The state has launched a new portal for its 320 opportunity zones, so those economically distressed communities can showcase the projects potential investors can put money into.
The 2017 federal tax law put more incentives into investing in low-income rural areas and struggling urban neighborhoods.
And Lt. Gov. Jon Husted said the next step was finding a way for communities, project managers and investors to connect. He said this portal at opportunityzones.ohio.gov is a one-stop shop rather than a collection of websites.
“Why don’t we all make this open source? They can put whatever they want to sell themselves, but it also serves as a central collection point," Husted said.
The state provides a 10 percent non-refundable income tax credit for investment in opportunity zones, which must stay in place for 10 years.
But investors can get a break on federal capital gains taxes and pay no taxes on appreciation of investments in the zone.
Copyright 2019 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.