122:7-1-04 Fees.

(A) Application fees. A taxpayer shall submit a five hundred-dollar application fee to the department of development at the time of the submission of the tax credit application. These fees shall be utilized to cover the administrative costs of the tax credit program as incurred by the department of development. If the tax credit application is not processed and presented to the authority for consideration, the department of development shall refund the application fee to the taxpayer. In all other instances, the application fee shall be non-refundable.

(B) Servicing fees. A taxpayer shall submit a servicing fee, equal to one-hundred twenty-five dollars times twice the term of years of the tax credit, up to a maximum of three thousand seven hundred fifty dollars to the department of development at the time the taxpayer enters into the tax credit agreement. These fees shall be assessed for each grantee listed in the agreement. These fees shall be utilized to cover the administrative costs of the tax credit program as incurred by the department of development.

(C) Amendment fees. A taxpayer that has already received approval from the authority for tax credit assistance shall submit a three-hundred dollar fee to the department of development at the time a request to amend in a substantive manner a previously approved tax credit project. The executive director of the authority shall determine if a request to amend is subject to this fee. Substantive amendments may include but shall not be limited to changes in grantee, project scope, and assignment of tax credits. These fees shall be utilized to cover the administrative costs of the tax credit program as incurred by the department of development.

(D) Late fees. A taxpayer that does not submit a complete annual report postmarked or received prior to March first of the year the report is due will be assessed a late fee of five hundred dollars on the first day of each ensuing calendar month until the taxpayer submits a complete annual report under division (A) of Section 122:7-1-07 of the Administrative Code. An annual report submitted to the Director but determined to be substantially incomplete shall be assessed a late fee as stated above. The fee must be paid in full before a tax credit certificate will be issued for the taxable year. These fees shall be utilized to cover the administrative costs of the tax credit program as incurred by the department of development.

HISTORY: Eff 12-26-03

Rule promulgated under: RC 119.03

Rule authorized by: RC 122.17(I)

Rule amplifies: RC 122.17

RC 119.032 Review Date: 12/26/08