Summary of Am. Sub. S.B. No. 39 (133rd General Assembly)

• Establishes a transformational mixed use development tax credit program allowing property owners and insurance companies to receive tax credits equal to 10% of development costs or capital contributions for certified projects that generate significant economic impact and integrate multiple uses (retail, office, residential, etc.)

• Limits preliminary tax credit approvals to $100 million annually in fiscal years 2020-2023, with $80 million cap for projects within ten miles of major cities and $40 million cap per individual project; projects must be certified by June 30, 2023

• Provides insurance companies with tax credits against premiums taxes under sections 5725.35 and 5729.18, allowing credits to be carried forward up to five years if they exceed annual tax liability

• Modifies commercial real estate broker lien procedures to require brokers provide lien affidavit copies to property owners within three days of recording (instead of same day) using commercial carrier service or other methods providing written receipt evidence

• Authorizes nonrefundable state income tax credits for contributions to campaign committees of candidates for statewide offices, state board of education, and general assembly, limited to $50 for individuals or $100 for joint returns, effective for taxable years beginning January 1, 2020