USA, OH: Rhinegeist Brewery receives state tax credits allowing it to expand

Rhinegeist, the growing Over-the-Rhine brewery, received state tax credits on May 20 that will allow it to bring 40 new jobs, retain 15 existing jobs and invest $6.5 million in an expansion of its current facility’s production capability, Cincinnati Business Courier reported.

The Ohio Tax Credit Authority approved the 40 percent job creation tax credit. That means Rhinegeist’s state corporate income taxes will be 40 percent less on income it generates beyond what it already earns today.

Under the agreement with the state, Rhinegeist has to maintain operations at its site for at least eight years. Rhinegeist distributes kegged and canned beer and operates a large tap room where it often holds events at 1910 Elm St.

Rhinegeist expects to have $1.2 million in additional annual payroll by Dec. 1, 2016.

“The company is seeking to expand in the brewery districts of Cincinnati or in Northern Kentucky,” according to details of the agreement published by the authority. “Support will ensure the company continues to grow in Ohio.”

REDI Cincinnati, the state’s economic development partner in southwest Ohio, hailed the agreement, along with a move by the Ohio Controlling Board to approve a Clean Ohio Assistance Fund request for $736,520 that will be used to clean up and redevelop a site in Eden Park for Brewery X. The new brewery will include a tap room and outdoor beer garden.

“It’s worth noting that two of the four projects are in brewing, which has become a significant growth area for the local economy,” said REDI CEO Johnna Reeder.

21 May, 2014