OEDA Works to Protect PAB, New Market Tax Credit & Historic Tax Credit

Nov 15, 2017 | Advocacy

The Ohio Economic Development Association has joined with a broad coalition of organizations asking members of Ohio’s congressional delegation to protect private activity bonds, the New Market Tax Credit and the Historic Tax Credit as important tools used for economic development in Ohio.  Sharing examples of how these tools have been used in Ohio, OEDA sent letters and made calls to every member of the Ohio delegation and is seeing the results of these coordinated efforts as evidenced by the Senate legislation. For a sample of those letters, click HERE.

The Senate tax reform bill:

  • Preserves the Private Activity Bond,
  • Preserves the New Markets Tax Credit,
  • Repeals advance refundings, and the
  • Historic Tax Credit is modified to a 10% credit and the credit for pre-1936 buildings is repealed.

OEDA will continue to be engaged on both bills as they move through their respective chambers and the conference committee.

State Offers Tax Credit to Redevelop Ohio Neighborhoods

The Ohio Department of Development (Development) announced today that the application for the new Transformational Mixed-Use Development Program is open. The program provides a tax credit for major, mixed-use developments in Ohio. Applications are now available on Development’s website.

read more

$500 Million Available for Brownfield Funding in Ohio

Ohio’s 2022-2023 budget recently signed by Governor DeWine, allocates $500 million in new brownfield funding. Funding will be administered by the Ohio Department of Development (ODOD) which must adopt rules for allocation of brownfield funding and the demolition program. The rules will determine project eligibility and administration of the program.

read more