Update on Opportunity Zones: On June 14, the Treasury Department made its final designations of opportunity zones (OZs). With this final round, OZs have been designated in all 50 states, the District of Columbia and five U.S. possessions. Much is still to be determined, however before the program can become operational. In late June, the Opportunity Zones Coalition (46 interested organizations) sent a letter to the Internal Revenue Service requesting guidance from the IRS and Treasury Department on important issues such as technical definitions of qualified opportunity fund, qualified opportunity zones business and qualified opportunity zones property, as well as guidance on partnerships and the use of the OZ incentive with various tax credit programs. The letter also asks for confirmation from Treasury of the signatories’ understanding of several issues in the OZ incentive. Additional information on OZs can be found at: https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions.

State Legal and Legislative Activity:

132nd General Assembly Completes First Half of 2018: After a lull caused by the vacancy in the Ohio House Speaker position, legislative activity resumed with a vengeance in June. The House and Senate both worked through numerous bills on June 27, and the Senate returned July 10 for session. Priorities included a Payday Lending Bill (HB 123) and Renewable Energy (HB 114). Both chambers have now completed legislative activity for the first half of 2018.

Second Half Schedule Announced: The Senate has scheduled “if needed” sessions for August 22, September 20 and September 25, and regular session is scheduled for September 26. The House has “if needed” sessions scheduled for September 19 and 20. No further sessions are scheduled until after the November General Election so that members may campaign.