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  • Historic Tax Credit is modified to a 10% credit and the credit for pre-1936 buildings is repealed.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.

Much more than just “drug houses”; State grants to fund commercial building demolition would propel county land banks as key drivers of Ohio’s economic development

In late April 2021, a legislative committee in the Ohio House held its second hearing to consider creating a $100 million grant program, exclusively for county land banks, to fund commercial building demolition. Ohio’s land bank statutes are recognized as a national model, uniquely providing an opt-in for county commissioners to direct tax collections to fund their county land banks’ activities. That revenue model, coupled with allocations from the state’s Hardest Hit Fund (specifically, the sun-setting Neighborhood Initiative Program), allowed land banks to grow in number during the past decade and thrive in addressing so-called nonproductive land in their communities. 

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Partnership Produces Success in Paulding County Through Northwest State Community College

Archbold, Ohio – Communication, collaboration, and partnerships are all sometimes a difficult ask. The ultimate goal of all three is to produce action that leads to meeting a goal or need. At Paulding High School, the goal was met as five students completed the Northwest State Community College welding course. The offering, consisting of two college level welding courses, came to fruition alongside the OhioMeansJobs-Defiance and Paulding Counties Office, the Paulding County Economic Development Office, Paulding High School, and Northwest State Community College.

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