(A) Reviewable progress reports in a format acceptable to the director shall be due within ninety days of certification of the application as a tax credit-eligible production as required within division (B) of section 122.85 of the Revised Code. The director may, from time to time in his or her discretion, request in writing additional reviewable progress reports after ninety days of certification of the application as a tax credit eligible production. The applicant's failure to report to the director or failure to demonstrate reviewable progress in a report to the director may result in rescission of the director's certification of the production as a tax credit-eligible production.
(B) The independent certified public accountant report due to the director under division (D) of section 122.85 of the Revised Code shall certify to the director that the applicant's reported costs of a tax credit- eligible production are eligible production expenditures as defined in section 122.85 of the Revised Code. In addition, the independent certified public accountant shall:
(1) Certify to the director that the loan-out talent contractors are registered with the Ohio secretary of state to do business in Ohio;
(2) Review and certify to the director all contract and expense items greater than or equal to ten-thousand dollars and review and certify to the director no less than fifty per cent of the contracts and expense items less than ten thousand dollars;
(3) Certify to the director that all eligible production expenditures for the tax credit eligible production were incurred during the period July 1, 2009 to the production complete date; and
(4) Certify to the director that the goods and services claimed as eligible production expenditures were performed or consumed in Ohio.
(C) The costs of the certified public accountant's report shall not qualify as an eligible production expenditure.
(D) Within sixty days of receipt of the independent certified public accountant's report, the director shall review and provide a written notice to the applicant accepting the report or identifying any deficiencies in the report, and if the report is accepted, identifying any disallowance of expenditures claimed and providing the reason for any disallowance. If the report does not satisfy the reporting requirements, the applicant shall have thirty days after the notice date to cause the independent certified public accountant to remedy the identified deficiencies. Also, within thirty days of receipt of the director's notice of any disallowed expenditure, the applicant may request reconsideration and provide additional documentation in support of the report. The director shall consider all relevant information submitted and respond in writing. Upon reconsideration, the director's determination shall be final.
(E) If the applicant fails to provide a report of an independent certified public accountant within the time allowed by this rule and complying with the requirements of this rule, no tax credit certificate will be issued.
Prior History: (Five Year Review (FYR) Dates:
Promulgated Under: 119.03
Statutory Authority: 122.85(G)(1)
Rule Amplifies: 122.85, 5733.59, 5747.66
Prior Effective Dates: 4/5/10)