The bill amends the Ohio Revised Code to establish a comprehensive framework for data centers and megaprojects, introducing key definitions such as "data center" and "megaproject." It sets forth criteria for tax credits based on job creation and payroll increases, requiring megaproject operators to meet specific investment and payroll thresholds to qualify for extended tax credit terms. The legislation also mandates annual economic impact reports from megaproject operators, detailing employment statistics and compliance with tax credit agreements, which must be certified and are considered public records. Additionally, it emphasizes the importance of maintaining operations at project locations and outlines conditions for claiming tax credits.

Furthermore, the bill includes provisions for regulating data center operations, such as requiring best practices for water conservation and efficiency, and mandates that data centers with high electricity demands source power from renewable or self-generated sources. It establishes the tax credit authority to oversee the program, allowing for adjustments to income tax revenue calculations and ensuring compliance with tax credit agreements. The bill also introduces new requirements for capital investment projects, including specific thresholds for eligible computer data centers, and outlines the process for applying for tax exemptions. Overall, the legislation aims to incentivize investment in data centers while ensuring accountability and compliance with environmental and operational standards.

Statutes affected:
As Reported By Senate Committee: 122.17, 122.175, 3745.015