❌ SB250
Enact the Promised Land Act
Current Status: In Senate Committee (Housing)
Summary
The bill establishes a nonrefundable, transferable tax credit for eligible nonprofit organizations that construct owner-occupied housing in Ohio. The credit is set at 10% of the total construction cost and is applicable after the housing units are sold to owner-occupants. The total amount of tax credits issued is capped at $25 million per fiscal year.
Rationale
The bill introduces a government tax credit program that involves state intervention in housing markets, which conflicts with Libertarian principles advocating for minimal government involvement in economic matters and free markets. The reliance on government funding for housing construction also contradicts the LPO's stance against government contracts that exceed fair market prices.
Risks and Concerns
- Increased government control over housing markets
- Potential for cronyism in the allocation of tax credits
- Encouragement of dependency on government funding