(A) The investOhio program is a multistep process in which the following acts must occur:
(1) The small business enterprises and eligible investors that wish to participate in the program must register with the investOhio program. The registration process is further described in rule 122:24-1-03 of the Administrative Code.
(2) A registered eligible investor and a registered small business enterprise must reach an agreement that permits the eligible investor to make an investment of money in the small business enterprise for an equity interest in the small business enterprise whether such agreement was reached prior to or after registering as an eligible investor or small business enterprise with the investOhio program. The time of investment must occur in the same state fiscal biennium as application described in paragraph (A)(3) of this rule.
(3) One of the parties to the qualifying investment described in paragraph (A)(2) of this rule must apply to the investOhio program. The application process is further described by rule 122:24-1-04 of the Administrative Code. The date and time in which the application is received by the director determines the priority that the qualifying investment has under the investOhio program. Each transaction will be given an investOhio transaction ID to denote the priority of the transaction.
(4) Once the Application has been submitted to the director, the eligible investor must make the investment of money consistent with rule 122:24-1-05 of the Administrative Code.
(5) Within six months of the date on which the investment of money occurs, the small business enterprise must make allowed expenditures consistent with division (A)(1)(c) section 122.86 of the Revised Code.
(6) The director will begin to issue small business investment certificates to those qualifying investments that have that met each of the requirements listed in paragraphs (A)(1) to (A)(6) of this rule in the order of investOhio transaction IDs. The certificate shall establish the maximum amount of the tax credit that may be claimed; however the amount listed may be reduced if a disqualifying event occurs, as described in rule 122:24-1-10 of the Administrative Code. The director will issue small business investment certificates until the amount of tax credits awarded meets the limitation imposed by division (C)(3) of section 122.86 of the Revised Code.
(7) The director will verify the continuing eligibility of all small business investment certificates after the holding period for that transaction has run. The verification process is further described in rule 122:24-1-09 of the Administrative Code. The director will notify the eligible investor and the tax commissioner of any disqualifying events, which are further described in rule 122:24-1-10 of the Administrative Code.
(8) Eligible investors that possess small business investment certificates that have not been disqualified may claim a tax credit consistent with section 5747.81 of the Revised Code.