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Preserving tax credits will help spur investment in catalytic projects

Greater Cleveland Partnership President and CEO Joe Roman recently provided testimony before the Ohio 2020 Tax Policy Study Commission on the importance of essential development tools like the Ohio Historic Preservation Tax Credit and New Market Tax Credit.

Both tax credits have been instrumental in much of the revitalization of Cleveland's urban core. According to Roman, these programs provide "significant economic value to local communities."

The 2020 Tax Policy Study Commission is charged with taking a long-term view of Ohio's tax policy in order to provide recommended changes for the next state operating budget. During the last state budget cycle, the GCP and other community advocates thwarted efforts to suspend the Historic Preservation Tax Credit and convert it into a grant program.

Likewise, the GCP has long advocated for necessary changes to the New Market Tax Credit to make it more effective for development projects in Northeast Ohio.

Click to read the full testimony.

Above image: Rendering of a new St. Martin de Porres High School. Ohio New Market Tax Credits, provided by Cleveland Development Advisors, the GCP’s real estate and business development finance affiliate, are helping support the capital campaign to construct a new school building. The $17.9 million first phase will construct a 43,100 square-foot wing of the building.