Ohio Senate passes bill to authorize state tax credits for Opportunity Zones investments

Senate Bill 8 (SB 8), authorizing “a nonrefundable income tax credit equal to 10% of a taxpayer’s investment” in designated Opportunity Zones in the state, passed an Ohio Senate vote 31-0, Gongwer reports. The legislation “works in conjunction with the federal Tax Cuts and Jobs Act of 2017” and addresses a specific issue not covered in that act, a release on Senate President Larry Obhof’s page states. The federal law “did not specify that investments from Ohio need to be made in Ohio”; SB 8 “adds an additional Ohio tax advantage to encourage investments in an Opportunity Zone Fund that will be used exclusively in state,” according to the release. Obhof said in the release, “Senate Bill 8 will incentivize investments in these areas in order to foster new development, job creation and improved local tax revenue.” For more, read the full release.

Economic Development, Financial Incentives, State Updates