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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

Your Workplace Under Biden

November 9, 2020This is my favorite recurring post – Predictions of How a New Administration Will Affect Your Workplace. Four years ago, we accurately called the emasculation of the 2016 proposed FLSA Overtime Rules (the salary exemption threshold was set at $35,568 in 2019, rather than $47,476 as proposed), we forecasted a conservative shift of the NLRB and its results (a roll-back of employee rights, social media policy evaluations, and joint employer rules), and we nailed the likelihood of multiple conservative appointments to the United States Supreme Court and its long-term effects (although I completely failed to predict that my ND classmate Amy Coney Barrett would fill the final vacancy during the Trump administration). This time, the L+E Practice of BMD has decided to make it a group effort at predicting what will happen, what probably happen, and what might happen under President Biden. As always, please save this in your important files and pull it out four (or eight) years from now to judge our accuracy.Client Alert

HHS Provider Relief Funds Reporting Requirements: Important Updates Every Provider Should Know

November 4, 2020HHS continues to revise its reporting requirements for the use of the Provider Relief Funds. Providers with more than $10,000 in Provider Relief Fund payments must report on the use of the funds through December 31, 2020. The reporting window will begin on January 15, 2021 and providers must complete reporting obligations for FY 2020 by February 15, 2021 through a portal designed by HHS. However, providers that have unexpended funds as of December 31, 2020, will have an additional 6 months to use the remaining funds through June 30, 2021. These providers must submit a second and final report no later than July 31, 2021.Client Alert

Should I Apply for Phase 3 Funds? Important Considerations Every Provider Should Know

November 2, 2020On October 1, 2020, the Department of Health and Human Services (“HHS”) announced an additional $20 billion in new funding for providers through a Phase 3 distribution. Importantly, providers that previously received HHS Provider Relief Funds or already received payments of approximately 2% of annual revenue from patient care are eligible to apply. Eligible providers have until November 6, 2020 to apply for these Phase 3 Funds. However, the question from providers continues to be: Should I Apply for Phase 3 Funds?Client Alert

CISA Ransomware Practices

October 29, 2020On October 28, 2020, the United States Cybersecurity and Infrastructure Security Agency (CISA) issued an alert warning of imminent threats to US hospitals and healthcare providers. The specific threat involves RYUK Ransomware attacks. RYUK is a novel ransomware that goes undetected by commercial anti-virus/malware detection programs. Once deployed, RYUK encrypts all data and disables systems. In short, it cripples all functionality down to phone systems and automated doors. Healthcare providers should alert their employees to remain hyper-vigilant and report any suspicious activity seen in email or on networks. It has been reported healthcare providers in New York, Pennsylvania and Oregon have been targeted in the last 48 hours. If your organization encounters issues, BMD can assist in mobilizing a response team and has contacts with forensic IT firms that are familiar with RYUK. It is advisable to engage professionals with experience dealing with this specific threat.Client Alert

HHS Announces an Additional $20 Billion In Provider Relief Grants

October 5, 2020The U.S. Department of Health and Human Services (“HHS”) announced an additional $20 billion in new funding for providers on October 1, 2020. Eligible providers include those that have already received Provider Relief Fund payments as well as previously ineligible providers, such as those who began practicing in 2020, and an expanded group of behavioral health providers confronting the emergence of increased mental health and substance use issues exacerbated by the pandemic. The new Phase 3 General Distribution is designed to balance an equitable payment of 2% of annual revenue from patient care for all applicants plus an add-on payment to account for revenue losses and expenses attributable to COVID-19.
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