Ohio Opportunity Zone Tax Credit Program applications accepted through Feb. 1

The Ohio Department of Development announced Jan. 12 that Opportunity Zone investors now can apply for more than $28 million in tax benefits available this round through the Ohio Opportunity Zone Tax Credit Program, according to a news release.

The program application is available for review on the Ohio Department of Development’s website. Applications can be submitted now until 5 p.m. Thursday, Feb. 1.

Historically, the Ohio Opportunity Zone Tax Credit was available once per fiscal year.

However, changes made in Senate Bill 225 by the 134th General Assembly added a second application round per fiscal year, according to the release.

Under Senate Bill 225 provisions, Ohio Qualified Opportunity Fund (QOF) investments occurring July 1 — Dec. 31, 2023, are eligible for tax credit consideration for the application period beginning in January, the release said.

Eligible applicants include entities that invested in an Ohio Qualified Opportunity Fund which, in turn, invested that capital in a Qualified Opportunity Zone property in Ohio, according to the release.

Opportunity Zones 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.

More information on program eligibility and the application process can be found on the Ohio Opportunity Zones Tax Credit webpage at development.ohio.gov/opportunityzone.

The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places, and businesses.

Learn more about our work at development.ohio.gov.