Ohio H.B 554 Signed into Law

On June 12, 2008 Governor Ted Strickland signed into law Ohio H.B. 554 making changes to the Ohio Historic Rehabilitation Tax Credit ("OHRTC"). The OHRTC is a credit against the Ohio income tax, corporate franchise tax and some intangibles taxes. One of the changes that H.B. 554 is responsible for will enable each party awarded with the OHRTC up to $5 million per year in tax credits against qualified expenditures. The prior limitations of $60 million per year in OHRTC awards and the cap on the number of applications which can be submitted have been eliminated. H.B. 554 requires the Director of Development to "consider the potential economic impact and regional distributive balance of the credits throughout the state" when reviewing applications. It is hoped that this will allow for more even distribution of the tax credits throughout Ohio. For more information on the OHRTC program and its availability you should speak with your tax professional or an attorney who has tax credit development experience.