Insights

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.

The State of Ohio offers several economic development incentive programs targeted at supporting and increasing diversity and inclusion in the business community.

In this edition of Development Incentives Quarterly, we welcome Jim Staton, senior vice president and chief business development officer for the Indiana Economic Development Corporation (IEDC).

On December 29, 2020, Governor Mike DeWine signed Amended Substitute Senate Bill 39 (S.B. 39), which creates the Transformational Mixed-Use Development (TMUD) Tax Credit.

We virtually welcomed in February more than 200 guests at Vorys’ sixth annual Economic Development Incentives Conference – the nation’s largest annual conference focused on economic development incentives.

On Thursday, February 25, 2021, the United States District Court for the Eastern District of Texas ruled that the Center for Disease Control and Prevention’s (CDC) Order declaring a national moratorium on residential evictions was unconstitutional.

On December 9th, the Ohio Senate concurred with the House amendments to Amended Substitute Senate Bill 39 (S.B. 39), which will be sent to Governor DeWine for his consideration.