Recently, House Bill 437 was introduced in Columbus. The purpose of this bill is to create a tax credit for business increased payrolls. If passed, HB 437 would authorize a non-refundable tax credit for businesses that increased payroll and expanded into facilities that have been vacant for at least six months. The credit would last for a maximum of five years.
The concept behind this legislation is to make intrastate expansion more viable, as well as attracting out of state businesses as well. If a business wishes to expand, it can forgo the creation of a new building and, instead, utilize a vacant structure (potentially rehabilitating it) and increase its payroll in order to receive a tax credit.
For business owners, this may be a bill worth watching.