Bill > SB110

This bill modifies the Rural Business Growth Program by establishing a third program (Program Three) with revised requirements for tax credits and investments in rural business concerns. The bill introduces several key changes, including expanding the definition of rural areas to include Appalachian region counties as "tier four rural areas" and adjusting investment thresholds and requirements for rural business growth funds. Specifically, Program Three funds will be required to invest 25% of their eligible investment authority within one year, 50% within two years, and 100% within three years, with at least 50% of investments dedicated to rural business concerns in tier four rural areas and at least 75% in tier two, three, or four rural areas. The bill also changes the tax credit carry-forward period for Program Three from four to two years and modifies the order of tax credit applications for insurance companies. Additionally, the bill updates definitions of rural business concerns, investment criteria, and establishes new requirements for reporting, investment tracking, and potential state reimbursement based on job creation in rural areas. These modifications aim to incentivize investment and job creation in rural and economically challenged regions of Ohio.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/sb110