❌ HB456
Regards amending a pre-1994 community reinvestment area
Summary
The bill amends section 3735.661 of the Revised Code to allow certain municipalities to expand community reinvestment areas, increase tax exemption percentages, extend tax exemption durations, and modify eligibility requirements for tax exemptions. It prohibits amendments that restrict tax exemptions or require affordable housing agreements. The bill applies to amendments made by impacted cities as defined in the Revised Code.
Rationale
The bill expands government control over property and tax exemptions, which conflicts with the Libertarian principles of minimal government intervention and protection of property rights. Both the LP and LPO platforms advocate for limited government and free markets, opposing legislation that increases government authority in economic matters.
Risks and Concerns
- Increased government intervention in property rights
- Potential for cronyism and favoritism in tax exemptions
- Expansion of municipal powers may lead to abuse