Owners of Historic Buildings May Be Eligible for Tax Credit

A new refundable tax credit against the corporation franchise tax, individual income tax or dealers in intangibles tax is available to owners of historic buildings. This credit is equal to 25% of the owner's qualifying rehabilitation expenditures that are incurred in the rehabilitation of a historic building. The credit can be applied for from the Ohio Department of Development, which will provide approved owners with a tax credit certificate. Only 100 historic preservation tax credits can be approved during a two-year period beginning July 1, 2007.

For more information and application forms, go to:

• Ohio Historic Preservation Tax Credit