Sikora Law Helps with OZ Improvements in Budget Bill

Ohio’s Opportunity Zone Program received another boost thanks to Ohio’s Budget Bill that passed on June 30, 2021.  The Budget Bill enacted several new initiatives and valuable enhancements to Ohio’s economic development incentive programs – one of which is Ohio’s Opportunity Zone Program.  The first improvement to Ohio’s OZ Program is the increase in the amount of Opportunity Zone Tax Credits that may be awarded to each investor per two year cycle – with that limit doubling from $1,000,000 to $2,000,000 per person.  The second improvement effectively eliminates the cap that previously existed on Opportunity Zone Tax Credit purchases.  Our firm is currently working with numerous Clients on OZ engagements and utilize our knowledge on how to best use Opportunity Zone law to your advantage.