Bill > HB704

This bill, known as the Promised Land Act, establishes a new nonrefundable and transferable tax credit for eligible nonprofit organizations that construct owner-occupied housing on at least one acre of property they own. An "eligible nonprofit organization" is defined as a charity recognized as tax-exempt under section 501(c)(3) of the Internal Revenue Code. The credit, which is 10% of the total construction cost including land, can be applied against various state taxes and is awarded after housing units are sold to owner-occupants, meaning the buyer lives in the home as their primary residence, even if they don't own the land outright but have a leasehold interest. The bill also outlines application periods, reporting requirements, and a cap of $25 million in total credits per fiscal year, with individual applicants limited to $2 million per biennium. Importantly, the credit can be transferred to other entities, and the bill amends existing tax laws to incorporate this new credit, while also repealing the old versions of those sections.

Budget and Finance

https://www.legislature.ohio.gov/legislation/136/hb704