Sub. H.B. No. 469 Summary

• Creates a nonrefundable insurance company tax credit equal to 10% of development costs for contributions to certified transformational mixed use development projects with estimated costs exceeding $50 million.

• Requires projects to include at least one building of 15+ stories, integrate mixed uses (retail, office, residential, recreation, parking), and demonstrate estimated tax collections exceeding 10% of development costs within a designated project area.

• Allows project developers to apply to the Director of Development Services for certification and preliminary approval, with receipt of tax credit certificates contingent upon project completion and third-party cost certification.

• Permits applicants to sell or transfer credit rights to other persons to raise capital, with credits claimable only once and limited to a single transfer per credit amount.

• Adds the transformational mixed use development credit to Ohio's business incentive tax credits requiring budget appropriations estimates and establishes credit claim order for insurance company taxes under sections 5725.35 and 5729.18.