122:16-1-06 Remedies.

ACTION: Original                                                 DATE: 05/24/2010 9:52 AM

                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

OHIO DEPART?IENT OF DEVELOPMENT PUBLIC NOTICE

MODIFICATION OF JOB CREATION TAX CREDIT AND JOB RETENTION TAX CREDIT PROGRA?f RULES

 

Notice is hereby given that the Director of Development, acting pursuant to Section 119.03 of the Ohio Revised Code, intends to file changes to the Job Creation Tax Credit (JCTC) and Job Retention Tax Credit Program (JRTC) Rules as follows:

 

1.                  Rescind the following JCTC rules:

 

122:7-1-01

122:7-1-04

122:7-1-05

122:7-1-06

122:7-1-07

122:7-1-08

Definitions Fees

Eligibility requirements

Tax credit percent and te?n Reports

Penalties

2.                  File the following New Rules in replacement for those rescinded:

122:7-1-01

122:7-1-04

122:7? 1-05

122:7-1-06

122:7-1-07

122:7-1"08

122:7-1-09

Definitions Fees

Eligibility requirements

Tax credit percent and term Reports

Remedies

Relocation of employees

3.                  File the following JCTC No Change rules:

122:7-1-02

122:7-1-03

Meetings of the tax credit authority Officers

4.                  Rescind the following JRTC rules:

122:16-1-01

122:16-1-02

122:16-1-03

122:16-1-04

122:16-1-05

122:16-1-06

5.                  File the following New Rules in replacement for those rescinded:

122:16-1-01

122:16-1-02

122:16-1-03

122:16-1-04

122:16-1-05

122:16-1-06

122:16-1-07

Definitions Fees

Eligibility requirements

Tax credit percent and terr? Reports

Remedies

Relocation of employees

These proposed rule changes reflect recent changes to the JCTC and JRTC Programs' authorizing legislation and are designed to support the efficient administration of each programs. The JCTC and JRTC authorizing legislation underwent significant revision in Am. Sub. HB 1 of the 128? General Assembly. Changes moving each program from one based on the income taxes paid by specific individuals to one based on aggregate payroll. The proposed rules reflect the changes to the statute and propose a more flexible administrative process which supports business participation. Development has also taken this opportunity to

clari?F several issues by incorporating new definitions, ensuring fiscal security for program compliance by revising the fee s?ucture including increasing the application and servicing fees, and conforming similar

provisions in the JCTC and JRTC rules.  The pu? se of this meeting is to discuss the proposed rule filings - rescission of the current rules and replacement with new rules governing the JCTC and JRTC Programs.

A public hearing regarding the changes to the JRTC and JCTC rules is scheduled for: June 25, 2010

2:00 P?1.

Ohio Department of Development 77 South High Street

28? Floor, Executive Conference Room Columbus, Ohio 43215

Please send any comments no later than 5PM, June 21, 2010 to:

Robert P. Stempfer, Deputy Chief Legal Counsel Ohio Department of Development

77 South High Street, 29? Floor Columbus, Ohio 43215

Or email to: [e-mail]