COLUMBUS – Today, Senator Joe Schiavoni (D-Boardman) announced a comprehensive plan to increase job growth and employment through targeted investments. This legislative package is the latest in a series of bills the Senator has introduced to improve Ohio’s small business climate and bolster job growth.

“We’ve spent too long waiting for the Republicans’ plan to work,” said Senator Schiavoni. “It’s time to proactively invest in our state to expand small businesses, strengthen our economy, and create good paying jobs right now.”

This legislative package, which will be formally introduced soon in the Ohio Senate, will help grow Ohio’s economy by investing in small business tax credits, worker training programs and initiatives to rebuild our state’s crumbling infrastructure.  Senator Schiavoni drafted the bill based on meetings and conversations with workers and business leaders from across Ohio. 

Here are the key parts of the bill:

Train skilled workers and create pathways to employment

  • Identify local skill shortages and work with educational agencies to develop programs to meet workforce demands.
  • Create grants to help low income individuals pay for union apprenticeship programs and establish jobs programs for youth in urban and high poverty areas including summer employment opportunities.

Rebuild our state

  • Combat urban blight by creating a 5-year property tax exemption for the increased value of a distressed residential or commercial property that is remodeled within the first year of ownership.
  • Invest $50 million per year into infrastructure for local governments to repair roads and bridges based on the most urgent need.
  • Invest $50 million in public transit per year to help keep Ohioans working and self-sufficient.
  • Create the Neighborhood Assistance Program to promote community collaborations among residents, nonprofits and businesses to improve distressed neighborhoods.

Help veterans find good-paying jobs

  • Create a $2,000 income tax credit for businesses that hire and employ veterans. The tax credit increases to $2,500 for businesses that hire disabled veterans.

Help minority businesses expand and grow

  • Authorize certain small businesses to bid or enter into a contract with the state or a political subdivision without being required to provide a bond.

Help small businesses grow and thrive

  • Establish a Small Business Revolving Microloan to help businesses with fewer than 500 employees to meet capital needs, expand operations, and create and retain jobs.

The legislation repeals the “LLC Loophole,” which benefits fewer than 14% of Ohioans and costs more than $1 billion annually. This is money that can be better spent on programs that directly invest in workers, communities and all types of small businesses. Closing the LLC loophole will save the state enough money to put each of the pieces of the jobs package into place and leave funds leftover for future investments.

“This massive tax loophole for the rich has failed to create the jobs we were promised,” said Senator Schiavoni. “We need to shift our priorities away from tax breaks for the wealthy to a more comprehensive approach that will give Ohioans real pathways to job opportunities. 

In the coming weeks, Senator Schiavoni will be introducing more legislation aimed at creating jobs and economic opportunities across Ohio.

 

 

 

 
 
 
  
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