Opportunity zone investment tax credit

Terms used in this section have the same meanings as in section 122.84 of the Revised Code.

A taxpayer may claim a nonrefundable credit against the tax imposed under section 5726.02 of the Revised Code for each person included in the annual report of the taxpayer to whom a certificate is issued under section 122.84 of the Revised Code or is transferred pursuant to that section. The credit equals the amount stated on the certificate and may be claimed for the taxable year that aligns with the calendar year that includes the investment period that was the subject of the application for the certificate under that section or for the ensuing calendar year. For a credit issued during the July application round each year, the credit may also be claimed for the preceding taxable year. A taxpayer applying a credit for the preceding taxable year shall file an amended report or apply that amendment on the taxpayer's original report, for that year.

The credit authorized in this section shall be claimed in the order required under section 5726.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in that order, the excess may be carried forward for not more than five ensuing taxable years. The amount of the excess credit claimed in any such year shall be deducted from the balance carried forward to the next taxable year.

No credit shall be claimed under this section to the extent the credit was claimed under section 5725.38, 5729.21, or 5747.86 of the Revised Code.

Last updated July 23, 2025 at 4:12 PM