Ohio Administrative Code Title 122:19 - Historic Preservation Tax Credit Program
Ohio Administrative Code Title 122:19 governs the Historic Preservation Tax Credit Program, administered by the Ohio Department of Development. This program incentivizes the rehabilitation of historic buildings by offering tax credits to property owners and qualified lessees who undertake qualifying rehabilitation projects.
📘 Overview of Title 122:19
The rules under Title 122:19 establish the framework for the Historic Preservation Tax Credit Program, detailing the procedures for application, eligibility, and issuance of tax credit certificates. These rules are designed to ensure that rehabilitation projects adhere to recognized preservation standards and contribute to the economic revitalization of communities.
🔑 Key Provisions
1. Eligibility Criteria
To qualify for the tax credit, applicants must meet several criteria, including:
Ownership or Leasehold: The applicant must be the owner or qualified lessee of a historic building
Qualified Rehabilitation Expenditures: The project must involve qualified rehabilitation expenditures as defined under federal law.
Standards Compliance: The rehabilitation must comply with the Secretary of the Interior's Standards for Rehabilitation.
Economic Impact: The project should have a positive economic impact on the surrounding area.
2. Application Process
Applicants must submit a completed application during designated application periods. The application must include:
Project Description: Detailed information about the rehabilitation project.
Cost Estimates: Estimated qualified rehabilitation expenditures.
Historic Significance: Evidence of the building's historic status.
Financing Plan: Documentation of secured financing for the project.
Incomplete applications may be rejected, and applicants will be notified accordingly.
3. Tax Credit Issuance
Upon project completion, applicants must notify the director and provide:
Proof of Ownership or Leasehold: Documentation verifying the applicant's interest in the property.
Cost Certification: A third-party cost certification detailing the actual qualified rehabilitation expenditures.
Compliance Evidence: Approvals from the State Historic Preservation Officer confirming adherence to rehabilitation standards.
The director may then issue a historic preservation tax credit certificate, specifying the amount of the credit.
4. Fees
Applicants are required to pay certain fees associated with the application and certification process. These include:
Application Fee: An initial fee submitted with the application.
Servicing Fee: A fee payable upon approval of the application.
Certification Fee: A fee due upon project completion and prior to the issuance of the tax credit certificate.
All fees are non-refundable, even if the application is withdrawn or rejected.
🗓️ Application Periods
Specific application periods are established annually, during which applications are accepted and reviewed. The director publishes the schedule of application periods and associated deadlines in advance. Applicants are encouraged to submit their applications early to ensure timely consideration.
Program Policies: Detailed guidelines for the program are approved by the director and provide further clarification on application procedures and requirements.
Contact Information: For assistance or more information, applicants can contact the Ohio Department of Development or visit their official website.
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