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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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Legislation to Temporarily Expand Ohio's Historic Tax Credit Heads to Governor's Desk
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Action
Website: http://preservationaction.org

From Preservation Action:

Legislation to temporarily expand Ohio's state historic tax credit program is heading to Gov. Mike Dewine for his signature. S.B. 225, unanimously passed the state Senate in February and passed the House this week. This bill would temporarily increase the Ohio Historic Preservation Tax Credit's annual cap from $60 million to $120 million for fiscal year 2022 and 2023, and boost the per project cap of $5 million to $10 million in fiscal years 2021, 2022, and 2023. Additionally, the bill would increase the credit from 25% of eligible rehabilitation expenses to 35% for smaller municipalities (under 71,000 people).

Since it's inception in 2006, Ohio's historic tax credit has rehabilitated over 766 historic buildings in 77 different Ohio communities and leveraged an estimated $7.3 billion in federal tax credits and private development.

 


Posted: June 3, 2022
Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
   



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