Sikora Law has helped more Clients get more Ohio Opportunity Zone tax credits than any other law firm.
More Opportunity Zone developers bet on Cleveland's East Side
"We're seeing more interest in early-stage activity on the East Side of Cleveland now" said Mike Sikora, a Cleveland attorney who works with clients across the state. "And it is, in part at least, spurred or ... benefiting from whether a particular property is in an Opportunity Zone."
"We are living it," Sikora said. "We're having discussions with clients every week."
Sikora Law, his firm, submitted 80 state tax-credit requests for clients this year and expects to handle more applications in early 2023. He and other professionals are watching closely to see what happens in Congress, where bipartisan bills to extend and modify the Opportunity Zone program are pending in both chambers.
On September 13, 2022, Senate Bill 225 will officially become the law of Ohio. This new law will temporarily double the funding for Ohio’s Historic Tax Credit Program and Ohio’s Opportunity Zone Program, and it will bring valuable enhancements to both of those prized economic development Programs. Our firm drafted the Opportunity Zone language in that
Sikora Law has been advocating for the passage of Senate Bill 225 for many months now. That Bill would temporarily double the funds available in Ohio’s Opportunity Zone Program and Ohio’s Historic Tax Credit Program. Our firm drafted the Opportunity Zone language in that Bill. If passed, it would help mitigate construction cost increases with the
Ohio’s Opportunity Zone Program received another boost thanks to Ohio’s Budget Bill that passed on June 30, 2021. The Budget Bill enacted several new initiatives and valuable enhancements to Ohio’s economic development incentive programs – one of which is Ohio’s Opportunity Zone Program. The first improvement to Ohio’s OZ Program is the increase in the
Round 2 of Ohio’s Opportunity Zone Program was just completed. Sikora Law broke its previous record by preparing and/or submitting 51 Ohio Opportunity Zone Applications for Round 2 of that Program. Sikora Law Clients received approximately 35% of all Ohio Opportunity Zone tax credits that were issued in 2021 (topping our record in Round 1
Mike Sikora was interviewed for a story on Ohio’s OZ Program that was featured in last week’s Crain’s Cleveland Business. To review that article that provided a synopsis on Round 2 of the Ohio Opportunity Zone Program, specifically as to Northeast Ohio, click here.
Opportunity Zones: Fact or Fiction?
We believe we know more about Ohio Opportunity Zone law than any other firm. There are a lot of myths and misperceptions flying around about Opportunity Zones. See for yourself, some of the most important details about Ohio Opportunity Zones with Sikora Law's Fact or Fiction summary below:
Almost $30M of the $50M allocation was awarded after Ohio’s Opportunity Zone Program was effective for only 10 weeks.
That’s true. Ohio’s Opportunity Zone Program had been effective for only 10 weeks in 2019. That Program has been extremely successful thus far.
Everyone who applies for Ohio Opportunity Zone Tax Credits receives them.
That’s false. The Ohio Development Services Agency received nearly $35M in applications for Ohio Opportunity Zone tax credits, and approximately $30M in tax credits were awarded. The main reasons certain applicants did not receive tax credits was generally due to their structure, flow of funds, and/or non-compliant documentation – they did not do what they needed to do in order to receive the credits.
Some developers received tax credits for work performed or money invested in Opportunity Zones even before Ohio’s Opportunity Zone law became effective.
That’s true. Our firm was advising Clients about what they needed to do to comply with the law even before it became effective. When it became apparent that the Bill was likely to pass, we closely advised our Clients on how to take the necessary steps to ensure compliance with the requirements of the new law.
See Our Latest Projects
See just some of the Developments progressing following the more than 40 applications we prepared under the Ohio Opportunity Zone Program.