- Posts by Richard C. SpoorAssociate
Richard C. Spoor practices in the firm’s Real Estate Group. Richard advises public entities, underwriters, and private clients in economic development and public finance transactions, as well as state and federal tax ...
The Ohio House of Representatives are considering a new law to create an economic tool to assist on Ohio economic development projects. Ohio House Bill 740, introduced in October and referred to the State and Local Government Committee in November (where it received its third hearing in December), seeks to create a state bond bank called the Economic Development Bond Bank (the “Bond Bank”).
Ohio General Assembly House Bill 727 (“HB 727”), introduced on August 29th, seeks to capitalize on the newly created “Opportunity Zone” program by adding a state tax incentive component.
On December 31, 2017, new Internal Revenue Code (“Code”) Sections 1400Z-1 and 1400Z-2, passed as part of the Tax Cuts and Jobs Act of 2017, became effective. These two Code sections establish the framework for the new Opportunity Zone (“O-Zone”) incentives. Generally, a gain realized from the sale or exchange of property with an unrelated person can be deferred if invested in a Qualified Opportunity Fund (an “O-Fund”) within 180 days of the sale or exchange.
The One Hundred and Thirty Second General Assembly of the Ohio Legislature has seen a number of bills introduced that innovate state and local governments’ engagement in economic development activity. In particular, three bills have been introduced that, if eventually passed, would have fairly significant impact on the Ohio economic development landscape. Those are House Bill 469, House Bill 668, and House Bill 525.
On December 8, 2016, the Ohio legislature passed Senate Bill 235 ("SB 235") which, among other things, adds Section 5709.52 to the Ohio Revised Code (“ORC”). Effective March 28, 2017, this section authorizes local governments to approve property tax exemptions for the increase in property value for property that is either “newly developable property” or “redevelopment property.” These terms essentially mean that as to a parcel of property, no commercial, industrial or agricultural operations are currently taking place on the property and that construction or reconstruction of a commercial or industrial building(s) is planned, but a certificate of occupancy has not yet been issued.
During this pre-development phase, the property tax exemption provided by SB 235 effectively freezes the taxable value in place during the exemption term until a certificate of occupancy is issued or upon the occurrence of other circumstances, as discussed below.
- Real Estate Law
- Environmental Law
- U.S. EPA
- Clean Water Act
- Tax Credit
- Economic Development
- Environmental Site Assessment
- Opportunity Zone
- JOBS Act
- Tax Abatement
- Ohio Foreclosure Reform
- Toxic Substances Control Act
- Receivership Statute
- Employment Law
- CDFI Fund
- Community Development Entities
- Community Development Financial Institutions Fund
- New Markets Tax Credit
- NMTC Financing
- Pre-Start Construction
- Title Insurance
- Hazardous Waste
- Resource Conservation and Recovery Act
- USEPA Guidance
- Construction Litigation
- Ohio Consumer Sales Practices Act
- LEED Certification
- Underground Storage Tank
- Storm Water
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- Proposed Creation of the Economic Development Bond Bank
- Proposed Ohio Opportunity Zone Tax Credit
- Ohio Opportunity Zone Designations Within the City of Cincinnati
- Spring Legislative Update/Economic Development