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The Ohio Economic Development Association is more than just a new website. There’s a new energy at OEDA, reflecting those we serve. As the professional association for economic developers, our new brand reflects our members– dynamic, on-the-move, decisive, knowledgeable, informed, engaging. The Ohio Economic Development Association is committed to helping our members expand their knowledge, expand their network and expand their influence. So, come join us as we work to expand your opportunities.
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OEDA is your partner for success at every step of your career. Our foundational programs and services are designed to support you in your current position as well as preparing you for future career growth. Whether it is through our jobs board, opportunities to connect, or your expansion of knowledge, OEDA opens doors and expands opportunities.
Ohio has reached a milestone in the Ohio Opioid Technology Challenge with the conclusion of the Idea Phase and the awarding of prize money for the five most innovative concepts to address drug abuse and addiction. Ohio put out a call for anyone with a technology solution to share their idea. Hundreds of average citizens, researchers, caregivers and service providers from across Ohio, the U.S. and nine countries participated, submitting bold and creative ideas that identify ways to accelerate solutions.read more
Jennifer Syx, President of inSITE Advisory Group, has been named a recipient of an “Achievement in Excellence” award by the National Sales & Marketing Executives (NSME) as part of their annual “Accent on Excellence” awards program, recognizing outstanding achievements by Sales and Marketing professionals in the Akron/Canton area. Awards will be presented on February 27 at Tangiers in Akron.read more
The Ohio Export Internship Program, a partnership between the Ohio Development Services Agency, Cleveland State University, The Ohio State University, and Youngstown State University, will match college students, who have taken export-focused coursework, to Ohio companies looking to pursue export opportunities. Half of the intern wages will be reimbursed, up to $3,600.read more
Several year-end changes occurred to federal programs that may be of interest to OEDA members.
The Federal Tax Cuts and Jobs Act passed in late December preserved the main provisions of Private Activity Bonds (PABs), Historic Preservation Tax Credits (HPTC) and New Markets Tax Credits. Unfortunately, the Act repealed tax-exemption for advance refunding bonds issued after December 31, 2017.read more
Federal Tax Cuts and Jobs Act: On December 22, 2017, H.R. 1, the “Tax Cuts and Jobs Act”, was signed into law. During consideration by the House and Senate, the bill caused great concern for economic development professionals due to proposed negative treatment of Private Activity Bonds (PABs), Advance Refunding Bonds (ARBs), Historic Preservation Tax Credits (HPTC) and New Markets Tax Credits. Luckily, in the final law, the main provisions of PABs and the HPTC program were preserved, but slight revisions were made that will be further studied. For example, a tweak to HPTC in the final bill repeals the 10% non-historic rehabilitation tax credit for non-residential pre-1936 properties, subject to transition rules. Credits from the HPTC program also apparently will now have to be used over 5 years.
Unfortunately, as to ARBs, the Act repealed tax-exemption for advance refunding bonds issued after December 31, 2017. Refunding bonds are obligations issued to pay debt service on, and typically to retire, outstanding bonds; under federal tax law, a transaction is characterized as an advance refunding if the refunded bonds remain outstanding for more than ninety days after the date on which the refunding bonds are issued. Before passage of the Act, state and local governmental issuers and 501(c)(3) borrowers have been eligible to use tax-exempt advance refunding bonds as a debt management tool, most often to capture interest rate savings. This tool will no longer be available under the new law.
The Act also repealed qualified tax credit and direct-pay subsidy bonds such as new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds and qualified school construction bonds. This provision of the Act also is effective for bonds issued after December 31, 2017.
Finally, the Act preserved the low-income housing tax credit (LIHTC) as well as the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds.read more
Robert McCarthy. Bricker & Eckler. A new state rule requires joint economic development districts (JEDDs) to report and file certain information with the Ohio Tax Commissioner by February 12, 2018. Communities that have used JEDDs to support economic development...read more
The best and the brightest practitioners have invested in their careers and communities by becoming members of the Ohio Economic Development Association. But, other top industries and organizations have as well. Support for OEDA is support for the economic development profession and reflects these organizations’ commitments to growing the Ohio economy.
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