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Proposed Community Revitalization Grants for Ohio Projects

Client Alert
July 27, 2022

Community Revitalization Credits May Be on the Horizon for Ohio Revitalization Projects

Ohio Senate Bill 344 is designed to offer non-refundable tax credits for individuals, corporations, or non-profits that are willing and able to invest in and build community projects in economically disadvantaged communities.  This Bill aims to incentivize the revitalization of Ohio’s communities while bolstering business in underdeveloped sectors.

Entities seeking a tax credit must apply to the director of development within specified timeframes of two review periods each fiscal year. The first begins on July 1 ending after September 13, and the second begins on January 1 and ends after March 31. If approved, the project must be completed within two years.

A project's credit allocation must be equal to or less than $5 million or 15-percent of estimated costs reported or 20-percent of costs, if the project is in an economically disadvantaged community. A credit allocation for each phase of a larger community revitalization project may be awarded a $5 million limitation applying to each phase of the project. The limit for credit allocations in a fiscal year cannot exceed $100 million, and no tax credit certificate will be issued for a project that is not completed within two years of the applicant being notified the project is eligible for tax credit.

If a certificate is issued to a pass-through entity for an investment by the entity, any taxpayer that is a direct or indirect investor in the pass-through may claim the taxpayer's proportionate or distributive share of the credit against the taxpayer's aggregate amount of tax levied. A person that is not a taxpayer cannot claim the credit, but if the person is the applicant to which the certificate is issued, the person may transfer the right to claim the credit.

A person that holds a tax credit certificate, on or before the last day of the person's taxable year or, if the person is not a taxpayer, on or before the last day of the calendar year in which the certificate is issued, may transfer the right to claim all or part of the credit to any other person. 

The Bill, sponsored by Ohio Senator Kirk Schuring, District 29, is currently in Senate Committee.

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

community revitalization grantsreal estateConstruction Law
Client Alert

EEOC Provides Updated Guidance Regarding Employer COVID-19 Vaccine Policies

June 3, 2021On May 28, 2021, the U.S. Equal Employment Opportunity Commission updated its guidance regarding employer COVID-19 vaccination policies. The new guidance provides much-needed clarification of expectations for employers seeking to promote workplace safety and prevent the spread of COVID-19, including discussion of mandatory vaccination policies, voluntary vaccination incentives, and accommodation of employees based on disability or sincerely held religious beliefs. The full text of the update is found in Section K of the EEOC’s COVID Q&A document. You can also learn more about these and other developments from BMD's Bryan Meek and Monica Andress through the Employment Law After Hours YouTube channel, available here.Client Alert

What Telemedical Barriers Practices Face and How They Can Manage Them

May 28, 2021The onset of the COVID-19 pandemic has led to many businesses and industries having to rapidly adapt new practices in order to stay profitable, and the healthcare industry is no exception. Although telehealth tools and practices have existed and been used since the Vietnam War, the pandemic has caused many individual healthcare practices to heavily rely on telehealth as a large portion of their service mix in order to continue to provide care for patients. Because of this rapid adoption of telehealth practices in order to combat the restrictions of COVID-19, the telemedicine industry’s revenue has exploded in the last year. Experts predict that telehealth will continue to grow in use beyond the current pandemic, estimating the industry’s worth to be $25 billion by 2025. However, this rapid adoption of telehealth was prompted out of need and has not been without its own barriers that practices now face.Client Alert

Which Entity Should I Form When Starting a New Business?

May 21, 2021As a tax law attorney, friends and acquaintances ask me this question all the time: what type of entity should I form when starting a new business? With many business options available it can be confusing determining which business structure would be appropriate. Below is a general overview of each business structure and the tax responsibilities of each.Client Alert

IMPORTANT UPDATE: IRS Opens Portals for Advanced Child Tax Credit Payments 2021

May 20, 2021The American Rescue Plan Act (the “Act”) expands the Child Tax Credit for tax year 2021. In addition to expanding the Child Tax Credit, the Act provides for advance payments of the 2021 Child Tax Credit. Beginning in July, the IRS will automatically send Advanced Child Tax Credit payments to eligible taxpayers based on their 2020 tax return (or 2019 tax return if the 2020 tax return has not been filed and processed yet). The amount of the advanced payment will be up to $300 each month for each qualifying child under 6 years old at the end of 2021 and $250 each month for each qualifying child between 6 and 17 years old at the end of 2021. For example, if you have 2 qualifying children, one 4 years old and one 8 years old, you may receive up to $550 each month in advance child tax credit payments.Client Alert

Employment Law After Hours: CDC SAYS NO MORE MASKS FOR VACCINATED PEOPLE: What does this mean for employers and employees?

May 17, 2021This morning, ELAH published an emergency episode discussing the questions employers sent us since the CDC’s release of its revised mask guidance late last week. This episode explores questions such as whether an employer can allow vaccinated people to go without masks, while requiring unvaccinated people to wear a mask, whether employers can inspect an employee’s vaccine card, and it discusses the risks of liability an employer faces based on the decisions and policies it makes following the release of this CDC guidance, along with many other questions.
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