07/10/2023

Ohio Opportunity Zone Tax Credit Program Adds Second Application Round

Historically, this credit was available once per fiscal year

As part of the Federal Tax Cut and Jobs Act (TCJA) of 2017, the state of Ohio worked with the U.S. Treasury Department to establish Ohio Opportunity Zones (OZs) in more than 300 economically distressed census tracts in 73 of its counties. These Ohio OZs were selected based on submissions by local government officials and nonprofit economic development organizations throughout the state of Ohio.

In 2019, the Ohio Amended Substitute House Bill No. 166, established the Ohio Opportunity Zone Tax Credit, which offers tax incentives for eligible investments in qualified projects located in designated Ohio Opportunity Zones. Long-term investments in designated opportunity zones provide tax benefits for investors to maximize unrealized capital gains on property they have invested in.

Historically, the Ohio Opportunity Zone Tax Credit was available once per fiscal year. However, changes made in Senate Bill 225 by the 134th General Assembly added a second application round per fiscal year.

Please select this link to read the complete article from OSAP Mission Partner Clark Schaefer Hackett (CSH).