OH SB248

Enacts section 3735.674 of the Revised Code to allow property tax exemptions for new structures in Community Reinvestment Areas for up to 30 years instead of the standard period.

Requires petition approval by the director of development and construction start before 2012 for structures to qualify for the extended exemption period.

Limits extended exemptions to commercial or industrial structures with construction costs of at least $50 million that employ at least 200 new full-time employees upon completion.

Mandates that at least 100 workers employed during construction be Ohio residents and at least 75 percent of construction materials be manufactured or supplied in Ohio.

Restricts extended exemptions to structures not occupied by businesses that reduced operations elsewhere in Ohio within one year before or after occupancy; violations limit exemptions to the standard 15-year term.