The Ohio Department of Development (ODOD) will continue to accept applications from owners of historic buildings for Ohio tax credits until September 30, 2010. The Ohio Historic Tax Credit Program provides a tax credit equal to 25% of qualified rehabilitation expenditures, which generally include construction for the building's structure and interior that meets the U.S. Secretary of the Interior's historic rehabilitation standards. The credit is maxed out at $5,000,000 per project.
To be qualified as an historic property, a building must either be:
· Listed in the National Register of Historic Places
· A local landmark designated by a certified local government; or
· Located in a registered historic district
During the prior four Tax Credit application periods, 111 applicants in 27 cities obtained approval from ODOD and will be receiving $246,000,000 in tax credits.
This extended fifth application period will have no funds allocated to pay for the credit awards. Funds will only become available if the state reauthorizes the tax credit program, completed projects in rounds 1-4 use less tax credits than originally planned, or proposed projects in rounds 1-4 don’t happen as planned.
The application and more information can be found at http://www.development.ohio.gov/Urban/ohptc/default.htm
For more information on the Real Estate and Construction Group at Skoda Minotti, visit our web site or contact us at 440-449-6800.