OH HB563

Enacts section 131.46 of the Revised Code to compensate municipalities and school districts for lost income tax revenue following a mass workforce reduction of 50 or more employees.

Defines eligible political subdivisions as municipal corporations, cities, local, exempted village, or joint vocational school districts that levy income tax at the time of the mass workforce reduction.

Establishes payment period of 60 months for municipalities and 20 quarters for school districts, with each payment calculated as the difference between current period income tax revenue and corresponding base year revenue.

Requires municipalities and school districts to certify lost revenue amounts to the Director of Budget and Management by the fifteenth day of the relevant period, with payments credited to general funds within 15 days of certification.

Funds all payments from the state's budget stabilization fund.