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.
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