Senate Bill 112, sponsored by State Senator Bill Beagle, today passed the Ohio Senate by a unanimous vote. If enacted, the bill would extend the certification deadline for Ohio’s Enterprise Zone program for an additional two years.

“The Enterprise Zone program empowers local governments to incentivize investment and job creation in a needed area of their community,” said Beagle. “This is a program that has a proven track record for creating jobs by providing this viable economic development tool at a time when we need to do everything in our power to attract new jobs to Ohio.”

The program gives local governments the ability to offer business tax incentives for particular areas of the municipality, thus providing the ability for communities to focus job creation efforts where they are needed most.

In order to create an enterprise zone, a community submits a petition to the Development Services Agency showing that the area is appropriate for business development, meets minimum population requirements, and has a continuous boundary. After the enterprise zone is certified by DSA, local officials can begin negotiating tax incentive agreements with businesses that commit to making significant new investments within the zone.

The current Enterprise Zone Program expires on October 15, 2013. This legislation would extend the deadline one additional year.

Senate Bill 112 now proceeds to the Ohio House of Representatives for further consideration.

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