COLUMBUS—State Senator Bob Peterson
(R-Washington Court House) this week announced the Senate passage of legislation that aims to bolster the economic development of Ohio's low-income communities by incentivizing investments in Ohio's opportunity zones.
"There is no doubt that the opportunity zones in our district would stand to benefit from the additional investment and development that will be generated from this legislation," said Peterson. "I anticipate we will see a boost for some communities who need it most, and I thank Senator Schuring for his leadership on this issue."
In Ohio, there are 73 counties with areas identified as opportunity zones. An interactive map
released by the Ohio Development Services Agency shows where these areas are throughout the state.
Senate Bill 8 works in conjunction with the Federal Opportunity Zone law that passed in December 2017, allowing states to identify up to 25% of economically distressed census tracks as opportunity zones. Ohio was approved for 320 such zones.
However, the federal law did not specify that investments from Ohio need to be made in Ohio, which is the specific issue Senate Bill 8 addresses. The legislation passed today adds an additional Ohio tax advantage to encourage investments in an Opportunity Zone Fund that is exclusively used in Ohio.
Senate Bill 8 is designed to incentivize investment in Ohio's economically disadvantaged community in order to foster new development, job creation and improved local tax revenue.
For more information regarding the details of Senate Bill 8, click here