Substitute Senate Bill 225 Summary

• Modifies Ohio opportunity zone investment tax credit by changing "substantially all" to "all" for property use requirements and adjusting application periods to January 10-February 1 and July 10-August 1 annually.

• Changes opportunity zone tax credit from 10% to equal the amount invested during the preceding calendar year investment period (January-June or July-December) with annual caps of $75 million (FY 2021-2023), $50 million (FY 2024), and $25 million per year thereafter.

• Increases historic rehabilitation tax credits to 35% for projects in counties with populations under 300,000 (2020 census) and 25% for larger areas, with enhanced credits up to $10 million per project annually for projects approved after the bill's effective date through July 1, 2024.

• Limits total historic rehabilitation tax credits to $120 million for each of fiscal years 2023 and 2024, then $60 million per year thereafter, allowing unused credits to be reallocated to new applicants.

• Authorizes City of Canton to distribute Hartford-Houtz Poor Fund money to Canton Ex-Newsboys Association or other charitable organizations without appointing a board of trustees.