Ohio Senate decides not to freeze historic tax credits

YOUNGSTOWN — Local developer Dominic J. Marchionda of NYO Property Group was ecstatic to hear the Ohio Senate decided not to freeze historic preservation tax credits.

The Ohio Senate budget proposal to freeze the tax credits for two years would have put a stop on several projects NYO Property Group has in the works. The group is nearly done with restoration at the Wick Building and will then move on to begin a hotel project at the Stambaugh Building. Both of those projects benefited from these credits.

“It is too rewarding of a program,” he said. “There is nothing more rewarding than bringing an existing structure with historical integrity back to life.”

Today, the Senate removed language it added last week to freeze the state’s historic tax credit program, but members included a new provision requiring the Development Services Agency to study ways to convert the credits to grants for future projects.

For the complete story, read Wednesday's Vindicator and Vindy.com