COLUMBUS—State Senator Michael Rulli (R-Salem) 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.
"The opportunity zones in our district certainly stand to benefit from additional investment, and this bill aims to do just that," said Rulli, who co-sponsored the legislation. "I thank Senator Schuring for his leadership on this issue, and I look forward to seeing the positive impact it will have on these areas of our community."
An interactive map released by the Ohio Development Services Agency shows where these areas are throughout the state. In Ohio, there are 73 counties with areas identified as opportunity zones.
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 communities in order to foster new development, job creation and improved local tax revenue.
For more information on the details of the legislation, please contact Senator Rulli's Office at (614) 466-8285 or send an email to Rulli@OhioSenate.gov.