Correct me if my understanding of how tax credits work is wrong, but if Pelton said they'll only build the factory with a $47mm tax credit, the two choices of O

Correct me if my understanding of how tax credits work is wrong, but if Pelton said they'll only build the factory with a $47mm tax credit, the two choices of Ohio's government are as follows: 1. Not collect the first $47mm/$??mm of taxable revenue they generate 2. Not collect any taxable revenue since they didn't build there Not to mention that there are other ancillary benefits to choice 1 since they'll be paying for land, paying wages, paying truckers to shop things ect. Therefore there are no other programs that $47mm in uncollected taxes could have been spent on, since the money only exists if they even choose to move there. Are we on the same page about that or is that not how tax breaks work? (assuming the company refuses to operate at any dollar amount fewer of tax break)