Senates Holds 2nd Hearing on MegaJobs Tax Credit Bill

This week the Senate Ways and Means Committee held proponent testimony on Senate Bill 309, a bill designed to lure large scale megaprojects such as Amazon H2Q and Foxconn.

The bill would increase tax incentives exponentially for the operators and certain suppliers of a “megaproject,” i.e., a development project that includes $1 billion in investment or creates at least $50 million in Ohio payroll.

Supporters of the bill that testified this week included economic development organizations Columbus 2020 and the Greater Cleveland Partnership.

The OMA Tax Committee reviewed the bill and highlighted many concerns with the tax credits, including who can qualify and how the bill potentially puts manufacturers who have operated in Ohio for years at a competitive disadvantage with respect to new companies that may receive the credits. 11/15/2018