First Hearing for “MegaJobs” Bill

This week Senators Bob Peterson (R-Washington Court House) and Stephanie Kunze (R-Hilliard) gave sponsor testimony on Senate Bill 309 in the Senate Ways and Means Committee. The bill is designed to lure large business projects such as Foxconn or Amazon H2Q to Ohio.

The bill authorizes several special tax incentives for operators and certain suppliers of a “megaproject.” The bill does four things for these “megaprojects”:

1. It increases the number of years an operator or supplier can receive the Job Creation Tax Credit (JCTC);
2. It allows a supplier’s JCTC to be allocated to the megaproject’s operator;
3. Offers a CAT exclusion for a supplier to a megaproject; and
4. Authorizes local governments to grant a 30-year commercial reinvestment area or enterprise zone property tax exemption.

The bill does not take into consideration Ohio companies that have been operating and steadily growing their presence in both capital and jobs over the years. This bill is designed solely to lure “megaprojects.” 6/28/2018