Sub. House Bill 329: This legislation provides for a six-year trial period during which an employer may include the income tax withholdings of a limited number of its employees who work from home and whose rate of pay is at least four times the federal minimum wage for purposes of calculating its job creation or job retention tax credit base, if the employer has made a minimum amount of capital investment in the project. The number of at-home employees may not exceed 10% of the total number of project employees. This bill requires the Director of Development to submit a report at the end of the six-year trial period on the effects of including at-home employees in tax credit agreements. Sub H.B. 329 passed the House unanimously on May 12, 2010 and now moves to the Senate for consideration.
Common Sense Regulation Act: Sub Senate Bill 3 would enact the Common Sense Regulation Act to improve state agency regulatory processes, especially as they relate to small businesses. The bill would require state departments to develop customer service training programs, and require the Director of Environmental Protection to provide environmental regulatory compliance assistance to small businesses. Further, it would require the Director of Administrative Services to establish a centralized electronic system for regulatory notification that enables interested persons to register to receive notices from state agencies concerning the development and drafting of rules. This system would allow interested persons to register to receive notices of meetings regarding agency regulatory processes that impede the operation of small businesses. Sub S.B. 3 passed the House on May 12, 2010 and now awaits action by the Governor.
Am. House Bill 348: Ohio established The Ohio Capital Fund to help increase private investment in Ohio companies in the early stage of business development. These venture capital funds invest in Ohio-based businesses and individuals. This bill would increase the Venture Capital Authority’s annual tax credit authorization from $20 million to $26.5 million and lifetime authorization from $380 to $550 million. Amended House Bill 348 passed the House unanimously on May 12, 2010 and now awaits action by the Governor.