The Promised Land Act amends the Revised Code to create a nonrefundable, transferable tax credit for eligible nonprofit organizations involved in constructing student housing or owner-occupied housing. This credit is set at ten percent of total construction costs and is available to organizations that own real property in Ohio. The bill outlines the application process, eligibility criteria, and required information for organizations to apply for the tax credit, with a cap of $25 million on the total amount of credits issued for the first full fiscal biennium after the effective date. Additionally, it allows for the transfer of unclaimed tax credits under certain conditions and assigns the director of development the responsibility of reviewing applications and issuing tax credit certificates.

Moreover, the bill modifies existing tax credit provisions by expanding eligibility to include certificates issued or transferred under sections 122.84 and 122.841. It establishes a uniform order for claiming various tax credits, including the new "promised land credit," and repeals several existing sections related to tax credits to streamline the process for taxpayers. The changes aim to enhance clarity and accessibility for taxpayers while ensuring that no credit is claimed more than once in a taxable year.

Statutes affected:
As Introduced: 5725.38, 5725.98, 5726.61, 5726.98, 5729.21, 5729.98, 5747.86, 5747.98
As Reported By Senate Committee: 5725.38, 5725.98, 5726.61, 5726.98, 5729.21, 5729.98, 5747.86, 5747.98