Ohio Legislation – New Historic Tax Credit and Amendments to HB 149

One of the last Ohio bills to be passed in 2006 was HB 149, the Historic Tax Credit. Although it passed with a certain number of amendments, including a provision that requires a state official or group to do a cost-benefit analysis before signing off on a project, it will provide a 25 percent tax credit (up to $250,000) for historical preservation/renovation projects.

There are a number of groups that provide free technical assistance and/or low-interest home equity loans to owners of older or historic residential properties in the City of Cleveland. In most cases in order to qualify, buildings must be at least 50 years old and retain a certain level of exterior historic architectural features.

Heritage Ohio: Ohio Main Street Program
Historic Preservation Easements
Residential homeowner programs
Neighborhood Historic Preservation Program
The Neighborhood Historic Preservation Program

Commercial and public historical funding
There are tax credits for rehabilitating a historic building, or a non-historic building built before 1936. Federal tax law offers a 20 percent tax credit for the rehabilitation of historic buildings, and a 10 percent tax credit for the rehabilitation of non-historic buildings built before 1936. The credits are dollar-for-dollar reductions of taxes owed.

Commercial federal tax credits