Recently, the Ohio Senate Finance Committee favorably reported Senate Bill 39. SB 39 is now ready for a vote by the full Senate. The Ohio Chamber of Commerce supported the bill with a letter during the hearing process.
Although the scope of SB 39 is narrow in application, it is another economic development tool that can be used in the right situations to attract investment that will lead to business expansion and economic development in the area surrounding the project. SB 39 will provide an insurance premium tax credit for an investment in a project defined as a transformational mixed-use development. Such projects require an investment of at least $50 million, with a building that has at least 15 floors, a building or two connected buildings with at least 350,000 square feet, that contains a combination of retail, office, residential, recreational, structural parking, or other similar uses, and has an economic impact on the development site and the surrounding area.
While such a law will not have a wide application, it will have a dramatic impact when used. It is another economic development tool to continue Ohio’s economic success post great recession. As stated in our mission – the Ohio Chamber of Commerce aggressively champions free enterprise, economic competitiveness and growth for the benefit of all Ohioans. SB 39 will assist with this mission and we support passage of SB 39.