The 2020 Tax Study Commission took more testimony June 20 on the benefits resulting from Ohio’s Historic Preservation Tax Credit. Deputy Tax Commissioner Marjorie Kruse and Deputy State Historic Preservation Officer Amanda Terrell spoke on the historic preservation tax credit, with Kruse summarizing the department’s role in processing, verifying, tracking, and refunding the credit. Terrell said the effectiveness of the program is seen in the number of reapplications for the credit – up to three and four times.
“What that says to us is that many of these owners need the credit in order to make the financing work — otherwise, would they really sit on a property for months or years longer than necessary?” she said.
Arguing for the success of the program, Terrell said Ohio ranked third nationally in FFY15 for the number of certified historic buildings seeking the federal credit; no. 2 for the number of completed projects reviewed and forwarded to the National Park Service; and no. 1 for the number of applications for buildings preparing to begin rehabilitation and construction.
After the hearing, Sen. Bob Peterson (R-Sabina), chairman of the commission, said the next meeting would be held in the last week of July.