Ohio Income Tax Credit for Opportunity Zone Investments

The Ohio Senate unanimously recently passed Senate Bill 8.   If enacted, this Bill would create a 10% Ohio income tax credit for Opportunity Fund investments. The maximum amount of such credits permitted under this Bill in the initial two-year period would be $50 Million, with a per applicant max of $1 million.  Taxpayers would apply…

Qualified Opportunity Funds

The recently enacted Tax Cuts and Jobs Act (“TCJA”) introduced two tax saving opportunities.  One option permits a taxpayer to defer gain from the sale of property that is reinvested in an investment in a Qualified Opportunity Fund (“QO Fund”).  The second option permits the taxpayer to permanently exclude gain from the sale or exchange of the taxpayer’s…