H.B. 253 Summary

• Establishes the "Ohio Rural Jobs Act" to authorize a nonrefundable tax credit for insurance companies that invest in certified rural business growth funds.

• Rural business growth funds must be licensed as rural business investment companies or small business investment companies, have invested over $100 million, and submit a business plan demonstrating positive economic impact over 10 years.

• The Development Services Agency can approve up to $75 million in eligible investment authority and $45 million in credit-eligible capital contributions, with 60% of each fund comprised of credit-eligible capital contributions.

• Tax credits equal the amount of capital contributed and may be claimed in one-third increments over the second, third, and fourth anniversary dates of the fund's closing date, with carryforward for unused portions.

• Tax credit certificates are revoked if funds fail to fully invest authority within two years, fail to maintain investments until the fifth anniversary, make improper distributions, over-concentrate in a single business (exceeding 20%), or invest in businesses with overlapping ownership with the fund.