An Oklahoma state agency has approved a plan to use the next two years of payroll taxes from the Michelin tire manufacturing plant in a move to perhaps convince another firm to replace Michelin.
It was three weeks ago when Michelin announced it planned to close the tire plant in 2025. The Oklahoma Development Finance Authority approved a plan by the Department of Commerce to put the payroll taxes to use in avoiding any more job losses in Admore and the surrounding region where the plant is located.
It’s estimated the payroll taxes will total about $5 million to the Oklahoma Tax Commission. State law allows the ODFA to use the funds to create a process where the money can be used to market the plant, reported Non Doc.
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