Insights

Toby Rittner is the latest participant in our Q&A series with prominent economic developers across the country. Toby is the President and CEO of the Council of Development Finance Agencies (CDFA), a role he has held for over 14 years.

On July 18, Ohio Governor Mike DeWine signed a two-year budget bill (HB 166), his first since taking office.

On July 18, 2019, Governor DeWine signed into law House Bill 166 (HB 166), the Ohio biennial operating budget bill.

On June 12, 2019, the Senate unanimously approved Senate Bill 95. The bill, sponsored by State Senators Bob Peterson and Stephanie Kunze, has been sent to the House for further consideration.

Dean Monske is the latest participant in our Q&A series with prominent economic developers across the country.

Investors considering an investment intended to benefit from the federal Qualified Opportunity Zone (QOZ) program should also explore the availability of similar state programs.

Through Vorys’ fourth annual Economic Development Incentives Conference – hosted in February – we welcomed more than 270 guests from three countries and seven states.

On October 19, 2018, Treasury issued Proposed Regulations and a Revenue Ruling (together, the Guidance) which address many important QOZ questions, generally in a taxpayer favorable manner. 

On August 29, 2018, House Speaker Pro Tempore Kirk Schuring introduced a bill (H.B. No. 727) to create a tax credit for investments in Qualified Opportunity Zones.

In 2017, Foxconn Technology Group (Foxconn)[1] and the Wisconsin Economic Development Corporation (WEDC) reached agreement on one of the largest and most significant economic development projects in history.

Earlier this year, the City of Columbus announced it would be implementing a new incentives policy impacting residential post-1994 Community Reinvestment Areas (CRAs) in the city.

Two important aspects of every tax increment financing (TIF) project in Ohio are (i) determining whether the TIF exemption or another exemption should take priority when two exemptions apply to the same property, and (ii) taking the steps necessary to implement the preferred priority.

The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) updated the list of designated Qualified Opportunity Zones on their website to include the designation of 320 Qualified Opportunity Zones in the state of Ohio, as well as additional Qualified Opportunity Zones in Alabama, Delaware, Missouri, Texas and the Northern Marianas Islands.

Chris Chung is the next participant in our Q&A series with prominent economic developers across the country.

This article is the first of a series intended to provide developers with an overview of the life cycle of New Markets Tax Credit (NMTC) transactions.

Vorys third annual Economic Development Incentives Conference – hosted in February – welcomed more than 160 guests from several states across the country.

As part of federal tax reform, Congress created a new program to encourage investment in businesses that are located in low-income communities that are designated as “Qualified Opportunity Zones.” This program creates a new potential source of capital for businesses and real estate developments located in Qualified Opportunity Zones, while at the same time creating a new tax benefit for investors seeking to reduce their tax burden on taxable asset dispositions.

As part of federal tax reform, Congress created a new “Qualified Opportunity Zone” program to encourage investment in businesses that are located in low-income communities.

The Tax Cuts and Jobs Act (the “Act”) was signed into law on December 22.

We asked Kenny McDonald, president and chief economic officer of Columbus 2020, to answer some questions regarding the organization, its upcoming initiatives and the evolving perception of Columbus.