The Ohio Department of Development (ODOD) has launched the Ohio Historic Preservation Tax Credit Program, which awards owners of historic properties who renovate and rehabilitate properties in preparation for commercial or residential uses. The program will be managed for a two-year trial period by the ODOD.
The Ohio Historic Preservation Tax Credit is a refundable tax credit available to owners of a historic building. The credit is equal to 25 percent of qualifying rehabilitation expenditures and can be claimed against the building owner's Ohio corporate franchise tax, personal income tax, or dealers-in-intangibles tax liability.
Up to 100 applications can be approved each year for eligible applicants submitting complete applications. Although applications will generally be considered in the order in which they are filed, requests can be considered at the discretion of the Director of the ODOD in order to ensure a mixture of high-and-low cost historic preservation projects receive the credits.
"I'm very excited about the potential of the Ohio Historic Preservation Tax Credit to promote private investment in Ohio’s historic buildings, helping to preserve the historic places that give our cities, towns, and villages their special character," said William K. Laidlaw, Jr., Executive Director and CEO of the Ohio Historical Society. "Last year Ohio ranked first in the nation in the use of a similar federal tax credit that resulted in the rehabilitation of 168 buildings, spurred economic development, and created approximately 8,200 local jobs. We look forward to working with the development community and historic preservationists across the state to make this an even better year."
The Ohio Department of Development developed rules and is managing the program with assistance from the Department of Taxation as well as the Ohio Historic Preservation Office of the Ohio Historical Society, which is providing assistance and participating in application review.
The Ohio Historic Preservation Office is now accepting applications, which must be delivered in person, by mail or by courier to the Ohio Historic Preservation Office at 567 East Hudson Street in Columbus.
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