The Promised Land Act introduces a new section, 122.841, to the Revised Code, establishing a nonrefundable, transferable tax credit for eligible nonprofit organizations that construct owner-occupied housing. This credit, set at ten percent of total construction costs, including land value, aims to incentivize housing development by allowing organizations to apply for tax credits against various state taxes after selling housing units to owner-occupants. The application process is structured around two annual periods, and the total amount of tax credits issued is capped at $25 million per fiscal year. The bill also emphasizes maintaining affordability and owner-occupancy through potential agreements included in housing transfer documents.

In addition to the new provisions, the bill amends existing sections of the Revised Code, including sections 5725.38, 5725.98, 5726.61, and 5726.98, to incorporate references to the new credit while removing outdated language and clarifying the order for claiming various tax credits. It also allows foreign insurance companies to claim a nonrefundable credit against taxes based on a tax credit certificate, with provisions for carrying forward excess credits for up to five years. The bill streamlines the tax credit process by repealing several sections of the Revised Code, ultimately enhancing tax incentives for both nonprofit housing developers and foreign insurance companies.

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