Ohio has launched a new portal for its 320 “Opportunity Zones,” intended to help economically distressed communities to showcase projects for potential investors.
The 2017 federal tax law put more incentives into investing in low-income rural areas and struggling urban neighborhoods. Lt. Gov. Jon Husted said the next step was finding a way for communities, project managers and investors to connect.
Husted said this portal works as 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.