State Launches New Web Portal For 'Opportunity Zones'
The state has launched a new portal for its 320 opportunity zones, so those economically distressed communities can showcase projects to 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. And 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," he said.
The state provides a 10% 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.