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

New Vaccine Requirement for Select CMS-Participating Facilities

November 10, 2021On November 4, 2021, the Centers for Medicare and Medicaid (“CMS”) released a new rule requiring certain healthcare facilities to implement policies requiring employees to be vaccinated against COVID-19. It does not matter if a staff member does not perform patient treatment services, they must still be vaccinated if an employee of an applicable facility.Client Alert

OSHA COVID-19 EMERGENCY TEMPORARY STANDARD (ETS) Vaccination, Testing, Recordkeeping, and Reporting

November 5, 2021The Occupational Safety and Health Administration has issued its long-awaited COVID-19 Emergency Temporary Standard (ETS). Note that the ETS does not apply to employers covered under the Safer Federal Workforce Task Force COVID-19 Workplace Safety: Guidance for Federal Contractors or Subcontractors (see here), or to settings where employees provide healthcare services subject to OSHA’s ETS for the healthcare industry (see here).Client Alert

Interesting Trends Revealed in 50-State Medicaid Budget Survey

November 3, 2021Results of the KFF annual survey of state Medicaid directors reveal some fascinating trends in Medicaid service delivery and benefit coverage. Read on for a summary of the highlights we find most noteworthy. Background As a preliminary matter, many of the trends KFF identifies and that we highlight below are no doubt a result of the Covid-19 pandemic. The pandemic triggered a public health emergency and economic crisis that resulted in increased Medicaid enrollment, service offerings, and flexibility in service delivery, along with a heightened awareness of disparities in access to care and health outcomes.Client Alert

Changes to Physician Assistant Statutes in Florida

October 22, 2021In the last year, there have been many changes to the scope of practice and collaboration/supervision requirements for advanced practice providers such as APRNs and physician assistants in the state of Florida. In a previous Client Alert we discussed House Bill 607, which expanded the autonomous practice of APRNs providing primary care services in Florida.Client Alert

Ohio Senate Bill 49 – Ohio Expands Lien Rights for Design Professionals

October 20, 2021Effective September 30, 2021, Ohio granted limited lien rights to design professionals, including architects, landscape architects, engineers, and surveyors. Ohio Governor Mike DeWine signed Senate Bill 49 into law on July 1, 2021. This new law established a statutory right to lien commercial real estate by Ohio design professionals who, until now, could not file a lien for non-payment of professional services. Senator Vernon Sykes, a primary sponsor of Senate Bill 49, stated that the “legislation ensures that architects, engineers and other designers will get paid for their work, regardless of the outcome of their projects . . . It will support hardworking Ohioans by protecting the value of their labor . . ..”
Older posts
Newer posts