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Ohio Opportunity Zones Eligible for New Tax Credit
The introduction of Qualified Opportunity Zones has created an effective tax planning opportunity for taxpayers to reduce their federal income taxes while providing needed investment and funding for economically challenged areas. While it’s yet unclear how investments in Qualified Opportunity Funds will ultimately impact these areas, investment in opportunity zones has become an increasingly popular way for Ohio companies and […]
Empowerment Zone Tax Incentives Extended
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CCA, 2021). The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. One of those tax extenders was the extension of Empowerment Zone Tax Incentives, which The Act extends through December 31, 2025. Under pre-Act law, Empowerment Zone designations were set […]
Ohio Opportunity Zone Resources
Since tax reform was passed in December of 2017, business and individual taxpayers have been searching for the best way to defer capital gains taxes. The implementation of Qualified Opportunity Zones represents a powerful tax planning tool that not only defers tax but makes a positive investment in struggling and challenged communities. There have been many questions about Ohio Opportunity […]
Ohio Opportunity Zone Credit Application Now Available
Article written by: Christy Macioce, CPA Tax Senior Opportunity Zones were created through the Tax Cuts and Jobs Act (TCJA) to spur long-term investment in distressed communities. At the federal level, taxpayers are able to invest capital gains in a Qualified Opportunity Fund creating substantial tax benefits. In response to the federal incentive, Ohio enacted an Opportunity Zone credit for […]
Qualified Opportunity Zones Update
Webinar length: 60 min. Given our nation’s stagnant economy, the IRS recently announced the extension of certain deadlines for taxpayers making investments in Qualified Opportunity Zone (QOZ) funds. GBQ’s Director, Tax and Business Advisory Services, Azra Nakicevic and DBL Law’s attorney, Ryan Whitaker review tax incentives available for QOZ investments and discuss several other QOZ matters, including: Federal rules and […]
Qualified Opportunity Funds: A New Weapon In The Estate Planning Arsenal
The Tax Cuts and Jobs Act created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can provide wealthy taxpayers with some new avenues for estate planning. 3 big tax benefits Investors in QOFs stand to reap three […]