ACTION: Original DATE: 05/24/2010 9:47 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 File the following New Rules in replacement for those rescinded: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 File the following New Rules in replacement for those rescinded: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: robert.stemofor@develooment.ohio.gov
Document Information
- File Date:
- 2010-05-24
- CSI:
- Yes
- Notice File:
- 122$7_NO_111023_20100524_0947.pdf
- Rule File:
- 122$7-1-09_PH_OF_N_RU_20100524_0956.pdf
- RSFA File:
- 122$7-1-09_PH_OF_N_RS_20100524_0956.pdf
- Related Chapter/Rule NO.: (1)
- Ill. Adm. Code 122:7-1-09. Relocation of employees