The bill amends various sections of the Revised Code to protect funding for fire and emergency medical services by ensuring that property tax exemptions granted under community reinvestment areas or tax increment financing do not reduce the levies for these services. It introduces new language clarifying that improvements approved for exemption under these programs will still be subject to qualifying fire or emergency medical services taxes. Additionally, the bill defines "qualifying fire or emergency medical services tax" and establishes conditions for these taxes to apply, ensuring that improvements exempted from taxation contribute to essential services.

Moreover, the bill outlines the process for municipal corporations to create incentive districts, requiring public hearings and notifications to property owners about their rights regarding tax exemptions. It sets parameters for the duration and percentage of tax exemptions, necessitating local school board approval for exemptions exceeding ten years or seventy-five percent. The bill also emphasizes compensation agreements to ensure that local educational funding is not adversely affected by these exemptions. Overall, the legislation aims to balance the interests of municipal corporations with those of local educational and governmental entities while maintaining adequate funding for critical fire and emergency services.

Statutes affected:
As Introduced: 3735.67, 5709.40, 5709.41, 5709.73, 5709.78