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!
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.