S.B. No. 344 Summary

• Creates the Ohio Community Revitalization Program, which provides nonrefundable income tax credits of up to $5 million per project (15% of project costs, or 20% in economically disadvantaged communities) to developers undertaking community revitalization projects.

• Establishes a two-period application process annually (July-September and January-March) requiring applicants to submit project descriptions, cost estimates, financial statements, and local government support; director evaluates applications based on feasibility, economic impact, social impact, physical scope, and alignment with state priorities.

• Projects must be completed within two years of credit allocation approval; applicants must submit completion documentation with third-party verification of costs within 14 days of project completion to receive a tax credit certificate.

• Allows tax credit certificate holders to claim the nonrefundable credit against income tax liability for the year the certificate is issued and carry forward unused amounts for the following five taxable years; certificates can be transferred to other persons.

• Caps total annual credit allocations at $100 million per fiscal year and adds the community revitalization credit to the list of business incentive tax credits tracked in the state budget.