Hisotic Tax Credits Ohio

BrainWave Consults with Clients regarding Ohio Standards for Historic Preservation regarding commercial and residential structures:

Ohio Tax Credits

Public buildings can be rehabed if certain conditions are met

Ohio Historic Tax Credits: Overview

How Ohio Historic Tax Credits work with Federal Historic Tax Credits:

Ohio has authorized the issuing of Historic Preservation Tax Credits using very similar criteria to the Federal program. The State Historic Preservation Office (SHPO) administers and reviews both the State and Federal Credits Program. The State offers "application rounds" for the submission of proposals. These time windows happen twice a year. They also have a finite amount of credits available, and awards of application approvals are competitive. The Federal program has no time window, and the awards are not competitive, and the issuing of credits are not capped. As the application for both Federal and State credits are closely related, it is advantageous to apply for both at the same time.

There are some differences in eligibility. The Federal and State credits are both available for income producing properties. The Federal program require "substantial rehabilitation" while Ohio does not. There are some minor differences in the the time frame regulating the use of the tax credits. There are also some differences as to what specific taxes may be offset by the credits, the option of tax credit "pass-throughs" and transfers. There are also differences in time limits for retaining the property after renovation. Any entity considering a tax credit rehabilitation should consult with a tax specialist to understand the correct acquisition and use of these complex credits. These rules are also changing according to IRS rulings.

Links and Resources

The Cincinnati development fund has a document which has some good general information to summarize some of the differences in the two tax credit programs. 
HeritageOhio publishes a map showing where State project-approvals have occured. 

(Updated May 2016)