OH HB704

Creates a nonrefundable, transferable tax credit called the "promised land credit" equal to 10% of total construction costs for 501(c)(3) nonprofit organizations that build owner-occupied housing on at least one acre of land they own in Ohio

Caps total tax credits at $25 million per fiscal year statewide, with a maximum of $2 million per applicant per fiscal biennium

Allows housing sales to qualify even without transferring fee simple land ownership, requiring only transfer of the housing unit and at least a leasehold interest in the underlying land

Permits credits to be transferred to any other person, with subsequent transfers also allowed, and unused credits may be carried forward for up to five years

Requires the Director of Development to submit annual reports on the number of housing units for which credits were applied and issued, including unit addresses