122:7-1-01 Definitions.

 

 

 

TO BE RESCINDED

 

122:7-1-01                   Definitions.

 

 

 

(A)   "Authority" means the tax credit authority created pursuant to section 122.17 of the Revised Code.

 

(B)  "Director" means the director of the department of development of the state of Ohio.

 

(C)  "Taxpayer" means a business entity that has entered into an agreement for a tax credit pursuant to division (C) of section 122.17 of the Revised Code.

 

(D)    "Minority" means a resident of Ohio who is a member of one of the following groups: Blacks, American Indians, Hispanics, and Orientals.

 

(E)    "Disadvantaged person" means a resident of Ohio who meets at least one of the following criteria:

 

(1)   Is a person who is currently receiving unemployment compensation or has not held a full-time job for at least the last four months;

 

(2)   Is certified as having a disability by the state of Ohio's rehabilitation services commission or bureau of workers' compensation, or who is considered disabled under the Americans with Disabilities Act;

 

(3)   Is eligible for Workforce Investment Act program assistance; or

 

(4)   Is a person whose total gross annual income is less than the annual equivalent of one-hundred fifty percent of the federal minimum wage, or is part of a household of two or more persons whose total gross annual income is less than the annual equivalent of three-hundred percent of the federal minimum wage.

 

(F)   "Taxable year" means the annual tax reporting period of the taxpayer that has entered into an agreement for a tax credit pursuant to division (C) of section 122.17 of the Revised Code.

 

(G)     "Fixed-asset investment" means the dollar amount invested in building, land, machinery and equipment, computers, and infrastructure related to the project. It does not include investments in furniture and fixtures, inventory, working capital, and other miscellaneous items.

 

 

 

 

(H)  "Extraordinary circumstance" means one or more of the following:

(1)   The project proposes to or actually hires and maintains less than twenty-five but more than ten new full-time employment positions at a single project location within three years of initial project operations and proposes to or actually pays and maintains an average hourly base wage rate of at least four hundred percent of the federal minimum wage;

(2)     The proposed project is either the indirect primary beneficiary of financial support or the direct non-primary beneficiary of financial support from a local political subdivision, a county, or a nonprofit economic development agency;

(3)   The proposed project involves the establishment or expansion of headquarters, research and development, science and technology, or information systems-related operations; or

(4)   Other factors related to the project that present an extraordinary opportunity for the state.

Effective:                                11/10/2003 R.C. 119.032 review dates:                           11/08/2004

CERTIFIED ELECTRONICALLY

Certification

10/30/2003

Date

Promulgated Under:   119.03

Statutory Authority:   122.17

Rule Amplifies:           122.17

Prior Effective Dates: 9/25/00, 11/8/99, 4/8/94