GOVERNOR SIGNS BILL
COLUMBUS (December 11, 2003) - Governor Bob Taft today signed the following bill, which will be filed with the Secretary of State's office.
Substitute House Bill 127, sponsored by state Representative Greg Jolivette (R-Hamilton), permits municipal corporations and townships to acquire tax-delinquent land for redevelopment free from tax liens; delays from January 1, 2004, to that date in 2005, the new sales tax law that establishes criteria for determining whether to source certain sales, leases, or rentals to this state; and makes an appropriation of up to $5 million over FY 2004-2005 from unspent and unobligated cash balances, if any, in the GRF to the Department of Development, to support economic development projects for which appropriations otherwise would not be available.
The bill also extends for ten years the credit allowed against the corporation franchise tax for the purchase of new manufacturing machinery and equipment. Currently, investments to claim the credit must be made by 2005. The provision extends the period for investment to 2015.
Parts of the bill go into effect 90 days upon the Governor's signature and filing with the Secretary of State and parts of the bill go into effect immediately.
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Contact: Orest Holubec, press secretary, at (614) 644-0957.