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OH HB655
Bill
Status
11/10/2014
Primary Sponsor
Peter Beck
Click for details
AI Summary
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Reduces capital investment requirements for Job Retention Tax Credit for businesses in distressed areas or targeted industries (information technology, manufacturing, automobile, aerospace) from $50 million to $12.5 million over three years
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Lowers employment thresholds for eligible businesses in distressed areas or targeted industries from 500 to 100 full-time equivalent employees or annual payroll from $35 million to $7 million
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Sets Job Creation and Retention Tax Credit at 100% of new or retained income tax withholding for businesses in distressed areas or targeted industries, versus the standard 75% cap for other businesses
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Changes annual reporting requirement from mandatory to discretionary, allowing Director of Development Services to require reports only when needed rather than requiring all employers to submit annually
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Modifies verification certificate requirement to state whether taxpayer is in compliance with agreement rather than verifying specific reported information
Legislative Description
To reduce the job retention and capital investment requirements of the Job Retention Tax Credit for businesses in targeted areas or industries, to require that a Job Creation or Retention Tax Credit awarded to such a business equal 100% of its new or retained income tax withholding, and to modify the credits' annual report requirement to provide that employers must submit reports only if required by the Director of Development Services.
Job retention/creation tax credits
Last Action
To Ways and Means
11/10/2014