Friday, August 27, 2010

St. Rep. Morgan Introduces "Ohio Opportunity Zone"

State Representative Seth Morgan (R-Huber Heights) today introduced legislation that will create new tax incentives for business creation in Ohio. The bill will form a new "Ohio Opportunity Zone," which will offer a single, lower tax rate and other business incentives within a designated area.

"This bill will allow public entities to better collaborate with each other, the state and businesses to challenge the difficult economic time," said Representative Morgan.

Representative Morgan's idea is to challenge the current mismatch of red tape and taxing authorities and rather allow local development officials and business leaders to ask, what is the right scenario to encourage development of a particular type on a particular parcel of land?

The legislation will create Ohio Opportunity Zone which is intended to create employment opportunities, preserve jobs and improve the economic welfare of Ohioans. In addition, the bill will encourage a Board of Directors to enter into agreements with businesses who commit to create jobs in the zone in exchange for tax and other business incentives.

During these financially trying times, it is critical that Ohio provide an economic atmosphere conducive to business development, education and overall job creation and retention. The legislation will create this positive atmosphere, making Ohio's economic future more stable and fiscally sound.