Ohio REALTORS back measure to spur development
By Beth Wanless, Ohio REALTORS Government Affairs Directors
Ohio REALTORS has voiced strong support for passage of Senate Bill 8, a measure designed to incentivize investment throughout Ohio in economically distressed communities identified as opportunity zones.
SB 8, introduced by Sen. Kirk Schuring (R-Canton), will enhance existing federal tax incentives by providing additional state income tax credits to those who invest in Ohio’s opportunity zones. Created by the Tax Cuts and Jobs Act of 2017, opportunity zones are an important tool to spur development throughout the state.
Under certain conditions, an investor could receive tax benefits from developing one of these designated opportunity zones which, in turn, could create much needed jobs and boost tax revenue. SB 8 would establish additional income tax credits, placing Ohio in a unique position to launch even more economic development and revitalize neighborhoods.
The measure is currently being considered by the Senate Ways and Means Committee.