June 16, 2015Last week the Ohio Senate unexpectedly inserted a two-year moratorium for the Historic Preservation Tax Credit. The Ohio Senate also proposed turning it into a grant program. BOMA Greater Cleveland and BOMA Ohio have supported this tax credit since it was first created in 2007. Cities across the State of Ohio have greatly benefited from the historic tax credits. In fact, all you have to do is walk down Euclid Avenue in downtown Cleveland to see the positive results of the program.Because of the importance of this tax credit organizations from across Ohio joined forces and launched a grassroots campaign by writing letters and calling their state legislators. All six BOMA locals (Akron, Cincinnati, Cleveland, Columbus, Dayton, and Toledo) and BOMA Ohio were heavily engaged, as were groups like the Downtown Cleveland Alliance and the Greater Cleveland Partnership. Here are some examples of letters that were sent:
Here is some background on the credit itself:A tax credit is provided for rehabilitation expenses to owners of historically significant buildings. There are wide-ranging side benefits that result from issuing these tax credits.
- Rehabilitation of historic buildings creates more construction jobs than new construction.
- Most of the approved projects have been vacant buildings prior to rehabilitation.
- Rehabilitating these buildings creates an influx of property, income, and sales tax revenue.
- Rejuvenates Ohio’s communities.
- This tax credit is designed to align itself with federal programs.