COLUMBUS - 

State Representative Ron Young (R-Leroy Twp.) announced that the Ohio House passed House Bill 251, sponsored by Dave Greenspan (R-Westlake), which expands the current five-year limit on a political subdivision’s investment ability to a limit of 10 years. This increases the maturity of the investment, which increases the municipality’s revenue opportunity.


Ultimately, House Bill 251 allows a political subdivision to purchase the debt of another subdivision for a longer period of time. This would be advantageous for both the purchaser and seller because it would result in more investment income for the municipality purchasing the debt, and less interest accrued for the municipality selling their debt, saving taxpayer money.


“I was proud to co-sponsor this legislation. This type of commonsense streamlining of the investment practices of our local governments cost nothing but can produce meaningful results,” said Rep. Young. “During these times of budget shortfalls it is important that Ohio government explore every alternative possible to fund necessary services without increasing the tax burden on our citizens.”


The current five-year limit hinders many subdivisions from investing in state and local bonds because the investment is impractical when restricted to such a short period of time, according to committee testimony.


House Bill 251 is a Buckeye Pathway bill that passed with bipartisan support and now awaits further consideration from the Ohio Senate.

 
 
 
  
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'Health Care Freedom Act' Protects Ohio Employers, Taxpayers From Obamacare Taxes

 
COLUMBUS - 

State Representative Ron Young (R-Leroy Twp.) and Rep. Andy Thompson (R-Marietta) recently introduced House Bill 91, also known as the “Health Care Freedom Act,” which protects Ohio employers and residents from the penalty provisions included in the Patient Protection and Affordable Care Act (PPACA).