Insights

On June 1, 2022, the Ohio General Assembly passed Substitute Senate Bill Number 225 (S.B. 225) to expand the Ohio Opportunity Zones Tax Credit Program and the Ohio Historic Preservation Tax Credit Program and amend certain other provisions.

On Wednesday, June 1, the Ohio General Assembly passed HB 430 that, among other things, includes a statewide prohibition against local rent control ordinances and regulations. The bill has been sent to the governor for his signature.

In this edition of Development Incentives Quarterly, we welcome Subash Alias, Chief Executive Officer of the Missouri Partnership, a public-private economic development organization that has worked with partners to attract companies that have created more than 29,000 jobs and $4.8 billion in new capital investment in Missouri.

Vorys was pleased to be able to hold its 7th Annual Vorys Economic Development Incentives Conference back in person this year! The event, held in February 2022, drew more than 200 guests from a broad range of businesses, developers and government entities and featured speakers from around the country.

Covering real property taxation across the United States

Taxpayers seeking to contest real property tax values established by assessing jurisdictions across the country often have a short window of opportunity to contest their new valuation.

The United States Environmental Protection Agency (USEPA) released a detailed guidance and brief fact sheet on March 8, 2022, providing details on how money from the new infrastructure law will be distributed to communities needing federal funds for local sewer and water projects.

Ted Smith, a partner in the Vorys Columbus Office, and Michelle Smith, an associate in the Vorys Cleveland office, co-authored an article titled “Liquidated Damages in Ohio Purchase and Sale Agreements” for The Practical Real Estate Lawyer.

The Ohio Senate recently passed, by a 24-7 vote, Amended House Bill 126 (“HB 126”) that will significantly change the administration of Ohio’s real property tax system if it is also passed by the House and signed by the Governor. It is unusual for us to report on pending legislation, but given the significance of the changes and the fact that it is already impacting pending matters this unusual step is warranted.

Vorys is a law firm, not an accounting firm. Nevertheless, because the topic addressed herein is important and timely for our economic development incentives clients, we decided to publish this client alert.

Among the new economic development programs created in Amended Substitute House Bill 110 (H.B. 110 or the Budget Bill) are enhanced potential incentives for megaprojects.

On July 1, 2021, Governor DeWine signed Senate Bill 49 giving lien rights to Ohio architects, landscape architects, professional engineers, and professional surveyors (design professionals) beginning September 30, 2021.

On June 30, 2021, Governor Mike DeWine signed Amended Substitute House Bill 110 (H.B. 110 or the Budget Bill), which creates the biennial budget for State fiscal years (SFY) 2022-2023 (July 1, 2021-June 30, 2023).

When parties enter into an agreement for an economic development incentive, it’s almost always with a sense of optimism.

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (H.R. 1319) (ARP) into law.

As a former president and general counsel of a private equity firm, followed by five years at the Ohio Development Services Agency, Vorys of counsel Sean Byrne is uniquely positioned to counsel PE firms on how they can creatively utilize economic development incentives to maximize investments.

Taxpayers seeking to contest real property tax values established by assessing jurisdictions across the country often have a short window of opportunity to contest their new valuation.