Budget & Taxes (Tax Incentives)

To amend sections 323.152, 323.155, and 4503.06 and to enact section 319.305 of the Revised Code to authorize counties to temporarily exempt a portion of property's increased value from taxation following a reappraisal and to name this act the Calculated Adjustments for Property Surges (CAPS) Act.

To amend sections 102.02, 709.022, 709.023, 709.024, 709.16, and 3735.67 and to enact section 3311.222 of the Revised Code to modify the law regarding annexation and financial disclosure forms, and to require school district approval of residential community reinvestment area property tax exemptions.

HB 154 requires school districts to approve property tax exemptions for new residential construction or remodeling in designated "community reinvestment areas" before they can be granted. Property owners seeking these exemptions must submit applications to a housing officer, who then forwards them to the local school board for approval within 45 days. The bill ensures school districts have a formal role in approving exemptions for residential properties, though it includes an alternative where owners can pay school districts 25% of estimated tax savings instead of seeking approval. This directly affects homeowners and developers in areas designated for community reinvestment, changing how tax exemption approvals are processed.

SCR 9 is a resolution passed by the Ohio Assembly urging Congress to make the 2017 Tax Cuts and Jobs Act (TCJA) permanent. It cites the TCJA's claimed benefits, including increased economic growth, job creation, higher wages, simplified tax filing, and greater business investment in Ohio. The resolution does not change tax law itself but formally asks federal lawmakers to eliminate the temporary nature of certain TCJA provisions to reduce uncertainty for taxpayers and businesses. This is a symbolic action with no legal effect, as it only expresses the Ohio Assembly's position to federal representatives.