OH HB560

Authorizes a nonrefundable Ohio low-income housing tax credit for qualified low-income buildings located in Ohio and placed in service on or after January 1, 2022.

Credits are reserved by the Ohio Housing Finance Agency director up to $500 million per fiscal year, contingent on federal low-income housing tax credit allocation.

Eligible investors and equity owners may claim annual credits equal to the lesser of the federal credit amount or one-tenth of the reserved credit amount, claimable against income tax liability.

Credits may be claimed for the year placed in service through five years following the credit period year, and are subject to recapture if federal credits are recaptured or disallowed.

Amends sections 5725.98, 5726.98, 5729.98, and 5747.98 to place the nonrefundable Ohio low-income housing tax credit in the proper order of Ohio tax credits.