OH HB563

Establishes a five percent bid preference for state contracts awarded to qualifying veteran-owned businesses in competitive bidding procedures, defined as sole proprietorships, partnerships, LLCs, or corporations majority-owned by veterans.

Creates a $2,000 nonrefundable personal income tax credit (section 5747.61) for employers who hire and employ a veteran for twelve consecutive months with at least 1,560 hours of work.

Creates a $2,000 nonrefundable commercial activity tax credit (section 5751.55) with identical requirements as the personal income tax credit for business employers.

Defines "veteran" as a person discharged honorably from active military duty in the U.S. Armed Forces who either served for reasons other than training or incurred a service-connected disability recognized by the Department of Veterans Affairs or Department of Defense.

Requires the Director of Administrative Services to establish rules and procedures for determining veteran-owned business status and allows the preference only where it does not result in excessive prices or disproportionately inferior products or services.