Toledo Regional Chamber of Commerce | Toledo, OH

  • Benefits & Services
    • Center for Training and Development
    • Employee Health Insurance
    • Cost Saving Benefits
    • Marketing & Sponsorship Opportunities
    • Member Portal
    • Newsroom
    • Newsletter Archives
  • Talent & Workforce
    • Talent Attraction >
      • Expand Your Talent Pool
    • Industry Sector Partnerships
    • Job Board
    • Talent Alignment Strategy
  • Starting/Growing Your Business
    • Minority Business Assistance Center
    • Small Business Development Center
    • The Ramp
    • Export Assistance Network
    • Export Success
    • Small Business Council
    • Business Development Resources
  • Your Government Relations
    • Public Policy Agenda
    • Capital Budget
    • Endorsements & Voter Resources >
      • Regional Elected Officials
    • Institute for Leadership & Advocacy
    • Supporting Veterans & Families
    • middle market
  • Developing Young Professionals
    • EPIC Toledo
    • Summer in the City
  • Upcoming & Recent Events
    • Upcoming Events
    • Recent Events
    • Annual Meeting
    • Clambake
    • Community Calendar
  • Your Chamber
    • Become a Member
    • Membership Directory
    • Minority, Women and Disadvantaged Business Enterprise Directory >
      • MWDBE Directory Submission Form
    • About the Chamber
    • Blog
    • 2025 Board
    • Staff
    • Join Our Team
    • Contact Us
  • Toledo Region
  • Benefits & Services
    • Center for Training and Development
    • Employee Health Insurance
    • Cost Saving Benefits
    • Marketing & Sponsorship Opportunities
    • Member Portal
    • Newsroom
    • Newsletter Archives
  • Talent & Workforce
    • Talent Attraction >
      • Expand Your Talent Pool
    • Industry Sector Partnerships
    • Job Board
    • Talent Alignment Strategy
  • Starting/Growing Your Business
    • Minority Business Assistance Center
    • Small Business Development Center
    • The Ramp
    • Export Assistance Network
    • Export Success
    • Small Business Council
    • Business Development Resources
  • Your Government Relations
    • Public Policy Agenda
    • Capital Budget
    • Endorsements & Voter Resources >
      • Regional Elected Officials
    • Institute for Leadership & Advocacy
    • Supporting Veterans & Families
    • middle market
  • Developing Young Professionals
    • EPIC Toledo
    • Summer in the City
  • Upcoming & Recent Events
    • Upcoming Events
    • Recent Events
    • Annual Meeting
    • Clambake
    • Community Calendar
  • Your Chamber
    • Become a Member
    • Membership Directory
    • Minority, Women and Disadvantaged Business Enterprise Directory >
      • MWDBE Directory Submission Form
    • About the Chamber
    • Blog
    • 2025 Board
    • Staff
    • Join Our Team
    • Contact Us
  • Toledo Region

We believe in sharing your stories.

Chamber supported bill assists investment in Opportunity Zones and historic buildings

6/21/2022

0 Comments

 
Picture
​Senate Bill 225 was signed by Governor Mike DeWine on June 14. The Chamber advocated for language that increases the amount of nonrefundable Opportunity Zone credits that may be issued, to $75 million in the July 2021-June 2023 biennium, up from $50 million. There are more than 20 Opportunity Zones located in Lucas County. 
​Ohio Opportunity Zone tax credits equal 10% of a person’s investment in Ohio qualified opportunity funds that are in turn invested in projects located in Ohio Opportunity Zones, areas designated for development under the federal Tax Cuts and Jobs Act of 2017. The Ohio Opportunity Zone tax credit is nonrefundable and may be claimed against the individual income tax. The credit may be claimed by a taxpayer for the year when a qualifying investment is made in a project or for the next year. Any unused credit amount may be carried forward for up to five years.
 
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.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    June 2025
    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Advocacy And Public Policy
    Business Development
    Center For Training And Development
    Chamber Updates
    EPIC Toledo
    Events
    Membership Opportunity
    New Members
    Our Members
    Small Business Development Center
    Talent Resource Week

    RSS Feed

Copyright Toledo Regional Chamber of Commerce.  All Rights Reserved.
300 Madison Avenue, Ste. 200  |  Toledo, OH 43604
PHONE: (419) 243-8191 
Terms and Conditions
Picture