122:7-1-05 Eligibility requirements.

 

 

 

122:7-1-05                   Eligibility requirements.

 

 

 

(A)    Except as otherwise provided in this rule, the authority may grant a tax credit pursuant to section 122.17 of the Revised Code if the authority determines the business entity's proposed project demonstrates all of the following:

 

(1)    The project satisfies the requirements set forth in section 122.17(C) of the Revised Code;

 

(2)    The project proposes to or actually pays and maintains an average employee hourly base wage rate of at least one hundred and fifty percent of the federal minimum wage;

 

(3)   The project proposes to or actually hires and maintains at least twenty-five new full-time employment positions at a single project location within three years of the project's initial operations; and unless the Authority finds an extraordinary circumstance under division (B) of this rule, in which case the project will continue to employ the minimum number of new employment positions specified by the Authority:

 

(4)   The project is the primary beneficiary of direct financial support from a local political subdivision, a county, or a nonprofit economic development agency. The project continues to employ at least twenty-five new employment positions at the project site for the term of the tax credit after the three year period following the project's date of initial operations, unless the Authority finds an extraordinary circumstance under division (B) of this rule, in which case the project will continue to employ the minimum number of new employment positions specified by the Authority; and

 

(5)The project is the primary beneficiary of direct financial support from a local political subdivision, a county, or a nonprofit economic development agency.

 

(B)   A proposed project that fails to satisfy paragraph (A)(3) or (A)(4) of this rule may be granted a tax credit pursuant to section 122.17 of the Revised Code upon the recommendation of the executive director and a finding by the authority that there is an extraordinary circumstance which merits an exception.

 

(C)   Point of final purchase retail projectsAll or any portion of a project determined to be retail shall not be eligible for tax credits pursuant to section 122.17 of the Revised Code.

 

(D)    Service projects must demonstrate that at least fifty-one percent of the sales or revenues attributable to the project are generated from outside the state of Ohio within three years of initial project operations to be eligible for tax credits pursuant

 

 

to section 122.17 of the Revised Code.

(E)    The authority shall from time to time set additional eligibility requirements for the projects of business entities to receive tax credits.

Effective:                                11/10/2003

R.C. 119.032 review dates:    08/15/2003 and 11/10/2008

CERTIFIED ELECTRONICALLY

Certification

10/30/2003

Date

Promulgated Under:   119.03

Statutory Authority:   122.17 (F), 122.18 (E)

Rule Amplifies:           122.17, 122.18 Prior Effective Dates: 4/8/94, 11/8/99