Ohio Administrative Code › Title 122:22 - New Markets Tax Credit › Chapter 122:22-1 - General Provisions › Section 122:22-1-02 - Allocation of new markets tax credit authority

Current through all regulations passed and filed through July 1, 2024
(A) To comply with the limitation set forth
			 in division (C) of section
			  5725.33  of the Revised Code, the
			 aggregate amount of credit allocations made by the director to all state
			 allocatees each fiscal year shall not exceed ten million dollars.
(B) The director shall make credit
			 allocations to qualified CDE's through a competitive process. The director
			 shall establish and announce by public notice application periods during which
			 qualified CDE's may submit applications for credit allocations. Qualified CDE's
			 may request credit allocations by completing an application in the form
			 published by the director for the relevant application period. Applications
			 must be signed by an authorized representative of the applicant and submitted
			 so as to be received by the director not later than the closing time for the
			 application period as announced by the director. Applications will be evaluated
			 based on scoring criteria published by the director in the program guidelines
			 in advance of the relevant application period. The director may review
			 applications for completeness and request that applicants provide information
			 to complete any identified omissions. Except for responses to specific requests
			 for information as part of the completeness review, an applicant may not amend
			 its application. If the application period has not closed, an applicant may
			 withdraw its application and submit a new application. The director shall set
			 forth in the program guidelines the schedule of events for each application
			 period.
(C) Each award of a credit
			 allocation by the director to a qualified CDE will be made subject to the
			 execution and delivery of an allocation agreement in form and substance
			 acceptable to the director. If an applicant selected to receive a credit
			 allocation fails to execute and deliver an allocation agreement within thirty
			 days after receipt of the allocation agreement from the director, the award
			 will be deemed to have been rejected by the applicant. If an applicant declines
			 an award of a credit allocation for any reason or is deemed to have rejected
			 the award as described in the preceding sentence, the director may award the
			 credit allocation to another applicant.
(D) In order for a state allocatee to
			 transfer its allocation authority to a subsidiary, the state allocatee must
			 demonstrate, at a minimum, that it exercises and will maintain a controlling
			 influence over the investment decisions of the subsidiary.
(E) On or after the allocation date, the
			 state allocatee may designate qualified equity investments as to which new
			 markets tax credits may be claimed with respect
			 to equity investments made on or after that date. A state allocatee may not
			 designate equity investments as qualified equity investments in an amount that
			 would cause aggregate new markets tax credit
			 claims in excess of the state allocatee's credit allocation for the period in
			 which the qualified equity investments are made. A state allocatee may not
			 designate any equity investment that it issues as a qualified equity investment
			 if such investment is issued by the state allocatee more than twelve months
			 after the allocation date unless such expiration is extended by the director in
			 writing as provided in the following sentence. The director may extend the
			 period of time during which an investment may be made upon the written request
			 of a state allocatee made at least thirty days, but not more than sixty days,
			 before the scheduled expiration date if the state allocate demonstrates that an
			 investment commitment has been made but will not be closed prior to the
			 scheduled expiration of the credit allocation award.