Ohio Administrative Code|Rule 122:29-1-05 | Transformational Mixed Use Development Tax Credit.

                                                
(A) The tax credit certificate will be in
		  the form determined by the director and as approved by the director of
		  insurance.
(B) The amount of the tax credit
		  certificate is to be as calculated by the authority under either division (H)
		  or (I) of section 122.09 of the Revised Code, as applicable.
(C) In determining the increase in tax
		  collections under division (G) of section 122.09 of the Revised Code for a
		  calculation under division (H) of section 122.09 of the Revised Code, the
		  authority, with the information provided by the tax commissioner and applicable
		  municipal tax administrators will consider the following taxes, levies, and
		  charges, as each may be recognized by the tax commissioner and municipal tax
		  administrators from the project and within the surrounding area: 
(1) Those collected under
			 Chapter 718. of the Revised Code;
(2) Those collected under
			 Chapter 5705. of the Revised Code;
(3) Those collected under
			 Chapter 5739. of the Revised Code, including section 5739.09;
(4) Those collected under
			 Chapter 5741. of the Revised Code; and
(5) Those collected under
			 Chapter 5747. of the Revised Code.
Increase in tax collections also includes any
			 amounts collected by a municipal or county tax administrator within the
			 surrounding area by an alternative method than the preceding named chapters of
			 the Revised Code such as tax increment financing agreements, payments in lieu
			 of taxes, and new community authority development charges. 
(D) Any collection of taxes that have
		  been abated by action of the local jurisdiction or county are not to be
		  included by the authority in the computation of the increase in tax
		  collections.
(E) The property owner may request the
		  alternative method of computing the value of tax credit certificates under
		  division (I) of section 122.09 of the Revised Code on the request form made
		  available by the director, which will outline the necessary information for the
		  tax credit authority to make a determination on such request.
(1) In its request for
			 the alternative method of computing the value of tax credit certificates, the
			 property owner will identify at least one third party to be engaged by the
			 authority at the expense of the property owner who is competent to reasonably
			 confirm the expected increase in tax collections.
(2) Upon notification by
			 the authority to the property owner that the third party identified is
			 acceptable or its selection of a third party if more than one is identified,
			 the property owner may engage the selected third party on behalf of the
			 authority and, upon completion, present the third party report to the
			 authority. 
(3) The third party
			 report as provided to the authority confirming the expected increase in tax
			 collections for the alternative method of computing the value of tax credit
			 certificates is public record under section 149.43 of the Revised Code except
			 as may be otherwise exempt. 
(F) Pursuant to division (K) of section
		  122.09 of the Revised Code, the aggregate value of all tax credit certificates
		  issued for the project may not exceed (1) ten per cent of the actual
		  development costs of the project or (2) the sum of all estimated credit amounts
		  preliminarily approved by the tax credit authority in connection with the
		  project. In any event, no more than forty million dollars in tax credits may be
		  issued for the same transformational mixed use development.
(G) The tax credit may be sold or
		  transferred, in whole or in part, by the property owner under division (E) of
		  section 122.09 of the Revised Code. The property owner will notify the
		  authority of the transfer and will provide the information on the form
		  determined and provided by the director.
(H) A sale of property or sale of an
		  interest in real property by a property owner may include the right to the
		  amount of tax credit held by such property owner and is not a sale or transfer
		  of the credit for purposes of division (E) of section 122.09 of the Revised
		  Code. 


Last updated July 6, 2021 at 1:29 PM