Cera co-sponsors industrial revitalization tax credits bill
COLUMBUS – State Rep. Jack Cera, D-Bellaire, has joined State Rep. Dorothy Pelanda, R-Marysville, as a joint sponsor on House Bill 135 to create a tax credit for the recovery of certain unused industrial sites.
According to Cera, the tax credit is designed to spur manufacturing, as well as commercial and retail activity, on sites that have lost their economic vitality and he is, “happy to join Rep. Pelanda in efforts to spur economic development and to create jobs across this state.”
Cera said the program is modeled after one used in Indiana.
“But the Ohio legislation goes a step further by providing a means for transferring the credit. The tax credit comes from a qualified investment being used for the rehabilitation of a vacant facility designated as an industrial recovery site,” he noted.
“The credits give an income tax break to people who invest in projects, offering developers another means to get money,” Cera added.
The legislation authorizes the Director of the Development Services Agency to designate a vacant facility as an “industrial recovery site” once an application by a county or municipal corporation has been completed.
The developer must show that the plan submitted to the director will improve the economic conditions of the area in order to obtain the tax credit. Some of the factors in determining who is eligible for a tax credit include financial commitment and local support for the project.
Cera and Pelanda said they joined forces on this endeavor because they both “strongly believe this credit can be used to create jobs and bring stability to economic recovery.”