Ohio Senate passes bill to raise the annual limit on the Ohio New Markets Tax Credit Program from $10 million to $50 million
Last week, the Ohio Senate passed Senate Bill 327 — a bill designed to “boost private investment in low-income communities across Ohio” — by a 31-2 vote, Dayton Business Journal reports. The bill will allow for the “rapid deployment of over $437 million of investment in Ohio’s poorest communities” by increasing the annual limit on the total amount of credits available through the Ohio New Markets Tax Credit Program, which is designed to provide investors with state tax credits in exchange for delivering below-market-rate investment options to Ohio businesses, from $10 million to $50 million, the article said. For more, read the full story and S.B. 327, and visit the Ohio New Markets Tax Credit Program website.
