Ohio Representative Terry Boose (R-District 57) from the Ohio House of Representatives recently introduced H.B. 478 a bill which would significantly modify and improve the state New Markets Tax Credit (NMTC) program. Specifically, the bill would eliminate the requirement that taxpayers receive a federal NMTC allocation in order to qualify for the state’s NMTC program and would in general better align the state program with the federal version. The bill would also adjust the definition of applicable percentage, would allow the tax credit to be claimed earlier in the credit schedule, and would allow investments to be made in low-income businesses that derive 15 percent or more of their annual revenue from rental or sale of real property. Advocates for this bill believe this measure would allow more investments to qualify for the state NMTC.  The bill was referred to the House Committee on Ways and Means.

Click here to read H.B. 478.