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OH HB58
Bill
Status
3/7/2011
Primary Sponsor
Robert Sprague
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AI Summary
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Updates Ohio tax law to incorporate changes to the Internal Revenue Code effective December 15, 2010, allowing taxpayers to align state and federal tax treatment for taxable years ending after that date.
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Authorizes a new refundable job retention tax credit for businesses meeting strict conditions: retaining at least 1,000 full-time equivalent employees, making at least $25 million in capital investments over three consecutive years, and receiving a written offer from another state in 2010 to relocate; credit is limited to $8 million annually and must be recommended before July 1, 2011.
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Maintains the existing nonrefundable job retention tax credit for eligible businesses with at least 500 employees making substantial capital investments ($50 million for manufacturers or $20 million for corporate administrative functions), with credits up to 75% of income tax revenue for up to 15 years.
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Temporarily extends the look-back period for determining unemployment benefit eligibility from two years to three years for weeks of unemployment between December 17, 2010, and December 31, 2011.
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Declares the act an emergency measure effective immediately to prevent taxpayers from making miscellaneous adjustments increasing 2010 tax liabilities and to provide continued unemployment assistance during high unemployment.
Legislative Description
To expressly incorporate changes in the Internal Revenue Code since December 15, 2010, into Ohio law, to authorize a refundable job retention tax credit, to temporarily extend the look-back period from two years to three years for determining whether a state "on" indicator exists based on the total unemployment rate for purposes of state extended unemployment benefits, and to declare an emergency.
Ohio references to Internal Revenue Code-update to reflect recent amendments
Last Action
Effective Date
3/7/2011