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

Stock MarketsSep 28, 2020 11:40AM ET
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© Reuters. A view of the entrance to the West Plant of the General Motors Lordstown Complex assembly plant in Warren

(Reuters) - General Motors (NYSE:GM) will repay $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 $12 million in the Mahoning Valley by the end of 2022.

Ohio Attorney General Dave Yost had demanded the Detroit automaker repay $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.

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

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