May 09, 2011
In the recently passed version of the Ohio operating budget (Substitute HB 153), the Ohio House added language extending the Ohio Historic Preservation Tax Credit. Created four years ago, the program offered a refundable tax credit equal to 25 percent of qualifying rehabilitation expenditures on a historic building. The proposal extends the program indefinitely and caps the annual tax credit allocation at $25 million. Future action could modify the program, but changing the statutory language as proposed would be a significant positive step.
The Greater Cleveland Partnership is advocating passage of this legislation in its current form. We will keep our members informed and engaged as the bill moves through the legislative process. For more information on the GCP’s efforts on the Ohio Budget please visit this link.