Sub. H.B. No. 511 Summary

• Eliminates the Industrial Technology and Enterprise Advisory Council and transfers its functions to the Third Frontier Commission, streamlining administration of investment and venture capital tax credit programs.

• Increases the maximum investment tax credit from $45 million to $51 million and increases annual venture capital loan loss tax credit issuance from $20 million to $26.5 million, with total authorization increasing from $380 million to $550 million.

• Transfers responsibility for administering investment tax credits from Edison Centers to the Director of Development, with the Third Frontier Commission handling final approval determinations.

• Modifies venture capital program requirements to increase program administrator commitment from 1% to match lender capital, add requirement for significant in-state presence, and extend tax credit claim periods through 2036 for certain obligations.

• Expands annual reporting requirements for the venture capital program to include geographic distribution of investments, job creation data at funded enterprises, and development stages of Ohio-based enterprises receiving investments.