COLUMBUS—The Senate unanimously passed legislation today sponsored by State Senators Bob Peterson (R-Washington Court House) and Stephanie Kunze (R-Hilliard) that would make Ohio more competitive to attract new jobs and infrastructure.
This legislation, if enacted into law, would grant tax credits to companies who bring megaprojects to the Buckeye State that have at least $1 billion in fixed-asset investments or creates at least $50 million in Ohio employee payroll.
"The competition between states for companies to make a massive multi-million dollar capital investment in new facilities and create thousands of new jobs is intense," said Senator Peterson. "The goal is to make Ohio more competitive for the megaprojects and the thousands of jobs that they bring."
A megaproject is defined as one that requires unique sites, extremely robust utility service and a technically skilled workforce.
"When Ohio misses out on opportunities to create jobs, not only do our local governments miss out on new tax revenue," said Kunze, "but more importantly, Ohioans are not afforded the opportunity to be gainfully employed and provide for their families with well-paying jobs."
To ensure that there are checks and balances, this legislation requires an annual review to ensure that the requirements are still being met in the signed agreement between the state and the megaproject in order to qualify for the tax credits. If it is discovered that the agreement has not been met, the tax authority can cancel the terms of the agreement.
Senate Bill 95 will now be sent to the Ohio House for further consideration.