Big Lots Gets Big Tax Breaks From City Of Columbus
Columbus City Council last night approved two tax breaks for retailer Big Lots to move its headquarters from the west side to the northeast side. The tax breaks are worth 12.8 million dollars. The company is moving its headquarters from Phillipi Road to a site near Hamilton Road and State Route 161, creating 25 jobs. The firm is getting a 10 year, 100 percent property tax abatement and a 50 percent income tax break on the new jobs. Columbus Development Director Steve Schoeny says the firm was considering moving to the suburbs.
Schoeny also says the Columbus City Schools signed off on the deals that will cost the district needed property tax revenue as it prepares to go to the voters to ask for approval of a levy in November.
Last May, Big Lots reported quarterly earnings of nearly 39 million dollars on sales of 1.31 billion, figures that beat Wall Street expectations. Council last night approved a total of four tax breaks for three companies that are worth roughly 13 million dollars.