Ohio Bill Would Boost OZ Tax Incentive

A bill passed by the Ohio Senate would increase the state’s enhancement of Opportunity Zone tax incentives by doubling the amount of money available as tax credits in fiscal 2022 and 2023.

In addition to the federal tax incentives associated with investments in Qualified Opportunity Funds (QOFs) and Qualified Opportunity Zone Businesses (QOZBs), Ohio allows for investors to receive a non-refundable tax credit equal to 10% of the amount invested in the state. State Bill 225 would double the amount of money available for such credits from $50 million to $100 million, while also aiming to enhance the transferability of the credits.

Ohio has 320 Opportunity Zones scattered throughout the state.

In addition, SB 225 would double the Ohio Historic Preservation Tax Credit.

Two Ohio-focused Opportunity Zone funds presented at OZ Pitch Day Fall 2021, including Nest Opportunity Fund:

Additionally, Chris Knoppe of CBUS OZ Funds discussed how his firm takes advantage of the unique Ohio tax incentives:

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