Ohio Administrative Code › Title 122:7 - Tax Credit Authority › Chapter 122:7-1 - General Provisions › Section 122:7-1-04 - Fees

Current through all regulations passed and filed through July 1, 2024
(A) Servicing fees.
			 At the time each taxpayer enters into a
			  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 payment of 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 by the director 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 or before the first day of each ensuing calendar month until
			 the taxpayer submits a complete annual report or annual certification under
			 paragraphs (A) and (D) of rule 122:7-1-07 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 thirty 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 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)
			 Issuance of tax credit certificates. A tax credit certificate shall not be
			 issued to any taxpayer with unpaid fees under this rule.
(E) Use of fees. All fees assessed in
			 connection with the job creation tax credit program shall be utilized to offset
			 the administrative costs of the program.