Ohio legislation that would temporarily expand and enhance the state’s opportunity zones (OZ) tax credits and temporarily double the state’s annual historic tax credit (HTC) cap has passed both houses of the Legislature and is headed for the desk of Gov. Mike DeWine. S.B. 225 would increase funding for the state OZ credits from $50 million to $75 million for 2022 and 2023 before dropping back to $50 million in 2024 and $25 million annually thereafter. Investors without state tax liability could transfer the OZ credit under the new legislation. The bill also would temporarily increase the state HTC cap from $60 million to $120 million for fiscal years 2023 and 2024 and would increase the tax credit percentage for those years from 25% to 35% for any county, township or municipal corporation with a population of less than 300,000.

Keep updated on OZ and HTC news and receive expert analysis from the Novogradac Journal of Tax Credits.