Gov. DeWine proposes income tax credit for investors in distressed communities

Ohio Governor Mike DeWine announced a proposed 10-percent income tax credit “for businesses that invest in economically distressed parts” of the state and create jobs, the Akron Beacon Journal reports. The tax credit would apply to Opportunity Zones (see our August 13, 2018 blog post), a program that “involves the use of federal tax credits to provide incentives to businesses to move into or expand in the zones.” DeWine told a business roundtable, “[w]hat we propose to do in Ohio is enhance these with a tax break also from the state of Ohio,” and that the new tax credit is also intended “to induce people outside the state to invest in Ohio.” For more, read the full article

Economic Development, Financial Incentives, State Updates