Congressman Tim Ryan Announces $45.5 Million in Tax Credits to Akron and Youngstown
Washington, DC – Congressman Tim Ryan announces $45.5 million in federal tax credits from the National Park Service for certified rehabilitation work on historic buildings across Akron and Youngstown. Goodyear Hall in Akron will receive $31 million in tax credits and the Wick Building in Youngstown will receive $14.5 million in tax credits.
“Northeast Ohio has a wonderful history, and I am proud to have helped secure these critical tax credits for Goodyear Hall and the Wick Building to help continue that tradition. I am happy to see that the National Park Service understands the prominent role these facilities still play in our communities. These resources will stimulate our economy, while helping to preserve these buildings so that our children, and our children’s children, can appreciate these great landmarks,” said Congressman Ryan.
These tax credits are intended to encourage the rehabilitation and preservation of historic buildings and to promote economic renewal of older communities. To be eligible for these credits, the National Park Service must certify the building as historic and determine that the completed rehabilitation work preserves the historic character of the building.
Since 1977, the National Park Service has certified more than 39,000 rehabilitation projects, representing a rehabilitation investment of more than $69 billion.