COLUMBUS—State Senator Bob Peterson (R-Washington Court House) today announced the Senate passed his legislation that would increase Ohio's competitiveness to attract new jobs and infrastructure. Senate Bill 95, which was amended into House Bill 75 and passed by the Senate this week, would grant tax credits to companies who bring megaprojects to the Buckeye State that have at least $1 billion in fixed-asset investments or create at least $50 million in Ohio employee payroll. Senate Bill 95 originally passed the Senate unanimously last year. "The competition between states for companies to make a massive multi-million dollar capital investment in new facilities and create thousands of new jobs is intense," said Senator Peterson. "The goal is to make Ohio more competitive for the megaprojects and the thousands of jobs that they bring." A megaproject is defined as one that requires unique sites, extremely robust utility service and a technically skilled workforce. To ensure that there are checks and balances, this legislation requires an annual review to ensure that the requirements are still being met in the signed agreement between the state and the megaproject in order to qualify for the tax credits. If it is discovered that the agreement has not been met, the tax authority can cancel the terms of the agreement.
The amended bill now returns to the Ohio House of Representatives for a concurrence vote.