Thursday, March 03, 2011

St. Rep. Adams Announces Passage of Bill to Reduce Taxes, Retain Jobs

St. Rep. John Adams
COLUMBUS—State Representative John Adams (R-Sidney) 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.
“It’s refreshing to vote on legislation that saves the taxpayer dollars, rather than what has been the norm of picking the taxpayers pocket over the last several years,” said Rep. Adams.
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.
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.