Ohio SB250 establishes a tax credit for nonprofit organizations constructing owner-occupied housing.

Ohio SB250, known as the Promised Land Act, creates a nonrefundable tax credit for eligible nonprofit organizations that construct owner-occupied housing. The credit is equal to 10% of the total construction cost, including land. Nonprofits must apply to the Director of Development and include details such as the number of housing units constructed and the acreage used. The credit can be claimed in the taxable year of construction or the following year. If unused, the credit can be carried forward for up to five years.

Ohio SB250 establishes a tax credit for nonprofit organizations constructing owner-occupied housing.

Ohio SB250, known as the Promised Land Act, creates a nonrefundable tax credit for eligible nonprofit organizations that construct owner-occupied housing. The credit is equal to 10% of the total construction cost, including land. Nonprofits must apply to the Director of Development and include details such as the number of housing units constructed and the acreage used. The credit can be claimed in the taxable year of construction or the following year. If unused, the credit can be carried forward for up to five years.