Ohio's Historic Preservation Tax Credit Awaits Governor’s Signature
Contributed By: The National Trust for Historic Preservation's Department of Public Policy
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As previously reported, the Ohio Department of Development capped the state's two-year pilot Historic Preservation Tax Credit at $120 million instead of the 100 projects mandated for FY 2008 by legislators. Last week, proposed extensions to the program (House Bill 554 and Senate Bill 335) both passed with some key differences from the original tax credit program.
The bill awaiting the Governor's signature would:
- a) extend the historic building rehabilitation tax credit for two additional years, and eliminate the July 1, 2008 to June 30, 2009 application period;
- b) reserve $45 million of each additional year's total new credit awards for credit applications previously filed but not approved before the former 100- project quota was attained;
- c) eliminate the cost-benefit analysis from the current approval criteria, but require the Director of Development to consider the geographic location of a project site and regional distribution of all rehabilitation tax credits throughout the state when approving applications;
- d) limit the amount of new credits awarded to $5 million per project and $60 million per year for all projects;
- and e) make the credit non-refundable for 2010 and 2011, except for the corporate franchise tax credit, which will remain refundable.
Reprinted by permission of the Public Policy Department of the National Trust
Keywords: The National Trust for Historic Preservation's Department of Public Policy, Ohio Department of Development
Posted: June 9, 2008
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