The Tax Cuts and Jobs Act created a new class of community investment vehicles through the Opportunity Zones Program, which aims to drive long-term capital into distressed communities by providing tax benefits on investments in Opportunity Funds (O Funds), which allow investors to pool and deploy their resources in low-income census tracts.
The state will be submitting up to 25% of Ohio’s low-income census tracts for program inclusion in the coming weeks. Please find below a notice from the Ohio Developments Services Agency (ODSA) Assistant Director Matt Peters on how to request your census tracts to be included.
In the recently passed federal tax bill, states have been asked to identify census tracts that may been from a new federal tax incentive program known as Opportunity Zones. The state of Ohio can nominate up to 319 qualified low-income census tracts.
States nominate census tracts to the U.S. Treasury, which will make the final determination. We have set up a page for online submission of census tracts to be considered for recommendation to the U.S. Treasury. The State of Ohio will accept submissions through 4pm on Friday, March 2, 2018.
Below is the link to both the submission site as well as a map of census tracts identified by the state that would qualify for nomination. Please provide your contact information and identify the census tract by number, as well as a brief narrative about economic activity; current or committed, in the tract. If you submit more than one tract, please provide information for each individual tract. If you submit more than one tract, you will be asked to prioritize your nominations.
Please feel free to contact me with any questions.