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OH HB441
Bill
Status
2/8/2012
Primary Sponsor
Barbara Boyd
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AI Summary
HB 441 Summary
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Permits credit unions and farm credit system institutions to serve as public depositories for state and local government funds, subject to the same requirements as banks (insurance coverage and security pledges).
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Allows credit unions and farm credit system institutions to participate in the Capital Access Loan Program and Small Business Loan Guarantee Program as eligible financial institutions.
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Establishes a nonrefundable $10,000 corporate franchise tax credit for community banks that maintain at least $250,000 in public deposits during a tax year, effective for tax years 2012 and later.
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Restricts deposits in credit unions and farm credit system institutions by state officers unless funds are for linked deposit programs that meet specific insurance and security requirements.
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Makes conforming changes to definitions and provisions throughout Ohio's public depository and corporate tax laws to include credit unions and farm credit system institutions as eligible participants.
Legislative Description
To permit credit unions and farm credit system institutions to serve as public depositories under certain circumstances, to allow credit unions and farm credit system institutions to participate in the Capital Access Loan Program and the Small Business Loan Guarantee Program, and to offer community banks that hold a certain amount of public deposits a nonrefundable credit against the corporation franchise tax.
Credit bureaus/farm credit institutions/community banks-privileges
Last Action
To Financial Institutions, Housing & Urban Development
2/8/2012