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Proposed Community Revitalization Grants for Ohio Projects

Client Alert
July 27, 2022

Community Revitalization Credits May Be on the Horizon for Ohio Revitalization Projects

Ohio Senate Bill 344 is designed to offer non-refundable tax credits for individuals, corporations, or non-profits that are willing and able to invest in and build community projects in economically disadvantaged communities.  This Bill aims to incentivize the revitalization of Ohio’s communities while bolstering business in underdeveloped sectors.

Entities seeking a tax credit must apply to the director of development within specified timeframes of two review periods each fiscal year. The first begins on July 1 ending after September 13, and the second begins on January 1 and ends after March 31. If approved, the project must be completed within two years.

A project's credit allocation must be equal to or less than $5 million or 15-percent of estimated costs reported or 20-percent of costs, if the project is in an economically disadvantaged community. A credit allocation for each phase of a larger community revitalization project may be awarded a $5 million limitation applying to each phase of the project. The limit for credit allocations in a fiscal year cannot exceed $100 million, and no tax credit certificate will be issued for a project that is not completed within two years of the applicant being notified the project is eligible for tax credit.

If a certificate is issued to a pass-through entity for an investment by the entity, any taxpayer that is a direct or indirect investor in the pass-through may claim the taxpayer's proportionate or distributive share of the credit against the taxpayer's aggregate amount of tax levied. A person that is not a taxpayer cannot claim the credit, but if the person is the applicant to which the certificate is issued, the person may transfer the right to claim the credit.

A person that holds a tax credit certificate, on or before the last day of the person's taxable year or, if the person is not a taxpayer, on or before the last day of the calendar year in which the certificate is issued, may transfer the right to claim all or part of the credit to any other person. 

The Bill, sponsored by Ohio Senator Kirk Schuring, District 29, is currently in Senate Committee.

For more information about this opportunity, please contact Jason Butterworth at jabutterworth@bmdllc.com.

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