HB 727 Summary

• Enacts new section 5747.74 to create a nonrefundable income tax credit for investments in Ohio Opportunity Zones, allowing a 10% credit for investments of $250,000 or more made during the taxable year.

• Defines "Ohio qualified opportunity fund" as a qualified opportunity fund holding 100% of its assets in qualified opportunity zone property designated in Ohio under federal law, measured by average holdings on the last day of the first six-month period and end of the taxable year.

• Establishes that the credit applies only to qualified opportunity zone property located in Ohio, including stock, partnership interests, and business property, if substantially all use was in an Ohio-designated opportunity zone.

• Places the new opportunity fund investment credit in the ninth position within the tax credit claiming order under section 5747.98, after the earned income credit and before adoption credits.

• Amends sections 5747.02 and 5747.98 to incorporate the new credit into Ohio's income tax structure and renumbers subsequent credit positions accordingly.