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Ohio State Tax Credit Signed into Law
Historic Preservation Blog from PreservationDirectory.com - Ohio, preservation funding, tax credits, rehabilitation historic buildings,
Contributed By: National Trust's Public Policy Department and Center for State and Local Policy
Website: http://www.preservationnation.org

At the end of the session, the Ohio legislature passed and Governor John Kasich (R) signed a measure (Sub H.B. 153) that would make permanent the two year pilot tax credit program that provides 25% credit for qualified rehabilitation of certified historic buildings.  The permanent program is capped at $60 million per fiscal year, extends eligibility to foreign and domestic insurance companies, permits fees to be charged to help cover program administration costs, and does not sunset.  The pilot program, capped at $60 million a year, was very popular (developers stood in line outside the building when it was first put in place). Heritage Ohio, Inc. will leverage their regional workshops, the new report by the Cleveland State University examining the program’s benefits, and the 2010 report by the Ohio Department of Economic Development, to start laying the groundwork to try and raise the cap.

Reprinted with permission from the National Trust's Public Policy Department and Center for State and Local Policy

Keywords: Ohio, preservation funding, tax credits, rehabilitation historic buildings,

Posted: July 8, 2011
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