❌ SB187
Create temporary tax credit - sound recording company investment
Summary
The bill creates a temporary refundable income tax credit for investments in sound recording production companies in Ohio. It establishes eligibility criteria for sound recording productions and infrastructure projects, outlines the application process for certification, and sets a limit on the total amount of credits that can be awarded annually. The credit is available for productions certified by the director of development and is capped at $75,000 per investor.
Rationale
The bill introduces a government tax credit, which aligns with increased government intervention in the economy, contradicting the Libertarian principles of minimal government involvement and free markets. Both the LP and LPO platforms oppose government incentives that distort market dynamics and promote cronyism.
Risks and Concerns
- Increased government control over the economy
- Potential for cronyism and favoritism in tax credit distribution
- Distortion of market competition