Bill > SB250

This bill creates a new tax credit program called the "Promised Land Credit" that provides a nonrefundable, transferable tax credit for charitable organizations constructing owner-occupied housing. Specifically, eligible nonprofit organizations recognized as tax-exempt under section 501(c)(3) of the Internal Revenue Code can apply for a tax credit equal to 10% of the total housing construction costs, including land value, after selling housing units to owner-occupants. The credit can be claimed against various state tax liabilities and has several key features: applications are accepted during two annual periods, the total tax credits issued are capped at $25 million per fiscal year, and no single applicant can receive more than $2 million in credits per fiscal biennium. The nonprofit organization can transfer the credit to other taxpayers, and the credit can be carried forward for up to five years. The bill requires the director of development to submit an annual report detailing the number of housing units and credits issued, and gives preference to applications that incorporate mechanisms to preserve housing affordability and owner-occupancy. The legislation amends multiple sections of the Ohio Revised Code to implement this new tax credit program and establish its administrative framework.

Housing and Urban Affairs

https://www.legislature.ohio.gov/legislation/136/sb250