Ohio Administrative Code › Title 122:22 - New Markets Tax Credit › Chapter 122:22-1 - General Provisions › Section 122:22-1-01 - Definitions

Current through all regulations passed and filed through July 1, 2024
Except as otherwise provided in this
				chapter or in section
				 5725.33  of the Revised Code,
				terms used in this chapter have the same meaning as section 45D of the Internal
				Revenue Code, any related proposed, temporary or final regulations promulgated
				under the Internal Revenue Code, any rules or guidance of the internal revenue
				service or the United States department of treasury, and any related rules or
				guidance issued by the community development financial institutions fund of the
				United States department of treasury, as such law, regulations, rules, and
				guidance exist on October 16, 2009.
(A) "Allocation agreement" means a written
			 agreement between the director and a state allocatee specifying the terms and
			 conditions associated with the receipt of the credit allocation pursuant to
			 sections  5725.33, 
									5726.54,
								5729.16, and
			  5733.58  of the Revised Code and
			 rules 122:22-1-01 to  122:22-1-08 of  the Administrative Code.
(B)
			 "Allocation date" means the effective date of an allocation
			 agreement.
(C) "Applicant" means a
			 qualified CDE that applies to the director to receive a credit allocation from
			 the new markets tax credit program.
(D) "Application period" means each time
			 period established by the director during which qualified CDE's may apply for a
			 credit allocation.
(E) "Authorized
			 representative" of an entity means an officer or other individual who has the
			 actual authority to sign for, and make representations on behalf of, the
			 entity.
(F) "CDE" means community
			 development entity.
(G) "Control"
			 means (1) ownership, control or power to vote more than fifty percent of the
			 outstanding shares of any class of voting securities of an entity, directly or
			 indirectly or acting through one or more persons; (2) control in any manner
			 over the election of a majority of the directors, trustees, managers, or
			 general partners (or individuals exercising similar functions) of any other
			 entity; or (3) power to exercise, directly or indirectly, a controlling
			 influence as determined by the director over the management policies or
			 investment decisions of another entity.
(H) "Credit Allocation" means the amount of
			 new markets tax credit authority
								allocated by the director to a state allocatee pursuant to an
			 allocation agreement.
(I) "Credit
			 Allowance Period" means the seven-year period during which a taxpayer may claim
			 new markets tax credits for qualified equity
			 investments made in a qualified CDE.
(J) "Director" means the director of the
			  development
			 services agency of the state of Ohio.
(K) "Fiscal year" means the fiscal year of
			 the state of Ohio.
(L) "Issuer," as
			 that term is used in section
			  5725.33  of the Revised Code,
			 means a state allocatee.
(M) "NMTC
			 claimant" means an entity that may claim a new markets tax credit as provided in section
			  5725.33, 
									5726.54,
								5729.16, or
			  5733.58  of the Revised Code.
(N)
			 "Program guidelines" means the guidelines for the Ohio new markets tax credit
			 program issued by the director.
(O)
								"State allocatee" means a qualified CDE that is
			 selected by the director to receive a credit allocation and enters into an
			 allocation agreement. "State allocatee" includes any subsidiary applicant that
			 is a signatory to the allocation agreement.
(P) "Subsidiary" means
			 with respect to a CDE any legal entity that is owned or controlled, directly or
			 indirectly, by the CDE.
(Q) "Superintendent"
			 means the superintendent of the department of insurance of the state of
			 Ohio.
(R) "Tax commissioner" means the commissioner of the
			 department of taxation of the state of Ohio.