• Ohio Rehabilitation Tax Credit Amendments
  • August 12, 2009 | Authors: Holly H. Heer; Robert D. Labes; Steven F. Mount; Michael D. Saad
  • Law Firms: Squire, Sanders & Dempsey L.L.P. - Columbus Office ; Squire, Sanders & Dempsey L.L.P. - Cleveland Office ; Squire, Sanders & Dempsey L.L.P. - Columbus Office
  • The recently finalized Amended Substitute Ohio House Bill 1 (Budget Bill) contains an amendment that allows the special allocation of Ohio's historic rehabilitation tax credit against Ohio's personal income tax and corporation franchise tax. This amendment only applies to tax credits from tax credit certificates issued in taxable years ending on or after the effective date of the Budget Bill amendment. The tax credit can be allocated in proportion with the equity owners' ownership interests or in such proportions or dollar amount as the equity owners mutually agree. A tax credit certificate is available after the completion of a historic rehabilitation project and is required to claim the tax credit. Tax credits from any funding round can be specially allocated provided that the issuance date of the tax credit certificate to which the tax credit relates meets the requirements.