Ohio Administrative Code › Title 122:16 - Retention Tax Credit Program › Chapter 122:16-1 - Business Tax Credit › Section 122:16-1-02 - Fees

Current through all regulations passed and filed through July 1, 2024
(A) Servicing fees.
			 At the time each taxpayer enters into the tax credit agreement, the taxpayer
			 shall pay to the development services agency a servicing fee, in an amount
			 equal to four hundred 
			 dollars times the term of years of the tax credit. A separate servicing fee,
			 each calculated as described in the preceding sentence, shall be assessed for
			 each taxpayer that is party to a tax credit agreement. An amendment that
			 requests the addition of taxpayer(s) following the initial approval of the tax
			 credit shall be subject to the servicing fee for each added taxpayer. Such an
			 amendment is not subject to the amendment fee, as described in paragraph (B) of
			 this rule, unless the amendment requests changes to other terms of the tax
			 credit agreement.
(B) Amendment
			 fees. A taxpayer that has already received project approval from the authority
			 for tax credit assistance shall submit a three hundred dollar fee to the
			 development services agency in connection with a taxpayer's request to amend a
			 previously approved tax credit project, provided that the amendment fee shall
			 not be assessed for ministerial amendments. The determination of the executive
			 director of the authority about the nature of an amendment as ministerial or
			 substantive shall be final.
(C)
			 Late fees. A taxpayer that does not submit a complete annual report or annual
			 certification postmarked by or received prior to March first of the year the
			 report or certification is due shall be assessed a late fee of five hundred
			 dollars for each month the report or certification is not received on the first
			 day of each ensuing calendar month until the taxpayer submits the complete
			 annual report or annual certification under paragraphs (A) and (D) of rule 122:16-1-05 of  the Administrative Code. If an annual report or annual certification submitted to the director is not complete, the director, or his or her designee shall notify the taxpayer of the deficiencies in the submission, and the taxpayer shall have 30 days from the date of the notice to provide supplemental information to the director that completes the annual report or annual certification. During the pendency of the thirty day time period to supplement annual report or annual certification information, the taxpayer will be subject to the monthly late fee. Failure by a taxpayer to comply with reporting requirements is a breach of taxpayer's obligations under the tax credit agreement and, after the expiration
			 of any applicable cure period provided for in the tax credit agreement, the
			 authority may exercise its remedies including, without limitation, reduction of
			 the term or percentage of the tax credit or both, or termination of the tax
			 credit.
(D) Termination fees. In
			 the event the authority terminates a tax credit agreement as a result of a
			 taxpayer's failure to submit a complete annual report, the taxpayer shall be
			 required to pay as liquidated damages for the breach of the agreement an amount
			 equal to ten percent of the total amount of tax credit certificates issued to
			 the taxpayer pursuant to the agreement.
(E) Issuance of tax credit certificates.
			 A tax credit
			 certificate shall not be issued to any taxpayer with unpaid fees under this
			 rule.
(F) Use of fees. All fees
			 assessed in connection with the job retention tax credit program shall be
			 utilized to offset the administrative costs of the program.