H.B. 56 would allow tax exemptions granted under TIF agreements to be reduced for companies that fail to create promised jobs
Ohio Rep. Ronald V. Gerberry (D-Austintown) recently introduced H.B. 56, which would revise section 5709.73 of the Ohio Revised Code to "allow a board of township trustees to reduce the percentage or term of a property tax exemption granted to a business under a tax increment financing [known as TIF] agreement if the business fails to create the number of new jobs the business agreed to create in the agreement," according to the legislation. For more, read the full Daily Reporter story and the full text of H.B. 56.
