The bill amends section 715.72 of the Revised Code to establish new guidelines for income tax rates within joint economic development districts (JEDDs). It specifies that the maximum income tax rate cannot exceed that of the highest rate levied by a contiguous municipal corporation or one involved in a separate, unexpired JEDD contract. This aims to maintain competitive and equitable tax rates among contracting entities. The bill also outlines the procedures for creating and operating a JEDD, emphasizing public involvement through requirements for public hearings, petitions from property owners, and the availability of relevant documents for public inspection.

Additionally, the bill clarifies the powers and duties of counties and townships in relation to JEDD contracts, ensuring they can fully exercise their functions within the designated district as long as they align with the contract terms. It introduces a prohibition on granting tax exemptions within the district without the consent of all contracting parties, while allowing previously filed exemptions to remain unaffected. The bill also repeals the existing section 715.72, indicating a significant overhaul of the legal framework governing JEDDs, with the new amendments applying to contracts entered into after the bill's effective date.

Statutes affected:
As Introduced: 715.72