Ohio to Accept Applications for Opportunity Zones

COLUMBUS, Ohio – Interested investors can soon apply for tax benefits through the Ohio Opportunity Zones Tax Credit program.

The Ohio Department of Development has released the program application for the July 2024 round. Applications can be submitted from 10 a.m. July 10 to 4 p.m. Aug. 1.

Approximately $25 million in tax credit benefits are available this round. The tax credit program provides an incentive for taxpayers to invest in Opportunity Zones, which are low-income communities where new investments may be eligible for preferential tax treatment. Ohio has 320 Opportunity Zones in 73 counties across the state.

Ohio Qualified Opportunity Fund investments occurring from Jan. 1 to June 30 are eligible for tax credit consideration. Eligible applicants include entities that invested in an Ohio QOF that, in turn, invested that capital in a Qualified Opportunity Zone property in Ohio.

More information on program eligibility and the application process can be found HERE.

Published by The Business Journal, Youngstown, Ohio.