Thanks to Heritage Ohio for keeping us up-to-date on this important issue!
Posted: Monday, June 15:
Please call or email your State Senator and State Representative NOW and ask them to preserve the highly successful Ohio Historic Preservation Tax Credit.
The Senate-proposed amendment to place a moratorium on projects and convert the program to a grant is still alive, and we cannot predict what will actually happen in the next two days.
- $1.4 billion in leveraged investment to rehabilitate buildings over 100 buildings in 28 communities all across Ohio.
- This is the ONLY Ohio tax credit which has a cost-benefit analysis associated with its application and award, with a 6.70:1 Return on Investment.
- This credit is taken only when the project is 100% complete, with 1/3 of the credit coming back to the State as tax revenue before the credit is even taken.
- The demand has been more than double the $60 million annual allocation – this program should be expanded, not reduced.
- So far, 8.7 million square feet and 3,429 new housing units have been completed.
- This is a highly successful economic development program that takes underutilized, abandoned, or blighted buildings that would otherwise not be redeveloped and transforms them into income-producing, taxpaying, and neighborhood-contributing buildings.
- To help save the Ohio Historic Preservation Tax Credit Program, we need you to call or email your State Senator and State Representative TODAY to tell them why changing this program as proposed will be detrimental to Ohio’s economic growth!
Posted: Friday, June 13:
Yesterday, the Ohio Senate proposed to eliminate the Ohio Historic Preservation Tax Credit (OHPTC), with the possibly of transitioning it into a grant program several years from now.
This highly successful economic development program, without prior discussion, is in jeopardy of disappearing. Without the OHPTC Program, Ohio would not have had more than $1.4 Billion invested in the state, with over 100 abandoned or blighted buildings transformed into income-producing, taxpaying, and neighborhood-contributing buildings. Look at these numbers since the program’s inception in 2007:
- 8.7 million square feet of redeveloped buildings.
- 3,429 new housing units created.
- A return on investment of 6.7 to 1, while paying the State of Ohio back.
To help save the Ohio Historic Preservation Tax Credit Program, we need you to do two things TODAY. Please email Senator Oelslager, Chair of the Senate Finance Committee, Senator Peterson, Chair of the Senate Ways & Means Committee, and your Senator to tell them why this will be detrimental to Ohio’s economic growth!
Also contact Kim Erdman at email@example.com to have your statement sent to all Senate Finance Committee Members.
We have only a few days to reverse this action!