Ohio Senate takes steps to further Opportunity Zone Investment
Published on by Barnes Dennig in Real Estate, Tax Services
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.
Global Minimum Tax Update