The Joining-Opportunities Business and Schools (JOBS) Act aims to enhance collaboration between institutions of higher education and private employers in Ohio by providing tax incentives for qualified education partnerships. The bill amends section 5751.98 and enacts new sections 3333.46 and 5751.55 of the Revised Code. It establishes a framework for these partnerships, requiring private sector partners to contribute significantly to the curriculum and resources of degree or certificate programs that align with local workforce needs. Institutions must maintain academic control and publish completion and job placement rates annually. The chancellor of higher education, in collaboration with the director of development, will oversee the program and certify partnerships for tax purposes.

The bill introduces tax credits for private sector partners that incur qualifying expenses in developing or updating these educational programs. A development tax credit of 20% of qualifying expenses is available for partnerships achieving a 70% completion rate within two years, while a hiring tax credit of $1,000 per graduate hired and retained for at least 12 months is also offered for those achieving a 70% job placement rate. The act specifies that the combined credits cannot exceed the total qualifying expenses and outlines the order in which taxpayers must claim these credits. Additionally, the existing section 5751.98 is repealed, and the new provisions will apply to qualifying expenses incurred on or after January 1, 2027.

Statutes affected:
As Introduced: 5751.98