OH SB112

Extends the deadline for municipal corporations and counties to enter into enterprise zone agreements with businesses from October 15, 2013 to October 15, 2015.

Allows businesses in designated enterprise zones to receive tax incentives including exemptions on tangible personal property and real property assessed value for up to fifteen years, subject to school district approval.

Requires enterprises to pay annual fees (greater of one percent of incentive value or five hundred dollars, capped at twenty-five hundred dollars) to support program administration and tax incentive review councils.

Establishes an enterprise zone program review council composed of six legislators (two House members from majority, one from minority; two Senate members from majority, one from minority) to evaluate program effectiveness and return on investment.

Requires the review council to deliver a report with recommendations on program continuation and any necessary changes to state leadership by August 31, 2015, after which the council dissolves.