122:16-1-06 Penalties.

(A) In the event a taxpayer fails to retain the number of full-time employment positions set forth in the tax credit agreement or if the authority finds that the taxpayer has failed to comply with any term set forth in the tax credit agreement, the authority may unilaterally and prospectively reduce the percentage and term of the tax credit or immediately terminate the tax credit as set forth in the tax credit agreement. In the event a taxpayer relocates employment positions in violation of section 122.171 (E)(8) of the Revised Code and that taxpayer has been previously issued tax credit certificates, the authority may, after providing notice, reduce the tax credit rate to preclude the taxpayer from taking any further credits for the term of the tax credit. In the event a taxpayer relocates such positions and has not been previously issued a tax credit certificate, the authority may terminate the tax credit.

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