The Promised Land Act aims to amend the Revised Code by introducing a new section, 122.841, which establishes 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, is designed to incentivize housing development by allowing organizations to apply for the credit against various state taxes after selling housing units to owner-occupants. The bill outlines the application process, which is structured around two annual periods, and caps the total amount of tax credits issued at $25 million per fiscal year.

Additionally, the bill amends existing sections of the Revised Code to incorporate references to the new credit and removes outdated definitions to clarify the order in which tax credits should be claimed. It also allows for the transfer of unclaimed credits, enabling organizations to pass on the right to claim the credit to other entities. The bill further expands eligibility for tax credits for foreign insurance companies and establishes a uniform order for claiming these credits, ensuring that taxpayers cannot claim the same credit more than once in a taxable year. Overall, the Promised Land Act seeks to promote affordable housing development in Ohio while simplifying the tax credit system for various entities.

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