Ohio Real Estate Tax Abatement on Expansion of Business Property
On Dec. 9, 2016, the Ohio General Assembly passed Ohio Substitute Senate Bill 235 (SB 235). The Chamber has been a strong advocate for the Bill, sponsored by Senators Bill Beagle and Bill Coley, which will suspend an increase in the taxable value of a business property until a certificate of occupancy is granted, commerce occurs at the location, the site is sold or rezoned, or six years passes, per local government approval.
This innovative public policy change will help enable existing businesses and new businesses to expand and develop in the region. With the passage of SB 235, the legislature has created an important new economic development tool that will help our region increase the availability of developable sites for job creation and growth.
The Chamber identified the need to incentivize the development of pad-ready sites, built a coalition of supporters, and through partnership with REDI, the Port Authority, the City and other stakeholders, delivered a stronger landscape for business development in Ohio through this public policy change. As always, the Chamber is an advocate for our members and will continue to work closely with you to develop and advocate for public policy that creates jobs. The Chamber appreciates the hard work of the Ohio House and Senate and the support of partners like REDI Cincinnati, the Regional Economic Development Initiative.
You can read more about SB 235 the Government Affairs team at [email protected]