Additional information about Ohio’s Opportunity Zones can be found at https://opportunityzones.ohio.gov/home.
Another key component of SB225 benefits the rehabilitation of historic buildings. The bill increases the amount of historic building rehabilitation tax credits that may be issued in each of FY 2023 and FY 2024 from $60 million to $120 million. Some of the credits issued in those years may be claimed in subsequent fiscal years.
For such tax credits approved after the bill’s effective date and before the end of FY 2023, the allowable credit is increased to 35% of the dollar amount of qualified rehabilitation expenditures from 25%, in a county, a township, or a municipal corporation that has a population of less than 300,000. Reapplication for the larger credit is permitted, for credits approved between the start of FY 2021 and the bill’s effective date if construction has not started. The enhanced rehabilitation tax credit claimed for any one project may not exceed $10 million for these credits, up from $5 million for credits approved in other years.
Additional information about the Ohio Historic Preservation Tax Credit Program can be found at https://development.ohio.gov/business/redevelopment/ohio-historic-preservation-tax-credit-program.