The purpose of the JRTC is to foster job retention through increased capital investment in Ohio. But over the years, too few Ohio job creators have taken advantage of the credit. The qualifying criteria — with respect to applicants’ minimum workforce size and capital investment threshold — are too high and have been a barrier for most companies.
To ensure that Ohio companies can compete globally, SB 153 is designed to increase the number of manufacturers and eligible Foreign Trade Zone companies that can apply for the JRTC, thereby creating an incentive for Ohio employers to make capital investments that preserve existing jobs.
The bill would:
While SB 153 would expand the number of companies and projects eligible to apply for a JRTC, it would not alter the existing cap on the amount of credits that could be awarded annually by the tax credit authority. In 2019, the JRTC would be capped at $130 million. Each year, the cap would increase by $13 million until 2024. For 2024 and each year thereafter, the maximum credits that could be awarded annually would be capped at $195 million. 5/23/2019