The Ohio Senate unanimously passed Senate Bill 8 on April 3, 2019. If enacted, the bill will create a 10% tax credit against the Ohio income tax for Opportunity Fund investments. The maximum amount of credits allowed by Ohio for a two-year period is $50 Million, with a per applicant cap of $1 million. This credit should also available to investors that do not have capital gains to invest. Investors would apply for credits between January 1 and February 1 each year, and the credits are non-refundable but can be carried forward for five years.
Ohio Tax Credit for Opportunity Zone Investments Bill is Passed by the Ohio Senate
Posted by Kari Brooke on Apr 9, 2019 9:22:52 AM
Topics: brixey and meyer, ohio, Tax, Tax Team, Kari Brooke, Tax Credit, Opportunity Zone