Saturday, January 13, 2007

Norm on Ohio's new Historic Rehabilitation Tax Credits

Give former Governor Taft credit for signing Historic Rehabilitation Tax Credit into Law REALNEO for all--Our friend Norm Roulet posted this account of the new historic tax credits available in Ohio. It's a critical distinction to note that a tax credit is a dollar-for-dollar offset of taxes and is therefore more valuable than a tax deduction, which is a lessening of the amount to be taxed. This incentive can drive a lot of the restoration we've been needing to do around here for 50 years. It rewards us for placing the emphasis on preserving our heritage buildings, which we have in greater abundance than just about anybody anyplace else. I'm looking forward to using this on projects in the City of Cleveland these next few years.

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