Loading chat...
OH HB536
Bill
Status
5/8/2012
Primary Sponsor
Lorraine Fende
Click for details
AI Summary
HB 536 Summary
-
Allows a board of township trustees to enter into agreements with businesses requiring them to hire a specified number of new employees as a condition for property tax exemptions on improvements.
-
Permits the board to reduce the percentage of exempted improvements or shorten the exemption term if the business fails to hire the agreed-upon number of new employees.
-
Agreements may include detailed provisions specifying circumstances under which the board may reduce exemption percentages or terms based on job creation shortfalls.
-
Applies to property tax exemptions granted under tax increment financing agreements in township unincorporated areas for both division (B) parcel improvements and division (C) incentive district improvements.
Legislative Description
To allow a board of township trustees to reduce the percentage or term of a property tax exemption granted to a business under a tax increment financing agreement if the business fails to create the number of new jobs the business agreed to create in the agreement.
Property tax exemption agreement-reduce-fail to create promised jobs
Last Action
To Ways & Means
5/8/2012