The Promised Land Act seeks to amend the Ohio Revised Code by introducing a new section (122.841) that establishes a nonrefundable, transferable tax credit for eligible nonprofit organizations involved in constructing owner-occupied housing. This tax credit, set at ten percent of total construction costs, including land value, is intended to encourage the development of affordable housing. Nonprofits can apply for this credit after selling housing units to owner-occupants, with a cap of $25 million on the total amount of tax credits issued in any fiscal year. The bill also outlines the application process and the necessary information required from organizations, while emphasizing the importance of maintaining affordability and owner-occupancy through potential agreements in housing transfer documents.

In addition to the new provisions, the bill amends existing sections of the Revised Code by inserting references to the new section (122.841) in sections 5725.38, 5726.61, and 5726.98, clarifying the order for claiming tax credits, and allowing for the transfer of unclaimed credits. It also introduces a nonrefundable promised land credit under sections 5729.21 and 5747.86, while repealing several outdated sections to streamline the tax credit process. Furthermore, the bill provides a nonrefundable credit for foreign insurance companies that receive a tax credit certificate, allowing them to claim the credit for the investment or development period related to the certificate application, with provisions for carrying forward any excess credits for up to five years. Overall, the legislation aims to enhance tax incentives for nonprofit organizations and foreign insurance companies while improving the clarity and efficiency of the tax credit claiming process.

Statutes affected:
As Introduced: 5725.38, 5725.98, 5726.61, 5726.98, 5729.21, 5729.98, 5747.86, 5747.98