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OH HB594
Bill
Status
Introduced
4/10/2018
Primary Sponsor
Daniel Ramos
Click for details
AI Summary
- Enacts section 131.46 of the Revised Code to compensate municipalities and school districts for lost income tax revenue following mass workforce reductions
- Defines "mass workforce reduction" as a business reducing its workforce by 50 or more employees in a single jurisdiction within a 30-day period, occurring on or after January 1, 2013
- Provides monthly payments to municipalities for 60 months after a mass workforce reduction, with each payment equal to the difference between current month income tax revenue and the corresponding month from the base year
- Provides quarterly payments to school districts for 20 calendar quarters after a mass workforce reduction, calculated as the difference between current quarter income tax revenue and the corresponding quarter from the base year
- Requires payments to be made from the state budget stabilization fund, with municipalities and the tax commissioner certifying amounts to the director of budget and management within specified timeframes
Legislative Description
Pay municipality for tax loss if business lays off 50 employees
Taxation
Last Action
Refer to Committee: State and Local Government
5/15/2018
Committee Referrals
State and Local Government5/15/2018
Full Bill Text
No bill text available