S. B. No. 180 As Introduced

SENATORS Armbruster, Harris, Fingerhut

A BILL

To amend sections 5733.98 and 5747.98 and to enact

sections 122.65, 122.651, 122.652, 122.653,

122.654, 122.655, 122.656, 122.657, 122.658,

122.659, and 122.6510 of the Revised Code to create

the Ohio Venture Capital Program to provide for the

direction of moneys of a private investment fund

into loans and investments that are consistent with

a general policy adopted by the new Ohio Venture

Capital Authority and that are secured up to a

specified maximum loss, first through program

revenues or, if insufficient, through proceeds from

the sale of transferable tax credits that may be

claimed against the corporation franchise tax or

the personal income tax.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That sections 5733.98 and 5747.98 be amended and	15
sections 122.65, 122.651, 122.652, 122.653, 122.654, 122.655,	16
122.656, 122.657, 122.658, 122.659, and 122.6510 of the Revised	17
Code be enacted to read as follows:	18

Sec. 122.65. For the purposes of mobilizing capital for loans	19
and investments that provide significant potential to propel the	20
advancement of technology and build the entrepreneurial economy of	21
this state and promoting a strong, professional venture capital	22
industry in this state, there is hereby created the Ohio venture	23
capital program. The program, pursuant to sections 122.65 to	24
122.6510 of the Revised Code, shall consist of the following	25
general components:	26

(A) The lending to and investment of private moneys in seed	27
and venture capital partnerships pursuant to a general lending and	28
investment policy prescribed by the Ohio venture capital authority	29
and implemented through a single, designated, private, for-profit	30
investment fund;	31

(B) The one-time issuance of state tax credits that are to	32
be transferred to the authority, which credits, through the	33
proceeds received from their sale, are available to provide	34
security against losses incurred by the program fund up to the	35
amount of outstanding contracts to purchase those tax credits, if	36
program revenues of the authority are insufficient for that	37
purpose.	38

Sec. 122.651. (A) There is hereby created the Ohio venture	39
capital authority, which shall have the powers enumerated in	40
sections 122.65 to 122.6510 of the Revised Code. The exercise by	41
the authority of its powers is hereby declared and shall be an	42
essential state governmental function. The authority is subject	43
to all laws generally applicable to state agencies and public	44
officials, to the extent those laws do not conflict with the	45
provisions of sections 122.65 to 122.6510 of the Revised Code.	46

(B) The authority shall consist of seven members, not more	47
than five of whom shall be of the same political party. Three of	48
the members shall be appointed by the governor with the advice and	49
consent of the senate from among the general public and shall have	50
experience in the field of banking, investments, commercial law,	51
or industry that is relevant to the purposes of the Ohio venture	52
capital program as stated in section 122.65 of the Revised Code.	53
Another member shall be appointed by the speaker of the house of	54
representatives. Another member shall be appointed by the	55
president of the senate. The auditor of state and the attorney	56
general, or their designees, shall be ex officio voting members.	57

Initial gubernatorial appointees to the authority shall serve	58
staggered terms, one term expiring on January 31, 2002, another	59
term expiring on January 31, 2003, and another term expiring on	60
January 31, 2004. Thereafter, terms of office for gubernatorial	61
appointees shall be for four years. The initial terms of the	62
members appointed by the speaker of the house of representatives	63
and the president of the senate shall expire on January 31, 2002.	64
Thereafter, the members appointed by the speaker of the house of	65
representatives and the president of the senate shall serve	66
two-year terms. A vacancy on the authority shall be filled in the	67
same manner as the original appointment, except that a person	68
appointed to fill a vacancy shall be appointed to the remainder of	69
the unexpired term. Any member of the authority is eligible for	70
reappointment.	71

A member of the authority may be removed by the member's	72
appointing authority for misfeasance, malfeasance, or willful	73
neglect of duty or for other cause, after notice and a public	74
hearing, unless the notice and hearing are waived in writing by	75
the member.	76

(C) Members of the authority shall serve without	77
compensation but shall receive their reasonable and necessary	78
expenses incurred in the conduct of authority business. The	79
speaker of the house of representatives and the president of the	80
senate shall each designate a member of the authority to serve as	81
co-chairpersons. A majority of the authority shall constitute a	82
quorum, and the affirmative vote of a majority of the members	83
present shall be necessary for any action taken by the authority.	84
No vacancy in the membership of the authority impairs the rights	85
of a quorum to exercise all rights and perform all duties of the	86
authority.	87

(D) The department of development shall provide the	88
authority with office space and such technical assistance as the	89
authority requires.	90

Sec. 122.652. Within ninety days after the effective date of	91
this section, the Ohio venture capital authority shall establish,	92
and subsequently may modify as it considers necessary, a written,	93
general lending and investment policy for the Ohio venture capital	94
program. The authority is not subject to Chapter 119. of the	95
Revised Code with respect to the establishment or modification of	96
the policy. The policy shall meet all of the following	97
requirements:	98

(A) It is consistent with the purposes of the program stated	99
in section 122.65 of the Revised Code.	100

(B) It permits the direction of only private moneys into	101
private, for-profit seed and venture capital partnerships that	102
commit to maintaining a significant focus in this state,	103
demonstrate high historical levels of successful lending and	104
investment performance, and, in the aggregate, reflect portfolios	105
diversified by sector, stage of business development, management	106
style, and geographic location.	107

