'", The Columbus Dispatch, January 28, 2022: (click here). Tax exemptions and estimates of value based on: Zach Schiller, "Legislators should add measures to protect Ohioans," Policy Matters Ohio, June 1, 2022: (click here) Zach Schiller, "Ohio tax breaks bulge," Policy Matters Ohio, April 7, 2023: (click here). HB 687 Fiscal note is at (click here) Notes: In January 2022, Intel announce that it will build one of the largest chip manufacturing plants in the US. In exchange for $20 billion investment, Ohio offered at least $2.1 billion in subsidies. State subsidies: $600 million in an "onshoring grant," a cash grant that will pay for building the facility (approved in HB 687 in June 2022); $691 million for infrastructure improvements ($300 million for a water reclamation facility, $290 million for state and locals road upgrades, $101.2 million for water and sewer upgrades approved via HB 687); $650 million over 30 years in income tax credits via the Job Creation Tax Credit (approved by the Ohio Tax Credit Authority); $150 million in various grants from Jobs Ohio. HB 687 also modified and expanded megaproject tax incentives that are estimated to save Intel $297 million and its suppliers $700,000 in fiscal years 2024 and 2025. Local subsidies: Unknown value of a 30-year, 100% property tax abatement from New Albany via Community Reinvestment Areas. Policy Matters Ohio and others have raised concerns about loose job creation and clawback requirements in the agreements with the company. The entry's direct job and investment figures are announced. Overlaps with main data: 2022 Job Creation Tax Credit ($475M). Source Notes: If an online information source is not working, check the Tracker inventory page for an updated link.