Ohio Senate Extends Job Incentive Measure
May 15, 2012
The Ohio Senate today approved legislation sponsored by State Senator John Eklund (R- Munson Township) extending the deadline for Ohio's Enterprise Zone Program to October 15, 2013, ensuring Ohio continues to provide a business friendly environment which is needed for ongoing job growth. The program is currently scheduled to end this October.
"For years, Ohio's Enterprise Zone Program has helped communities across Ohio work together with businesses to create and retain jobs, and this bill will extend the deadline of this program allowing this important work to continue," Eklund said. "Programs like this play an important role in furthering our economic recovery, helping make Ohio an attractive place for employers to locate or expand."
This economic development tool is administered by municipal and county governments and provides real and personal property tax exemptions to businesses making investments in Ohio. Local officials will be able to continue to negotiate with businesses and offer tax incentives to encourage new investment. These incentives help provide communities with a competitive advantage through encouraging businesses to relocate or reinvest in their facilities, fostering an environment for job growth.
To establish an enterprise zone, interested communities submit a petition to the Ohio Department of Development detailing the geographic "zone" ideal for development. Once the enterprise zone is certified, local officials can then develop incentive agreements with businesses that invest within that zone. Companies must meet qualifications and make significant investments in infrastructure, land, machinery or equipment in order to apply for tax incentives.
Senate Bill 320 now moves to the Ohio House of Representatives for further consideration.