Daily Tax Report ®

Opportunity Zone Tax Incentive Bill Passes Ohio Senate

April 4, 2019, 3:59 PM

The Ohio Senate unanimously passed a bill April 3 that would provide state income tax incentives encouraging investment in the federal Opportunity Zone program.

S.B. 8 is meant to encourage capital gains investment in Ohio by providing a state income tax credit up to 10 percent of the investment in qualifying Opportunity Zone funds. The bill now goes to the House for consideration.

Ohio is one of several states pushing for a way to piggy-back off the 2017 federal tax law’s Opportunity Zones incentive. The federal incentive allows investors who develop real estate or fund businesses to defer capital gains...

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