OH SB149

Establishes a catalytic project tax credit program allowing corporations and pass-through entities to receive tax credits for contributing money to economic development projects administered by local governments or certified nonprofits.

Creates the Development Services Agency approval process requiring community development organizations to submit proposals for catalytic projects; agency must approve, partially approve, or deny within 30 days based on potential for sustainable private investment and economic development need.

Sets tax credit rates at 60% for rural catalytic projects and 50% for urban catalytic projects; requires minimum contribution of $5,000 and maximum of $500,000 per contributor, with annual statewide cap of $5 million plus carryover amounts.

Implements a 2-year timeline for project completion with final tax credit certificate issuance contingent on submission of a project completion report detailing actual expenditures and comparing results to original plans.

Authorizes credits against multiple Ohio business tax liabilities (insurance company, corporate franchise, pass-through entity, commercial activity, and municipal income taxes) with 5-year carryforward of unused credits; includes penalties for submission of false information.