Ohio State Senators Bill Beagle (R-Tipp City) and Charleta Tavares (D-Columbus) recently introduced S.B. 327 which would raise the program’s annual cap from $10 million to $50 million, which is expected to spur an additional $500 million in local investment. The bill would also allow noncompliant entities a six-month cure period before tax credit recapture and would allow community development entities (CDEs) to make credit-eligible investments in a business that derives 15 percent or more of its annual revenue from renting or selling real estate. The bill is co-sponsored by Senator Bill Seitz (R-Cincinnati) and will be assigned to Committee.
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