Preservation Ohio has launched the new Ohio Historic Preservation Tax Credit Resource Center, a one-stop location for information on the newest financial incentive for renovation and restoration of historic buildings in Ohio. The website is located at: www.ohiopreservationalliance.homestead.com/ohptcresourcecenter.html
The Ohio Historic Preservation Tax Credit is available on a two-year trial basis, and represents a true step forward for owners and developers of Ohio's older buildings. This site is designed to provide an overview of the new tax credit, and to direct you to the latest resources, news and information concerning its availability and use. This site will be updated as information becomes available to Preservation Ohio. Some quick facts about the new tax credit:
- Number of Projects Per Year: 2007/2008: 100 each
- Initial Date for Submission of Required Tax Credit Application and Supporting Documents: July 2, 2007 (July 1 is on a Sunday)
- Amount of Credit: Refundable tax credit of 25% of the “qualified rehabilitation expenditures” on eligible projects toward intangibles, corporation franchise, or income tax
- Eligible Properties: Listed individually on the National Register of Historic Places and verified as being of significance to a National Register Historic District, or individually designated by a local government certified under federal law (Certified Local Government).
Ohio has the largest number of properties of any state on the National Register of Historic Places or included in National Register Historic Districts. To verify that a particular property is eligible under that criterion, us the links to the right.
- Other Requirements: Before it can be approved, the Ohio Department of Development and the Tax Commissioner must certify that the proposed project will produce a net gain in state and local tax revenues as a result of the rehabilitation.
For additional information on the Ohio Historic Preservation Tax Credit, including answers to specific questions, referrals to specialists, and holding preservation financial incentive workshops in your area, please contact Thomas Palmer, Executive Director of Preservation Ohio at:
Phone: (614) 437-8393
Keywords: Preservation Ohio, historic tax credits, historic buildings
Posted: June 20, 2007
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