Timken Introduces JOBS Act

COLUMBUS—State Senator Jane Timken (R-Jackson Township) introduced Senate Bill 462, The Joining-Opportunities Businesses and Schools (JOBS) Act, which creates Qualified Education Partnerships (QEPs) between accredited Institutions of Higher Education (IHEs) and private sector employers.

"This legislation will close the gap between educational institutions and employers," said Senator Timken. "By allowing educational institutions and employers to partake in Qualified Education Partnerships, we can ensure Ohio's students have the skills needed to live, work, and thrive in our great state."

Senate Bill 462 creates the "Qualified Education Partnership" structure. To participate, the partnership must meet the following criteria:

• The private sector partner must significantly contribute to the curriculum to ensure alignment with industry standards.
• The private sector partner must contribute significant resources to the program. These resources can include:
  • Proprietary software
  • Specialized equipment
  • Experts who assist in educating students

The legislation also includes performance-based Workforce Development Tax Credits to high-performing programs. These include:

• A tax credit for private sector partners assisting with qualified expenses related to program setup
• A tax credit for private sector partners per graduate of the QEP program that they or an industry partner hire and retain for at least 12 months

To qualify for the tax credits, a QEP must meet a 70% program completion rate threshold and 70% job placement rate.

"Too often students enter the workforce and find that their education did not adequately prepare them for their job," added Senator Timken. "Qualified Education Partnerships will make sure that our students are prepared for the modern work environment and will have the training and skills necessary to establish themselves in emerging career fields."

The JOBS Act has been introduced and now awaits committee assignment.

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