Ohio Approves New Tax Credit and Crowdfunding to Boost Downtown Development

Two pieces of legislation signed by Gov. DeWine promote investment in "legacy" cities.

1 minute read

January 5, 2021, 6:00 AM PST

By Diana Ionescu @aworkoffiction


Jacob Boomsma / Shutterstock

Two state senate bills recently signed by Ohio's Governor Mike DeWine incentivize investment and development in urban cores. Senate Bill 39 creates a tax credit for insurance companies that invest in Transformational Mixed Use Development projects, and Senate Bill 312 authorizes raising up to $5 million through intrastate equity crowdfunding for new businesses. Legislators hope the new laws will spur development in Ohio's downtowns and revitalize stagnant cities with new construction and new business ventures.

To benefit from SB 39's new tax credit, capped at 10%, projects must "have the potential to have a significant economic impact on the project site and surrounding communities," cost over $50 million, and include mixed uses. HB 312 lets Ohio-based businesses crowdfund from small investors in the state, with investments capped at $10,000.

The Greater Ohio Policy Center praised the bills as a useful step for "assisting Ohio’s legacy cities rebound from decades of decline," expressing optimism that the new legislation will help create jobs and bring new industries to the state. With new incentives to redevelop fading downtown cores, writes Mary Vanac, Ohio's skylines could see drastic changes in the next few years.

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