Senate Bill 180: Highlights

Tax Highlights for Amended Substitute Senate Bill 180 - Ohio Venture Capital Program
  • Creates Ohio Venture Capital Authority to oversee investment professions making loans for investment in seed and venture capital partnerships
  • Tax Credits used as security against losses to investor
    • Refundable tax credits
    • Domestic and Foreign Insurance, Corporation Franchise and Personal Income tax credits
    • Total amount = $100 million over life of program
  • No credits claimed during the first 4 years of the program.
  • Other Items Included
    • Overturned Ohio Supreme Court decision in Tetlak v. Bratenahl to prohibit municipal corporations from taxing S-corporation shareholders at both the entity level and the personal level. Conference committee grandfathered in any municipalities who already taxed at both the entity and personal level, subject to a vote in November 2003.
    • Included notification provisions for applications for pollution control property.
    • Certain commercial property owners may file new property assessment complaints with the county board of revision.