Thank you to the
Ohio General Assembly, who passed
&
Governor Kasich, who signed
the renewal
of the
Ohio Historic Preservation Tax Credit!
This important economic tool will revitalize our communities large and small; stimulate the job market; leverage more private investment; and provide growth to state revenues.
Bill Highlights
- $60 million per year extended in perpetuity
- Requires Cost Benefit Analysis of applicant projects
- Permits, rather than requires, ODOD to rescind applicants that have failed to move forward in 18 months time
- Allows projects to be completed in phases
- Insurance companies are eligible to use the credit
- Requires expenditures over $200,000 to be certified by an accountant
- Allows ODOD and OHPO to charge reasonable fees to administer program
Heritage Ohio commissioned Cleveland State University to research the Economic Impact of the Ohio Historic Tax Credit, which showed:
For every $1 million expended in tax credits by the state will generate:
- $8 million in construction spending and over 80 construction jobs
- $32 million in operating impact and almost 300 jobs from operations
- $40 million in total economic activity and almost 400 total jobs
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