This week, the OMA Tax Committee held its second meeting of 2019. Guest speaker was Paul Nadin, a senior manager with Connections Partner RSM and its real estate group. Nadin briefed members on the federal Opportunity Zone program, enacted as part of the 2017 tax overhaul to encourage new investment in lower-income census tracts.
To take advantage of the incentives in the Opportunity Zone program, investors must invest through a qualified Opportunity Fund. Ohio has 320 opportunity zones statewide. (So far, the incentives have been easier to apply to investments in real estate than in businesses, according to The Pew Charitable Trusts.)
Other highlights from the meeting included an update on federal and state tax-related policy issues, as well as a report from OMA Tax Counsel Justin Cook of Bricker & Eckler LLP.
Chaired by Shay Music of The J.M. Smucker Co., the OMA Tax Committee will meet again November 6. 6/11/2019
Paul Nadin with RSM briefs the OMA’s Tax Committee on the financial benefits of investing in designated Opportunity Zones.