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OH HB224
Bill
Status
6/25/2013
Primary Sponsor
Anne Gonzales
Click for details
AI Summary
HB 224 Summary
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Eliminates the Industrial Technology and Enterprise Advisory Councils and transfers their functions to the Director of Development and the Third Frontier Commission
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Increases the maximum investment tax credit from $45 million to $51 million and increases the venture capital loan loss tax credit maximum from $380 million to $550 million
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Expands the authority of the Third Frontier Commission to administer investment tax credit programs, venture capital loan loss tax credit programs, and related economic development initiatives
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Modifies the timeline for application reviews from three weeks to four weeks and updates various administrative procedures related to tax credit approval and issuance
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Requires the Ohio venture capital program to provide enhanced reporting to the General Assembly, including information on investments, job creation, and geographic distribution of funds to Ohio-based enterprises
Legislative Description
To make various changes to the administration of the investment tax credit and the venture capital loan loss tax credit, including the increase of the maximum amount of the investment tax credit and the venture capital loan loss tax credit and the elimination of the Industrial Technology and Enterprise Advisory Councils.
Investment tax credit & venture capital loan loss tax credit-changes
Last Action
To Ways and Means
6/25/2013