HB 473 Summary

• Amends section 5747.50 of the Revised Code to create a new payment mechanism for fire districts experiencing a 30% or greater decrease in taxable value of power plants between tax years 2016 and 2017.

• Defines "eligible fire district" as township fire districts or joint fire districts meeting the 30% threshold and establishes the calculation method: the district's tax rate multiplied by the difference in power plant taxable values between 2016 and 2017.

• Tax Commissioner certifies total amounts for all eligible fire districts to the Director of Budget and Management, who transfers one-twelfth of the certified amount monthly from the General Revenue Fund to the Local Government Fund.

• Counties receiving these transfers distribute payments to eligible fire districts by the twentieth day of each month; fire districts may use funds for any lawful purpose.

• Increases Local Government Fund appropriations in the state budget from $381,800,000 to $393,500,000 (with an alternative calculation of $381,883,750 to $393,835,000).