Opportunity Zones Tax Credit Legislation Introduced in Ohio

Friday, February 22, 2019 - 10:00am

Legislation was introduced in Ohio this month to create a nonrefundable 1 percent tax credit for investments of $250,000 or more in Ohio qualified opportunity funds, which must hold 100 percent of their assets in Ohio opportunity zones. This proposal is scaled back from legislation introduced last year that would have provided a 10 percent tax credit. SB8 includes an additional credit equal to 2 percent of the investment if there are sufficient estimated increased tax collections for projects funded by the opportunity fund. Unused credit could be carried forward five years.