The Ohio Senate recently passed Senate Bill (SB) 327, which was originally introduced in April 2012. The bill would extend the state’s New Markets Tax Credit program and raise the tax credit cap from $10 million to $50 million. SB 327 also divides the current program into two separate programs, the New Markets Revitalization Tax Credit and the New Markets Expansion Tax Credit program, the tax credit caps will be $15 million and $35 million, respectively and specifies certain standards and application procedures for each program. The measure is co-sponsored by State Senators Bill Beagle (R-Tipp City) and Charleta Tavares (D-Columbus) and will now move to the Ohio House of Representatives for consideration.
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