Nov 19

GCP Supports Economic Development Policies in Lame Duck Session

As the Ohio General Assembly rounds out the rest of this year, several pieces of legislation are moving that could have an impact on economic development efforts in Northeast Ohio. HB 469, sponsored by Representatives Kirk Schuring and Tom Patton,  would create a mixed-used tax credit that would support important real estate projects like NuCLEus. SB 309 – also referred to as the “mega jobs bill” and sponsored by Senators Bob Peterson and Stephanie Kunze – seeks to primarily expand the Job Creation Tax Credit to make the tool more attractive for companies seeking to locate and create jobs in Ohio. Both bills recently received hearings in the Ohio Senate Ways and Means Committee. 

GCP offered testimony and recommendations for both. HB 727 – which has recently been referred to the Ohio House Finance Committee for consideration – would create a statewide Opportunity Zone for Ohio. This would complement the existing Opportunity Zone program created in the 2017 Jobs and Tax Act. GCP played a pivotal role in recommending key Opportunity Zone tracts for Greater Cleveland and will work closely with the sponsor of HB 727, Representative Kirk Schuring, and other legislative leaders on the bill’s passage.