Ohio SB 8 would authorize tax credits for Opportunity Zone investments

A bill that would authorize tax credits for investments in an Ohio Opportunity Zone (see our August 13, 2018 blog post) received support from the Summit County Executive and the Greater Cleveland Partnership, Gongwer reports. Senate Bill 8 (SB 8) would amend and enact sections of the Revised Code to authorize tax credits including job creation, job retention, historic preservation and other tax credits for investments in designated Opportunity Zones. Summit County Executive Ilene Shapiro said Opportunity Zones in Summit County are areas that “have seen great difficulty drawing private capital for development projects necessary to move these communities forward,” according to the article. Alesha Washington, vice president of government advocacy for the Greater Cleveland Partnership, said, “[w]e believe Senate Bill 8 offers much needed support to local economic development efforts to attract and keep potential Opportunity Zone investors interested in Ohio.” 

Economic Development, Financial Incentives, State Updates