HB 476 Summary

• Creates the Local Government Job Fund in the state treasury to provide funding to local governments for job creation, maintenance, and retention programs.

• Directs the Director of Budget and Management to transfer surplus revenue to the Local Government Job Fund instead of the Budget Stabilization Fund or Income Tax Reduction Fund when the state unemployment rate exceeds 6 percent.

• Requires distribution of Local Government Job Fund transfers to counties and municipalities proportional to amounts they receive from the existing local government fund under section 5747.50 of the Revised Code, within 30 days of each transfer.

• Modifies section 131.43 to limit the Budget Stabilization Fund maintenance requirement to years when state unemployment is below 6 percent.

• Extends these provisions beyond June 1, 2013, by amending the version of section 131.44 scheduled to take effect on that date.