The Ohio House of Representatives today approved legislation aimed at encouraging a better business environment and nurturing economic growth in the state of Ohio.
The bill consists of various budgetary items including a loan and repayment mechanism to pay off the outstanding unemployment compensation debt that Ohio businesses owe to the federal government.
The current unemployment debt has been significantly reduced in recent years and is currently totaled at $315 million. Through the passage of this legislation, businesses will save $400 million.
“Repayment of the unemployment compensation debt will save Ohio businesses $400 million,” said Smith. “Not only does this legislation offer savings to employers, but it also further strengthens Ohio’s financial stability, which will continue to make Ohio an attractive place to do business.”
The bill also includes language from House Bill 475, which increases the state motion picture tax credit cap from $20 million a year to $40 million, while also eliminating the $5 million per project cap. This aims to encourage more movie projects to be made in Ohio, making the industry stronger and allowing for more growth.
Other provisions in the bill include:
- Exempting municipal gas companies from collecting and remitting sales taxes on the natural gas they provide to customers
- Appropriating funding for lead fixture replacement assistance grants to allow school districts to update their infrastructural needs and prevent lead poisoning (language contained in House Bill 512)
- Providing $500,000 in FY’17 for the purpose of updating public records law (Senate Bill 321)
- Appropriating $550,000 in FY’17 for proposed foster care changes
The bill now heads to the Governor for his consideration.