The Ohio Senate passed the legislation to incentivize investments to Ohio Opportunity Zones by offering a 10% tax credit on the investment.  The maximum amount of credits allowed by Ohio for a two year period is $50 Million, with a per applicant cap of $1 million.

Investors will apply for credits between January 1 and February 1 each year with the Development Services Agency.  The Agency will certify investments and award credits to applicants.  The credits are non-refundable but can be carried forward for five years.

Senate Bill 8 passed with a vote of 31 – 0 on April 3, 2019.  Next the bill moves on to the House for a vote. Stay tuned for further updates!

 

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If you want to discuss how your tax situation may be impacted by this law, let us know here, and we’ll connect you with a team member at no charge, or let us know by calling 513-241-8313.