Ohio’s $15M historic tax credit boost bolsters preservation in Cincinnati

Ohio’s historic preservation tax credit program is getting a $15 million boost – an increase that preservation advocates say could help save some of the state’s most endangered buildings from demolition, including dozens in Greater Cincinnati.

Gov. Mike DeWine signed the expansion into law July 2 as part of the state’s biennial budget, raising the program’s total annual funding to $75 million. Preservation leaders across Ohio hailed the change as one of the most significant policy wins in more than a decade.

Beyond the funding hike, the budget eliminates the program’s expiration date, removes a vacancy requirement that limited eligibility and raises the credit amount to 35% for projects in communities with populations under 300,000 – a change that directly benefits cities like Cincinnati.

“This was the right and economically smart decision,” said Beth Johnson, executive director of Cincinnati Preservation, formerly known as the Cincinnati Preservation Association. The nonprofit works to protect, reuse and celebrate Greater Cincinnati’s historic sites and buildings through a mixture of education and advocacy work.

“We are incredibly grateful for the legislature and the governor for increasing the tax credits on a permanent basis and especially grateful to Gov. DeWine for vetoing the sunset clause,” Johnson continued.

Powerful tool for preservationists

The tax credit is widely viewed as one of the most powerful tools available for preserving and redeveloping historic structures. In Cincinnati, where aging buildings often teeter between restoration and the wrecking ball, the program has helped developers breathe new life into dozens of downtown and neighborhood landmarks.

Preservation advocates have long argued that the program pays for itself by catalyzing development. Research cited by Johnson shows that every dollar of state historic tax credit leverages an average of $4 in private funds.

The Queen City consistently ranks among the top recipients of the state credit. In the latest round of funding awarded in June, 11 local projects representing 14 buildings received a combined $16.8 million in state credits, spurring more than $169 million in private investment. Cincinnati typically receives a similar share each year, Johnson said.

Projects made possible by these credits have included high-profile redevelopments like Cincinnati Music Hall and numerous neighborhood-scale restorations.

“In Cincinnati, our historic buildings are more than just old structures – they’re part of what makes this city special and unique,” Johnson said. “The Ohio Historic Tax Credit helps us protect that character while also driving real economic growth.”

A statewide effort to preserve Ohio’s history

Heritage Ohio, the nonprofit that led much of the Statehouse lobbying, said the changes reflect a growing recognition that preservation fuels economic growth.

“Our story is rooted in the belief that leaning into our history, protecting the irreplaceable and reinvesting in the historic fabric of our communities, is a vital economic development tool,” the group wrote in a letter supporting the reforms. “It not only drives tourism and investment but also attracts and retains the next generation who are seeking unique, vibrant places to call home.”

The advocacy behind the measure included testimony from Heritage Ohio before both chambers of the state legislature and direct outreach to the governor’s office. Johnson said Cincinnati Preservation also played a role in that effort, too, by rallying local business leaders to press lawmakers and the administration.

“We specifically worked with our corporate partners to encourage them to call representatives and the governor’s office to advocate for the Ohio Historic Tax Credit and the removal of the sunset clause,” she said.

Johnson, who also sits on the board of Heritage Ohio, said the effort shows how deeply preservation shapes the city’s identity — and its future.

“It brings new life to vacant buildings, supports local jobs and turns preservation into progress,” she said. “It’s one of the smartest tools we have for building a strong future without losing sight of where we’ve been.”

Cincinnati Preservation