Business Services Industry
New enterprise zone bill lacking, most sides say. (Senate Bill 19)
Crain's Cleveland Business, April, 1994 by Mooney, Barbara
The new enterprise zone bill that Gov. Voinovich plans to sign into law seems typical of most compromises -- no side of the issue is entirely happy with it. The legislation, Senate Bill 19, which was approved April 1 by the Ohio Senate, will restructure the state's enterprise zone program as of July 1.
Under the new law, businesses will lose their ability to win complete tax abatement for projects in the zones, while Ohio school systems will gain some much-sought controls on the abatements. At present, businesses can receive up to 100% abatement of their real and personal property taxes for moves into or expansions in enterprise zones. Nearly 270 zones exist statewide. Cleveland lost its drive to restrict the enterprise zone program to low-income areas, while the...
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