Rep. Romanchuk Announces Passage Of Bill To Stimulate Job Creation
Incentive to rehabilitate vacant buildings can help improve local economy
 
 
COLUMBUS - 

Today, Rep. Mark Romanchuk (R, Ontario) applauded the passage of House Bill 135 through the Ohio House of Representatives, which authorizes a nonrefundable tax credit for the rehabilitation of a vacant building, for the purposes of possibly turning the once-vacant facility into a new business.


This nonrefundable tax credit would be against the income tax, financial institutions tax, severance tax, and domestic and foreign insurance taxes. The credit can only be utilized towards the rehabilitation of a location that has been designated as an “industrial recovery site.” H.B. 135 specifies that the amount of credit is determined by the qualified investment of the owner along with the age of the facility.


“Making good use of properties that have been left vacant is an integral part of revitalizing our communities,” Rep. Romanchuk said. “I’m hopeful that this legislation will serve as one more benefit toward the expansion of business and creation of jobs.”


The tax credit will be regulated by the Development Services Agency, who will review tax credit qualifications including the economic distress of the community surrounding the building and the intended interest in improving the vacant industrial site. The Director of the Development Services Agency is also required to submit an annual report to the Governor and General Assembly detailing the status of the tax credits and the rehabilitation of each industrial recovery site.


H.B. 135 will now move to the Senate for consideration.

 
 
 
  
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