This week, GCP provided testimony on Senate Bill 8 that would create a state incentive for the federal Opportunity Zone program. Specifically, it would establish a 10% state income tax credit for those that invest in an Ohio Opportunity Zone Fund. GCP is supportive of the legislation because of our efforts through Opportunity CLE but also seeks to include a provision to strengthen impact investing.
“We believe that the federal Opportunity Zone program, coupled with Senate Bill 8, creates strong leverage to draw investment activity into local economic development efforts in our rural and urban communities in Ohio. We want to ensure that Senate Bill 8 is well aligned with the federal law but also increases the incentive for development in higher distressed communities,” said Alesha Washington, GCP’s vice president of government advocacy before the House Economic Development and Workforce Committee.
Senate Bill 8 passed the Ohio Senate and was amended into the operating budget (House Bill 166) late last week before final passage in the Ohio House. The budget now moves to the Ohio Senate for consideration. GCP will continue to advocate for a tiered incentive to support impact investing.