122:16-1-04 Tax Credit Percent and Term.

(A) The authority shall not grant a tax credit under section 122.171 of the Revised Code that exceeds seventy-five percent of the state income tax revenue withheld from employees of the taxpayer located at the project site and occupying a full-time employment position, as that term is defined in division (F) of section 122:16-1-01 of the Ohio Administrative Code.

(B) The authority shall not grant a tax credit under section 122.171 of the Revised Code that exceeds a term allowable pursuant to section 122.171(B). The tax credit shall be claimed by the taxpayer for the consecutive taxable years during the term.

(C) The authority shall consider the following factors in determining the tax credit percentage and term to be granted to a taxpayer.

(1) The determinations and recommendations provided under division (C) of section 122.171 of the Revised Code by the director, the director of budget and management, and the tax commissioner.

(2) The average wage of all full-time employment positions at the project site;

(3) The number of full-time employment positions to be retained at the project site;

(4) The plan of capital investment proposed by the project as required by division (A) of section 122.171 of the Revised Code;

(5) The economic condition of the area of the state where the project is located;

(6) The type of project engaged in by the taxpayer at the project site;

(7) The amount of direct local financial support provided to the project; and

(8) The amount of other financial assistance the taxpayer and other related members are to receive from the state for the project.

(D) The authority may grant a tax credit term between eleven and fifteen years if the director recommends and the authority finds that there is significant retention associated with the project.

(E) The director shall issue a certificate under section 122.171(E)(7) of the Revised Code for only those years included in the period during which a refund is available to the taxpayer under sections 5733.12(B) and 5747.11(B) of the Revised Code. In no event shall the director issue a certificate under this rule unless the director has fully executed a tax credit agreement with the taxpayer. Subject to the provisions of section 122.171(E)(7) of the Revised Code, in no event shall the director grant a tax credit under this division unless the number of full-time employment positions to be retained by the taxpayer is greater than one thousand in each year during the term of any agreement with the tax credit authority.

HISTORY: Eff 12/11/2003

Rule promulgated under: RC 119.03

Rule authorized by: RC 122.171(K)

Rule amplifies: RC 122.171

RC 119.032 Review Dates: 12/11/2008