Explanation
BACKGROUND:
This legislation is a resolution of support for the renewal of the 25 % Ohio Historic Preservation Tax Credit. The Ohio Historic Preservation Tax Credit was established as a two-year pilot program for state fiscal years 2008 and 2009. It provided for a refundable state tax credit of 25% for qualified rehabilitation expenses on historic buildings in Ohio. The Ohio Historic Preservation Office and Ohio Department of Taxation partner with the program's lead agency, the Ohio Department of Development, to administer the program.
This resolution illustrates Columbus' continued support to encourage reinvestment in and rehabilitation of the city's historic structures. The tax credit is an important financing tool that makes a variety of historic preservation projects economically feasible. Local examples of the use of historic preservation tax credits include the recently opened Residence Inn on Gay Street.
FISCAL IMPACT:
There are no costs to the City of Columbus associated with this resolution.
Title
A resolution to support the renewal of the 25 % Ohio Historic Preservation Tax Credit; and to declare an emergency.
Body
Whereas, 111 applications for the Ohio Historic Preservation Tax Credit have generated a projected $1.2 billion in private investment, and
Whereas, historic rehabilitation projects are more labor intensive than new construction projects, and incentives for rehabilitation projects should be promoted to create more jobs; and
Whereas, Ohio has a significant untapped resource of 3,700 National Register-listed properties, 3rd most nationally; and
Whereas, the Ohio Historic Preservation Tax Credit stimulates the opportunity to take advantage of more federal tax incentives; and
Whereas, the greenest building is the one that has already been built; and
Whereas, there are 31 states that have programs offering historic tax credits; and
Whereas, the Ohio Historic Preservation Tax Credit h...
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