WeVote
Log In

Bill

Bill

SR 344

Honoring the Ridgewood High School AI for Youth team on winning the 2026 Ohio Presidential AI Challenge.

136th Legislature (2025-2026) Introduced by Andrew Brenner

Ohio creates the Ohio Community Revitalization Program to award nonrefundable tax credits up to 100 million annually to fund approved community revitalization projects, with credit

Adopted
0
WeVote Research Nonpartisan
Bill Summary · SR 344

Summary of Bill SR 344 (Session 136) – Ohio

Title: Honoring the Ridgewood High School AI for Youth team on winning the 2026 Ohio Presidential AI Challenge

Note: The bill text provided appears to be the introduced form of S. B. No. 344 from the 134th General Assembly, relating to the Ohio Community Revitalization Program and tax credits. The bill as introduced includes broader provisions about creating the Ohio community revitalization program and related tax credits, not specifically about Ridgewood High School. The summary below focuses on the substantive content visible in the bill text provided.

1) Purpose and intent

  • Create the Ohio Community Revitalization Program (OCRP) to incentivize community revitalization projects through a nonrefundable tax credit.
  • Establish a framework to authorize, allocate, and administer tax credits for approved community revitalization projects.
  • Integrate the OCRP as a form of public-private investment aimed at revitalizing economically disadvantaged areas and other suitable communities through targeted development.

2) Key provisions and changes

  • Definitions and scope (Section 122.91):

    • Defines terms used for the OCRP, including “community revitalization project,” “project,” and identifies that projects may be completed in phases.
    • Specifies that a project may be located in township unincorporated areas as applicable.

  • Administration and application periods (Section 122.91):

    • Creates the Ohio Community Revitalization Program and authorizes applicants to request a tax credit against the state income tax (section 5747.02).
    • Establishes two annual application periods:
    • July 1 to September 30 (first funding period)
    • January 1 to March 31 (second funding period)
    • Requires a $500 application fee and a local government endorsement (ordinance or resolution) for the proposed project.
    • Application materials must include project description, site availability, cost estimates (certified by professionals such as architects/engineers), financial statements indicating solvency, and project renderings.

  • Evaluation and credit allocation (Section 122.91(C)):

    • The Director of Development ranks applications based on:
    • Feasibility and financing
    • Economic impact (favoring low-income or high-unemployment areas)
    • Social impact (improving community assets, infrastructure, health/food access)
    • Physical scope and potential job creation
    • Alignment with state priorities (housing, mixed-use development, job-creating facilities)
    • Credit allocations:
    • Each approved project may receive a credit allocation up to the lesser of:
      • $5,000,000, or
      • 15% of the estimated project costs (20% if located in an economically disadvantaged community)
    • The Director can allocate credits for distinct phases of a larger project, with the $5 million cap applying per phase.
    • Annual cap: total credit allocations may not exceed $100 million in a fiscal year.
    • Notification: applicants are notified in writing of approval and the completion deadline (two years from notification).

  • Post-allocation requirements (Section 122.91(D)):

    • Within 14 days after project completion (for a project that received a credit allocation), the applicant must apply for a tax credit certificate authorizing the claim or transfer of the credit.
    • Required information includes detailed cost breakdowns, proof of completion (including visual proof), and an endorsement from local government.
    • Certificate issuance: within 60 days of a complete application, listing the credit amount (based on a percentage of costs; see above) and a unique certificate number.
    • Completion deadline: projects must be completed within two years of credit allocation notification; failure to complete prevents certificate issuance.

  • Credit use and transfer (Sections 122.91(E)-(F)):

    • The tax credit is nonrefundable and can be used against the taxpayer’s aggregate tax liability (5747.02) in the specified order of credits.
    • Unused credits may be carried forward for five years.
    • Pass-through entities: investors in pass-throughs may claim the credit proportionally, while non-taxpayers may transfer rights to claim the credit (subject to transfer rules).

  • Administration and rulemaking (Section 122.91(G)):

    • The Director of Development will adopt rules to administer the OCRP, including how to weigh evaluation factors.

  • Repeal and effective dates (Sections 2–3):

    • Repeals the prior sections 107.036 and 5747.98 and enacts new provisions for the OCRP.
    • The first OCRP application period begins six months after the act’s effective date.

3) Who and what is affected

  • Taxpayers and investors:

    • Eligible applicants that undertake qualified community revitalization projects may receive nonrefundable tax credits against state income tax (5747.02).
    • Credit transfers are allowed, including to non-taxpayers via transfer of the right to claim the credit.

  • Local governments and communities:

    • Municipalities and townships must provide local endorsements and participate in the project process.
    • Projects are weighted to favor economically disadvantaged areas and transformative community assets.

  • State agencies:

    • Director of Development administers the program, approves allocations, and issues tax credit certificates.
    • Related budgetary and administrative oversight via the broader state tax and incentive framework.

4) Procedural and timeline aspects

  • Application windows: two periods annually (July–Sept and Jan–Mar), with adjustments for non-business days.
  • Credit allocation timing: approved allocations notified by end-of-year (for first period) or by June 30 (for second period) as per the act’s timing.
  • Project completion: two-year deadline from credit allocation notification.
  • Certification timeline: certificate issued within 60 days of a complete post-completion application.
  • Annual cap: up to $100 million in total credits allocated per fiscal year.
  • Fee and eligibility: $500 application fee; local legislative endorsement required.

Note: The bill’s title mentions honoring Ridgewood High School AI for Youth, but the text provided details a broad tax-credit program and does not include specific provisions or language pertaining to Ridgewood High School or an awards recognition. The summary above reflects the substantive content of the OCRP provisions included in the introduced bill text.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.