Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

Ohio Senate Bill 225 Paves the Way for Greater Investment in Opportunity Zones and Historic Districts

Client Alert
July 26, 2022

Ohio Senate Bill 225 is poised to make dramatic enhancements to certain tax credit programs in Ohio, specifically those surrounding investments in “Opportunity Funds” and historic buildings. Signed into law by Governor Mike DeWine in June 2022, the Bill is positive news for real estate developers working to revitalize Ohio communities with investment and rehabilitation projects. 

Features include: 

Tax Credits for Opportunity Zones 

  • Awarded tax credits cannot exceed $75 million for the fiscal biennium beginning July 1, 2021, ending June 30, 2023; $50 million for fiscal year 2024; or $25 million for each fiscal year thereafter. 

  • A critical element of the Bill is that the term “taxpayer” is differentiated from the term “person,” allowing non-taxpaying entities to take advantage of the program as well as Ohio residents and taxpayers who have different qualifications. 

  • The tax credit equals 10-percent of the amount of the person’s investment in the fund that the fund invested during the immediately preceding investment period in Ohio opportunity zones, with a $2 million cap for all applicants.  

  • The investment period is the six-month period from January 1 to June 13, or from July 1 to December 31. 
  • In 2021, there were $10 million in tax credits left over; therefore the increase in funding incentivizes investors to contribute to low-income communities and opportunity zones with a high probability of being awarded credits. 

Tax Credits for the Restoration of Historic Buildings 

  • There is a $120 million limit on rehabilitation tax credits for 2023 and 2024, and $60 million of rehabilitation tax credits for each year thereafter. This allocation is doubled from the current $60 million cap. 

  • Total tax credits for any single project cannot exceed $10 million for any year. 

  • The certificate holder may claim a tax credit equal to 35-percent of the dollar amount indicated on the tax credit certificate if any county, township, or municipal corporation within which the project is located has a population of less than 300,000 according to the 2020 census, and 25-percent otherwise. 
  • For rehabilitations not exceeding 24 months, a rehabilitation tax credit certificate cannot be issued before the rehabilitation is complete. For rehabilitations not exceeding 60 months, a rehabilitation tax credit certificate cannot be issued before a stage of rehabilitation is complete.  

  • This program will be critical for continued investments by developers in low-income areas and will also serve in further expanding Ohioans’ pride through revitalization of Ohio’s most important landmarks. 

For more information about this opportunity, please contact Jason Butterworth at jabutterworth@bmdllc.com.

Jason A. ButterworthReal Estatetax creditsOpportunity ZonesEconomic Developmenthistoric preservation
Client Alert

Supreme Court Rules that Employers Must Show Substantial Increased Costs to Legally Decline Employees’ Religious Accommodation Requests

June 29, 2023On June 29, 2023, the Supreme Court ruled in Groff v. DeJoy that under Title VII of the Civil Rights Act of 1964 (“Title VII”) employers must show, in order to decline religious accommodations, that the burden of granting religious accommodations to employees will result in substantial increased costs in relation to the conduct of an employer’s particular business, thus amending the prior, simple standard of a “de minimis” undue hardship.Client Alert

Recent HIPAA Breach Settlements - Lessons Learned

June 19, 2023According to the U.S. Department of Health and Human Services’ (HHS) Office for Civil Rights (OCR), the consequences for providers may include settlements of $30,000 to $240,000. OCR recently released two settlements for improper breaches of protected health information (PHI) that are good examples of the major monetary penalties that can result from common HIPAA mistakes.Client Alert

Supreme Court Issues Major False Claims Act Decision

June 5, 2023Client Alert

Telehealth Flexibility Updates: HIPAA, DEA, and CMS

May 12, 2023The Covid-19 Public Health Emergency (PHE) officially ended on May 11, 2023. But what does that mean for telehealth, a field that expanded exponentially during the PHE? Fortunately, many of the flexibilities will remain intact, at least temporarily. This client alert presents a brief overview of the timelines that providers need to follow, but for a more comprehensive review of telehealth flexibilities and when they will endClient Alert, Multimedia

WEBINAR SERIES RECAP | Ending the Public Health Emergency + Post-Pandemic Check-Up

May 10, 2023Some may take the position that the rest of the country already returned to a new “normal” following the COVID-19 pandemic.  But healthcare providers continue to implement COVID protocols and navigate the ever-changing healthcare regulations at both the federal and state levels.  It is important for healthcare providers to take time for a “Healthcare Check-Up” with the start of 2023 and the ending of the Public Health Emergency (“PHE”).
Older posts
Newer posts