DevelopOhio

On Wednesday, June 27, companion bills were introduced in the Ohio Senate and House of Representatives that are designed to incentivize private investment in local economic development projects. Under the proposed legislation, for-profit corporations or pass-through entities, such as S Corps or partnerships, could seek tax credits for contributions of up to $500,000 that assist a local unit of government, a community improvement corporation, or a nonprofit with an economic development project. The tax credits would be available for up to 60% of the value of a contribution to a rural project and for up to 50% of the value of the contribution to an urban project. For more, read the full text of H.B. 219 and S.B. 149.