Opportunity Zones: Fact or Fiction?

We believe we know more about Ohio Opportunity Zone law than any other firm.  There are a lot of myths and misperceptions flying around about Opportunity Zones.  See for yourself, some of the most important details about Ohio Opportunity Zones with Sikora Law’s Fact or Fiction summary below:

Almost $30M of the $50M allocation was awarded after Ohio’s Opportunity Zone Program was effective for only 10 weeks.
That’s true.  Ohio’s Opportunity Zone Program had been effective for only 10 weeks in 2019.  That Program has been extremely successful thus far.

Everyone who applies for Ohio Opportunity Zone Tax Credits receives them.
That’s false.  The Ohio Development Services Agency received nearly $35M in applications for Ohio Opportunity Zone tax credits, and approximately $30M in tax credits were awarded. The main reasons certain applicants did not receive tax credits was generally due to their structure, flow of funds, and/or non-compliant  documentation – they did not do what they needed to do in order to receive the credits.

Some developers received tax credits for work performed or money invested in Opportunity Zones even before Ohio’s Opportunity Zone law became effective.
That’s true. Our firm was advising Clients about what they needed to do to comply with the law even before it became effective. When it became apparent that the Bill was likely to pass, we closely advised our Clients on how to take the necessary steps to ensure compliance with the requirements of the new law.

Mike Sikora presents to the Ohio State Bar Association Counsel of Delegates Screening Committee

Mike Sikora presented to the Ohio State Bar Association Council of Delegates Screening Committee on several improvements to Ohio’s Judgment Lien Statute.  The Screening Committee voted unanimously to move forward with the initiative, which now heads to the full OSBA Council of Delegates next month for a vote.

Sikora Law announces new website

Sikora Law is excited to announce the launch of our new Ohio Opportunity Zone website, which summarizes the latest information about Ohio Opportunity Zone law and its interplay with federal Opportunity Zone law and highlights certain projects that we’ve helped utilize those laws.

Mike Sikora quoted in Crain’s Cleveland Business

Sikora Law’s Managing Partner Mike Sikora quoted in Crain’s Cleveland Business article about Ohio’s Opportunity Zone Program.

$30,000,000 Opportunity Zone Tax Credits Issued by the Ohio Development Services Agency in Inaugural Round

Sikora Law’s Clients (40 successful applicants) were awarded approximately 20% of the $30,000,000 Ohio Opportunity Zone tax credits issued for 2019 investments in Ohio Opportunity Zones, a figure that we believe exceeds any firm in the state.

In 2019 Mike worked closely with the Senator who sponsored the Bill that became Ohio’s Opportunity Zone law as well as provided expert testimony on behalf of NAIOP to the Ohio General Assembly in support of the passage of that Bill.  These efforts have resulted in one of the most beneficial Opportunity Zone tax credit programs in the country.

Sikora Law utilized its expertise and unique perspective on this new law to maximize the financial benefits of this fantastic new program for our Clients.  If you are considering an Opportunity Zone investment, or if you have questions about how you can make the most of Ohio’s Opportunity Zone program, contact the Sikora Law Team.