Ohio Accepting Applications for State Historic Tax Credits

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Tax Credit Advisor, August 2009: The Ohio Department of Development has begun accepting applications for $17.5 million in state historic tax credits in a new funding round under its Ohio Historic Preservation Tax Credit program. This round reflects features new user-friendly amendments to the program.

Applications will be accepted through 9/30/09, with award recipients announced by year-end.

The third round will be followed by a fourth funding round that will offer $24.2 million available and accept applications during January 1-June 10, 2010.

Among the changes made to the program are to provide for two six-month application cycles per year rather than one. The program amendments were made by enacted state legislation that took effect in mid-2008.

Ohio’s program provides a tax credit against expenses incurred by owners in rehabilitating historically significant buildings. The credit amount is generally equal to 25% of qualified rehabilitation expenditures, subject to a per-project cap.

(Details: http://www.development.ohio.gov/UD/OHPTC/)