• 2007/2008 OHIO HISTORIC PRESERVATION TAX CREDIT NEARS ITS 100-APPLICATION LIMIT
  • December 11, 2007 | Authors: Mark A. Snider; David A. Tumen
  • Law Firms: Porter Wright Morris & Arthur LLP - Cleveland Office; Porter Wright Morris & Arthur LLP - Columbus Office
  • Time is running out for owners of historic buildings to take advantage of the new Ohio Historic Preservation Tax Credit. Those who take advantage of the tax credit will obtain an Ohio tax credit equal to 25 percent of the qualified expenses of eligible rehabilitation projects. The tax credit is being introduced through a two-year pilot program that will award the tax credit to 100 historic rehabilitation projects between July 1, 2007 and June 30, 2008 and to another 100 projects between July 1, 2008 and June 30, 2009. Pursuant to specific rules, the tax credit can be combined with the federal historic tax credit and can be allocated to partners or LLC members of the owner entity. The tax credit can claimed against Ohio corporate franchise tax, personal income tax, and dealer-in-intangible tax.