Ohio Governor Mike DeWine signed Ohio’s FY 2020-21 Budget into law on July 18, 2019.
Click here for a media release from the governor’s office on the budget.
The budget includes a 35% fee increase by the Ohio Division of Real Estate (ODRE) that was supported by OHIO REALTORS® but also contained several other items that benefit REALTORS®.
OHIO REALTORS® released a 5-minute video featuring Beth Wanless, Director of Government Affairs and Carrie Arblaster, Asst. Vice President of External Affairs that details the budget and what it means to REALTORS®. CLICK HERE to WATCH THE VIDEO. Other items of interest to REALTORS® include:
- Criminal background check for new real estate licensees. ODRE language was included which moved from felony conviction or crime of moral turpitude, to “any criminal offense” which is consistent with ODRE application;
- Opportunity Zone tax credits;
- Residential lead abatement tax credits (up to $10,000 per household);
- Medical marijuana language. (ODRE made small change to clarify: “solely because the licensed person engaged in activities”). This means that someone who does business with a medical marijuana-related business (example: managing property with a dispensary) won’t get in trouble solely because it is a federally illegal substance (illegal on federal level, legal in Ohio);
- Fully reinstates the Business Income Deduction to $250K (technically $271K), and restores 3% cap on income above.
- Housing Trust Fund fee increases and were increased by $6 per recordation;
- Division of Real Estate fee increases (supported by OHIO REALTORS®);
- Ohio REALTORS got a seat on the child lead poisoning advisory council.