Tax Credits We Don’t Need, Tax Credits We Do … Ohio #1

Here is the first of what might become a series depending on the fan mail . . .

We have tax credits for all manner of things at the federal, state, and local levels that we don’t need and shouldn’t have tax credits for . . . like hybrid cars, movie production, and lemonade stands (the last one isn’t real as far as I know, but I wouldn’t rule it out).

One of the more popular tax credits is for saving old buildings that some people don’t want torn down but don’t care enough about to save with their own collective money. So they subsidize the renovation with credits. The Plain Dealer editorializes in support:

A state historic tax credit that, shortsightedly, was drastically scaled back this spring has now been expanded, thanks in large part to advocacy by Russell Township Rep. Matt Dolan - a leading GOP candidate to become the next Ohio House speaker - and support from Lt. Gov. Lee Fisher.

The program was revived when Gov. Ted Strickland signed a $1.6 billion economic stimulus bill. That will allocate $120 million in tax credits for developers to preserve and renovate historic properties, most of which are in urban areas.

What most states don’t have are education tax credits – the one and only tax credit that makes fiscal sense because it really does save taxpayers’ money and the only tax credit that actually decreases market distortion rather than increasing it.

But I have a question for Ohio’s politicians; if it’s good to encourage developers to invest in building preservation, why isn’t it good to encourage all taxpayers to invest in education? Are developers and old buildings more important than a child’s future?

Will the Plain Dealer, Rep. Matt Dolan, Lt. Gov. Lee Fisher, and Gov. Ted Strickland come out in support of at least $120 million in tax credits for educating Ohio’s children? If not why not?

Inquiring minds want to know . . .