New law could “dramatically change” Ohio’s downtown skylines

Governor Mike DeWine recently signed into law a bill that “is intended to incentivize insurance companies to invest in Transformational Mixed Use Development projects in Ohio’s downtowns,” which could dramatically change downtown skylines, Columbus Business First reports. Senate Bill 39 “authorizes a capped tax credit for insurance companies” to invest in the construction of new buildings “or the redevelopment, rehabilitation, expansion or other improvement of vacant buildings or structures” that “have the potential to have a significant economic impact,” according to the article. To be eligible, projects must exceed $50 million in cost and be either 15 stories in height or be 350,000 square feet or more in size. For more, read the full article.

Economic Development, Financial Incentives, State Updates