Ohio HB704 establishes a tax credit for nonprofit organizations constructing owner-occupied housing.

Ohio HB704, known as the Promised Land Act, creates a tax credit for nonprofit organizations that facilitate the construction of owner-occupied housing. Eligible nonprofits can apply for a credit based on the cost of constructing housing units on their property. The credit can be transferred to other entities and may be carried forward if unused. The act outlines procedures for application, review, and issuance of tax credit certificates by the director of development. The credit is nonrefundable and cannot be claimed more than once per taxable year.

Ohio HB704 establishes a tax credit for nonprofit organizations constructing owner-occupied housing.

Ohio HB704, known as the Promised Land Act, creates a tax credit for nonprofit organizations that facilitate the construction of owner-occupied housing. Eligible nonprofits can apply for a credit based on the cost of constructing housing units on their property. The credit can be transferred to other entities and may be carried forward if unused. The act outlines procedures for application, review, and issuance of tax credit certificates by the director of development. The credit is nonrefundable and cannot be claimed more than once per taxable year.