Quick Reference  |  Summary

Ohio Opportunity Zone Tax Credit Program

Purpose

To provide an incentive for taxpayers to invest in economically distressed areas known as “Ohio Opportunity Zones”. These Ohio Opportunity Zones, designated by Federal statute, are designed to encourage economic development and job creation in identified distressed communities. See a map of the Ohio Opportunity Zones here.

Program

The Ohio Opportunity Zone Tax Credit provides a nonrefundable tax credit against the individual income tax for Taxpayers that invest in projects located in designated Ohio Opportunity Zones.

To qualify, the Taxpayer must invest cash in an Ohio Qualified Opportunity Fund, which in turn must invest that money inĀ  property in an Ohio Opportunity Zone. After the investment is made in the property, the Taxpayer is eligible for a nonrefundable tax credit equal to 10% of the total of its funds that were invested in the property.

For Whom

A “Taxpayer” is an individual or entity as defined under section 5747.01 of the Ohio Revised Code (“ORC”). Additionally, the Taxpayer must be subject to the individual income tax levied under section 5747.02 of the ORC.

Program Contact

Office of Strategic Business Investments, Carrie Manno, (614) 466-6667

How Much

For the 2020-2021 biennium, a total of $50 million in tax credit allocation is available.

A qualified Taxpayer can be awarded up to $1 million in tax credits in eligible investments made in Ohio Qualified Opportunity Fund(s).

Related Assistance

Click here for detailed information