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Buchy Announces Passage of substitute HB58
Legislature
approves measure that will benefit taxpayers, businesses and the
unemployed
COLUMBUS—State Representative Jim Buchy (R-Greenville) has announced
that the Ohio House of Representatives voted in concurrence on Senate
changes to Substitute House Bill 58, which is estimated to save Ohio’s
families and businesses approximately $48.5 million over the next three
fiscal years. The bill also contains a job retention tax credit for
businesses that have received offers to relocate in other states in a
bold effort by the General Assembly to keep more jobs in Ohio.
“I look forward to Governor Kasich signing this bill into law,” Buchy
said. “This is one of the important steps to keep Ohio businesses in
Ohio, and I am happy our economic development teams will have yet
another tool to entice business to stay here in the state.”
Sub. H.B. 58 incorporates into Ohio law the “Tax Relief, Unemployment
Insurance Reauthorization, and Job Creation Act of 2010,” which
authorized a two-year extension of federal tax cuts and is estimated to
save the taxpayers $48.5 million over the next three fiscal years.
The job retention tax credit is for eligible businesses that have
received an offer of financial incentives from another state in 2010
that may induce the business to relocate from Ohio. This tax credit is
limited to $8 million in total credits per calendar year.
The legislation also includes a provision to extend benefits for
unemployed Ohioans for up to an additional 20 weeks, which will allow
Ohioans to collect the maximum benefits available to them. This measure
would benefit nearly 160,000 unemployed individuals who are at risk of
losing their benefits with little-to-no prior notice.
Sub. H.B. 58 passed from the Ohio House by a vote of 93-2 and will now
be sent to the governor for his signature.
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