Ohio House Approves Bill Paying Off Unemployment Compensation Debt
Effort will save Ohio businesses millions next year
May 26, 2016
 
[ Ryan Smith Home | Ryan Smith Press ]
 
 

The Ohio House of Representatives today approved legislation aimed at encouraging a better business environment and nurturing economic growth in the state of Ohio.


The bill consists of various budgetary items including a loan and repayment mechanism to pay off the outstanding unemployment compensation debt that Ohio businesses owe to the federal government. 


The current unemployment debt has been significantly reduced in recent years and is currently totaled at $315 million. Through the passage of this legislation, businesses will save $400 million.


“Repayment of the unemployment compensation debt will save Ohio businesses $400 million,” said Smith. “Not only does this legislation offer savings to employers, but it also further strengthens Ohio’s financial stability, which will continue to make Ohio an attractive place to do business.” 


The bill also includes language from House Bill 475, which increases the state motion picture tax credit cap from $20 million a year to $40 million, while also eliminating the $5 million per project cap. This aims to encourage more movie projects to be made in Ohio, making the industry stronger and allowing for more growth.


Other provisions in the bill include:


• Exempting municipal gas companies from collecting and remitting sales taxes on the natural gas they provide to customers
• Appropriating funding for lead fixture replacement assistance grants to allow school districts to update their infrastructural needs and prevent lead poisoning (language contained in House Bill 512)
• Providing $500,000 in FY’17 for the purpose of updating public records law (Senate Bill 321)
• Appropriating $550,000 in FY’17 for proposed foster care changes
The bill now heads to the Governor for his consideration.

 
 
 
  
Featured Posts

Guest Column From Ohio House Speaker Ryan Smith: Area Expansions Strengthen The 93rd House District, Ohio

 
Columbus - 

This summer has been a busy one in the 93rd House District, especially considering the steps the area has taken to advance community and business development. As always, I was able to make my rounds to most of our county fairs—one of the true highlights of the season in southern Ohio. It is incredible to see the dedication our 4-H students put into their craft, and I commend them for such devoted civic involvement. In addition to our fairs, I attended groundbreakings for many different industries across the district.



 
 

Guest Column From Ohio House Speaker Ryan Smith: Sales Tax Holiday Provides Relief For Parents, Stimulates Economy

 
Columbus - 

Each and every summer, I am shocked at how quickly we seem to get to August. It feels like just yesterday it was snowing, and now we’re weeks away from the start of a new school year. As a father of four, I know firsthand how hectic and expensive this time of the year can be. From figuring out classroom schedules to making time for sports and extracurricular activities, ensuring each of my children are set up to succeed as they begin a new grade isn’t always an easy task.



 
 

Guest Column From Ohio House Speaker Ryan Smith: Independence Day Thoughts Inspire New Speakership

 
Columbus - 

A lot has happened up at the Ohio Statehouse in recent weeks. In early June, I was elected by my peers to serve as the 103rd Speaker of the Ohio House, and I hope to be able to represent you and the rest of the 93rd District even better in my new role. Along with this honor comes great responsibility, and we’ve been incredibly busy over the past weeks to pass vital legislation that will impact Ohioans across the state.



 
 

Ohio House Finance Committee Introduces Budget Sub. Bill

 

The Ohio House Finance Committee today introduced Substitute House Bill 64, legislation which outlines the two-year budget proposal for Ohio by making appropriations and providing policy initiatives in various areas such as education, taxes and healthcare.