OH SB6

Establishes a refundable job retention tax credit for eligible businesses retaining at least 1,000 full-time equivalent employees with capital investments of $25 million over three consecutive calendar years, available only if the director of development recommended it before July 1, 2011, and the business received a competing out-of-state financial incentive offer in 2010.

Creates a separate nonrefundable job retention credit for eligible businesses with at least 500 full-time equivalent employees making capital investments of $50 million (manufacturers) or $20 million (corporate administrative functions) over three consecutive calendar years.

Limits aggregate annual refundable job retention credits to $6 million, while nonrefundable credits are subject to cumulative limits ranging from $13 million in 2010 to $195 million by 2024 and beyond.

Allows credits to be claimed for up to 15 taxable or calendar years, with credit amounts calculated as a percentage (not exceeding 75%) of withheld income tax revenue from retained employees.

Authorizes municipalities to grant local nonrefundable and refundable tax credits against municipal income tax for businesses receiving state job retention credits.