HB 220 Summary

• Amends Ohio tax law to allow EB-5 foreign entrepreneur investors a refundable tax credit against commercial activity tax for capital losses recognized from eligible projects in Ohio.

• Establishes "Ohio Foreign Investment Authority, LLC" to certify eligible EB-5 projects; projects must have U.S. Citizenship and Immigration Services approval of investors' I-526 petitions and demonstrate job creation requirements under federal immigration law.

• Tax credit equals the total capital loss recognized by EB-5 investors before any combination with other gains or losses, allocated among investors proportionate to their individual recognized losses.

• Credit can only be claimed after EB-5 investors receive approval of their I-829 petitions (removal of conditional permanent resident status) and is limited to a $200 million aggregate cap on outstanding certificates.

• Modifies tax code definitions and adds the EB-5 credit to the priority order for claiming refundable commercial activity tax credits, placing it after jobs creation credits but before other credits.