H.B. 685 Summary

• Establishes "EnergizeOhio zones" in areas with natural gas infrastructure deficiencies, designated by the Director of Development for five-year periods at local government request, to encourage economic development and pipeline expansion.

• Creates a pipeline easement revolving loan program allowing eligible applicants (municipalities, townships, counties, port authorities, and economic development organizations) to borrow interest-free for up to five years to purchase or lease easements for natural gas pipeline installation in EnergizeOhio zones.

• Authorizes a $20 million appropriation from the Facilities Establishment Fund to the Pipeline Easement Loan Fund and a $50 million transfer from the State Fiscal Recovery Fund to establish a Natural Gas Infrastructure Reserve Account.

• Provides tax incentives for natural gas companies doing infrastructure development in EnergizeOhio zones, including an additional $1.50 per-customer recovery rider and a twelve percent rate of return on infrastructure investments.

• Accelerates depreciation and reduces assessed values by 75 percent for natural gas property placed in service in EnergizeOhio zones for up to ten tax years.