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Summer 2022

Development Incentives Quarterly: Summer 2022

Building Bigger More Often: Trends and Impacts in the New Frontier of Megaprojects

In the United States and globally, megaprojects are becoming more common across the economic development landscape. This article will discuss the recent increase in the number of megaprojects across the U.S.; what communities are doing to attract them; and what impacts such large-scale projects are having on communities and other economic development projects.

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Expansion of Ohio Opportunity Zones Tax Credit Program Creates Opportunities

Currently, Ohio law allows taxpayers that invest in an opportunity zone fund holding 100% of its assets in a federally qualified Ohio opportunity zone to receive a nonrefundable state income tax credit equaling up to 10% of the taxpayers’ investment in a project based in an Ohio opportunity zone.

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Supporting Investment Outside the Three C’s: The Expanded Ohio Historic Preservation Tax Credit Enhances Another Tool for Projects beyond Ohio’s Major Cities         

On June 14th of this year, Governor Mike DeWine signed Substitute Senate Bill Number 225 (S.B. 225), effective September 13, 2022, which will, among other changes, expand the pool of funding available for Ohio Historic Preservation Tax Credits (HPTC) and increase the credit for projects outside of the “Three C’s”: Cincinnati, Cleveland and Columbus.

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About Development Incentives Quarterly: We at Vorys are continually educating ourselves regarding economic development incentives, including tax credit changes and opportunities.  We created the Development Incentives Quarterly to provide you relevant information that you need in the changing landscape of this area.  Our economic development incentives clients include developers, political subdivisions and growing businesses, so you’ll see information from a variety of perspectives. That diverse perspective has allowed us to grow to be one of the largest economic development incentives practices in the state of Ohio. As we’ve grown, we have also expanded our geographic reach and now advise on projects across the country.

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