Ohio Administrative Code › Title 122:24 - InvestOhio Program › Chapter 122:24-1 - General Provisions › Section 122:24-1-05 - Validation of qualifying investment

Current through all regulations passed and filed through July 1, 2024
(A)
								 Within thirty
			 days of the time of investment, or for an investment of money made prior to the
			 first date in which the director begins to accept evidence under this division
			 as determined by the director, the eligible investor must supply to the
			 director evidence that the transfer of the investment of money has been made.
			 The time of investment must occur within thirty days of the date supplied in
			 the application items which may be considered evidence of an investment of
			 money can be found in paragraph (C) of rule 122:24-1-11 of  the Administrative Code.
(B)
								 Within thirty
			 days of the date in which the small business enterprise completes its
			 expenditures pursuant to divisions (A)(1)(c)(i) to (A)(1)(c)(v) of section
			  122.86 
			 of the Revised Code, or for expenditures made prior to the first date in which
			 the director begins to accept evidence under this division as determined by the
			 director, the small business enterprise identified in the transaction must
			 supply to the director evidence of such expenditures. The director shall
			 prescribe guidelines for what constitutes reasonable evidence of an allowed
			 expenditure. Regardless of when the expenditures are made within the six month
			 period described in division (A)(1)(c) of section
			  122.86(A)(1)(c)   of the Revised Code, the small business
			 enterprise must supply to the director evidence of such expenditures no later
			 than seven months from the date of the investment of money.
(C)
								 On or before the
			 date described in division (A) of this rule, any eligible investor that is a
			 pass-through entity that wishes to receive a small business investment
			 certificate must provide to the director a list of partners or members,
			 including the correct legal name, taxpayer identification number, and
			 proportion of ownership interest in the entity. To the extent that any of the
			 parties denoted on this list are themselves a pass-through entity, the eligible
			 investor that is participating in the investOhio program must supply a list of
			 partners or members, including the correct legal name, mailing address, email
			 address, taxpayer identification number, and proportion of ownership interest
			 in the entity. This process shall continue until all listed parties are
			 individuals subject to the tax found in Chapter 5747. of Revised Code. This
			 allocation of ownership in the eligible investor shall determine the amount of
			 tax credit that each owner is entitled to claim, subject to the limitations
			 imposed by division (C)(1) of section
			  122.86 
			 of the Revised Code.
(D)
								 The director may, from time to time and as necessary,
			 request in writing additional information from either eligible investors or
			 small business enterprises in order to ascertain whether the parties to the
			 transaction qualifying as small business enterprises, as defined in division
			 (A)(1) of section
			  122.86 
			 of the Revised Code, and as Eligible Investors, as defined in division (A)(3)
			 of section
			  122.86(A)(3)   of the Revised Code.
(E)
								 To the extent
			 that the qualifying investment is validated, the application may still be
			 disqualified subject to the provisions of rule 122:24-1-10 of  the Administrative Code.
Effective:
				3/29/2012
R.C.
				119.032 review dates:
				03/29/2017
Promulgated
				Under:
				119.03
Statutory Authority:
				122.86(F)
Rule Amplifies:
				122.86,
				5747.81
Prior Effective Dates: 11/8/2011 (Emer)