The Ohio House of Representatives Ways & Means Committee recently advanced H.B. 492, which would ease restrictions on the InvestOhio program to "spur investment in small businesses," according to the Gongwer Ohio Report. InvestOhio, which "offers a non-refundable 10 percent personal income tax credit for investing up to $10 million in small businesses," was created as part of Gov. John Kasich's previous mid-biennium budget review (MBR). H.B. 294 is part of the governor's current MBR and would reduce from five to two the number of years that investors must hold the investment under the tax credit requirements. Ohio Development Services Agency (DSA) officials told the committee that the five-year requirement limited interest in InvestOhio. H.B. 492 also would "eliminate a provision in the law that allows municipalities to award local job creation and job retention tax credits only when the Ohio Tax Credit Authority approves the state version first," the article said. For more, read the full text of H.B. 492.
Ohio House committee advances H.B. 492 to ease restrictions on InvestOhio and the distribution of local tax credits
