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Ohio’s Historic Preservation Tax Credit program is essential to economic development

The Greater Cleveland Partnership, Cleveland Development Advisors (CDA) and several metro chambers from across the state have joined in opposition to proposed changes to the Historic Preservation Tax Credit that was unveiled in the Senate version of the state operating budget late last week.

The proposed change would have suspended the tax credit program for 2016 and 2017 and converted it into a grant program in 2018.

“This tax credit is a critical tool in advancing redevelopment projects throughout the City of Cleveland,“ said GCP President and CEO Joe Roman. “The proposed changes would have a devastating effect on the current and future development momentum in our region.”

The GCP and CDA, the GCP’s real estate and business development finance affiliate, sent a letter urging Senate members to reject the proposed changes to the Historic Preservation Tax Credit program.

Ohio metro chambers speak out

The GCP also worked with other metro chambers of commerce across the state to draft a joint sign-on letter expressing opposition to the proposed changes.

“The economic impact of the historic preservation tax credit has been proven and well-documented. It creates millions of spending for capital investment, new and permanent jobs as a part of the projects, and economic and civic vitality for downtown centers and neighborhoods.” Click to read the full letter.

The next iteration of the state budget bill will be released this week. The GCP will continue to advocate for the removal of this harmful provision.