NAIOP Northern Ohio Receives Recognition for highest PAC contribution for the Small Chapter category.
Washington, D.C., February 19, 2013 – 2013 Chapter Leadership and Legislative Retreat
Sponsor Testimony HB 135
Presented by Representative Pelanda
Good Morning, Chairman Baker, Vice-Chair Terhar, ranking member Driehaus, and committee members.
I am pleased to offer sponsor testimony in support of House Bill 135, which would authorize a nonrefundable credit against the income tax and certain business taxes for the rehabilitation of a vacant industrial site.
Similar Indiana legislation was brought to my attention by members of the Governor’s policy team almost two years ago, and since that time, I have held numerous meetings with interested parties to create similar legislation for recovery of Ohio’s vacant industrial sites.
Much discussion, deliberation and re-drafting went into the Bill before you today, in an effort to identify the sites that would be eligible, the type of credit that should be offered, the process for application for the credit, and the goal of job creation, all of which had to conform to other relevant Ohio laws.
Visits were made to various Ohio industrial sites in order to understand the existing problems with the site and what would be needed to revitalize the property.
This legislation would provide a non-refundable tax credit against the income tax and certain business taxes for the rehabilitation of vacant industrial sites as defined in the Bill.
The credit is designed to spur manufacturing as well as commercial and retail activity on sites which have lost their economic vitality.
The process would authorize the Director of the Development Services Agency, upon application of a county or municipal corporation, to designate a vacant facility as an “industrial recovery site”.
Once designated, the site would become eligible for the credit. The developer must show that the plan submitted to the Director will improve the economic conditions of the area in order to
obtain the tax credit. Among the factors to be considered by the Director are evidence of financial commitment and local support for the project.
It is important to note that the tax credit is not issued until the project is deemed complete to the extent that the industrial or retail business or housing complex is “up and running” and is self-evident of an increase in job opportunities.
Thank you for allowing me to appear before you today. My Joint sponsor, Representative Cera, will have a few comments and then together we would be glad to answer the Committee’s questions.
What we do
NAIOP provides unparalleled networking opportunities, educational programs, research on trends and innovations and strong legislative representation. NAIOP membership is the best investment you can make in your career.
Join NAIOP get access to networking, education, the latest industry trends, legislative representation, and start relying on a steadfast association that works attentively for you.
Oct 10Congratulations to NAIOP’s 40 Under 40 NAIOP Northern Ohio Chapter congratulates our own Members, Mark Panzica of Panzica Construction (Cha...
May 31NAIOP Awards of Excellence Recognizes Best and Brightest in Local Commercial Real Estate Community Cleveland, May 11, 2016—NAIOP Northern Ohio Chapter presented its annual Awards of Excellence on W...