(C) It specifies the general conditions a private, for-profit	108
investment fund must meet to be designated the program fund under	109
section 122.654 of the Revised Code.	110

(D) It includes lending and investment standards and general	111
limitations on allowable loans and investments that the authority	112
considers reasonable and necessary to achieve the purposes of the	113
program stated in section 122.65 of the Revised Code, minimize the	114
need for the authority to sell tax credits under section 122.656	115
of the Revised Code, ensure compliance of the program fund with	116
all applicable laws of this state and the United States, and	117
ensure the safety and soundness of loans and investments made	118
under the program.	119

Sec. 122.653. (A) The lending and investment policy	120
established under section 122.652 of the Revised Code shall	121
specify the terms and conditions under which the Ohio venture	122
capital authority will use the proceeds received from the sale of	123
tax credits under section 122.656 of the Revised Code, subject to	124
divisions (B) and (C) of this section, to provide security against	125
losses under the Ohio venture capital program by the program fund	126
designated under section 122.654 of the Revised Code. These terms	127
and conditions shall be consistent with the purposes of the	128
program stated in section 122.65 of the Revised Code, shall	129
reflect the objective of achieving the maximum impact of transfers	130
of tax credits authorized under sections 122.65 to 122.6510 of the	131
Revised Code relative to those purposes, and shall prohibit any	132
otherwise authorized use of the proceeds received from the sale of	133
tax credits to provide security against a loss on a loan or	134
investment determined by the authority to be inconsistent with the	135
policy adopted under section 122.652 of the Revised Code and this	136
section.	137

(B)(1) A transfer of tax credits to or use of the proceeds	138
received from the sale of tax credits by the authority under	139
sections 122.65 to 122.6510 of the Revised Code does not	140
constitute an obligation of this state.	141

(2) Nothing in sections 122.65 to 122.6510 of the Revised	142
Code authorizes the providing of security against losses to the	143
program fund under the program:	144

(a) In an aggregate amount exceeding the proceeds received by	145
the authority from the sale of tax credits under section 122.656	146
of the Revised Code;	147

(b) On any bases other than the following:

148

(i) The application first of moneys of the Ohio venture	149
capital fund created under section 122.658 of the Revised Code,	150
which the authority determines may be expended without adversely	151
affecting the program's continued viability; and then	152

(ii) Only to the extent moneys under division (B)(2)(b)(i)of	153
this section are insufficient due to a determination under that	154
division of an adverse effect or effects, the application of	155
moneys in the Ohio venture capital security against losses fund	156
created under section 122.658 of the Revised Code.	157

(c) The authority shall not provide security against losses	158
under sections 122.65 to 122.6510 of the Revised Code unless it is	159
assured that, at the time the security against losses is provided,	160
sufficient contracts under division (B) of section 122.656 of the	161
Revised Code exist to fully provide the security against losses.	162
The authority shall not sell tax credits under section 122.656 of	163
the Revised Code in an aggregate amount exceeding the amount	164
necessary to fully provide the requisite security against losses	165
under the program.	166

Sec. 122.654. (A) The Ohio venture capital authority may	167
designate, as the program fund of the authority, one private,	168
for-profit investment fund to carry out the lending and investment	169
component of the Ohio venture capital program stated in division	170
(A) of section 122.65 of the Revised Code and further prescribed	171
in the lending and investment policy established by the authority	172
in accordance with sections 122.652 and 122.653 of the Revised	173
Code, provided the investment fund is incorporated or organized	174
under Chapter 1701., 1705., 1775., 1782., or 1783. of the Revised	175
Code and is capitalized in accordance with any state or federal	176
laws applicable to the issuance or sale of securities. The	177
authority shall so designate the program fund by entering into a	178
written program fund agreement, in accordance with division (B) of	179
this section, with the investment fund.	180

(B) The written program fund agreement under division (A) of	181
this section shall include all of the following:	182

(1) A requirement that lending and investment by the program	183
fund will be in compliance with the lending and investment policy	184
established in accordance with sections 122.652 and 122.653 of the	185
Revised Code that is in effect at the time the loan or investment	186
is made, and a prohibition against the program fund engaging in	187
any lending or investment activities other than activities to	188
carry out exclusively the lending and investment component of the	189
program;	190

(2) A requirement of periodic financial reporting by the	191
program fund to the authority, which reporting shall include an	192
annual audit by an independent auditor and such other financial	193
reporting as is specified in the agreement or otherwise required	194
by the authority for the purpose of ensuring that the program fund	195
is carrying out the lending and investment component of the	196
program;	197

(3) Specification of any like standards or general	198
limitations that are in addition to or furtherance of standards or	199
limitations that apply pursuant to division (D) of section 122.652	200
of the Revised Code;	201

(4) A requirement of payment to the authority by the program	202
fund of fees prescribed in the agreement, pursuant to a schedule	203
or terms and conditions specified in the agreement;	204

(5) Specification of the procedures under which the program	205
fund shall certify immediately to the authority the necessity for	206
a sale of tax credits under a contract entered into pursuant to	207
section 122.656 of the Revised Code, and of the consequences to	208
the program fund of failing to so certify;	209

(6) Requirements that any amount paid by the authority to the	210
program fund under sections 122.65 to 122.6510 of the Revised Code	211
to provide security against losses be fully applied by the program	212
fund to provide that security and that, if that amount cannot be	213
so applied for any reason, the program fund will return in a	214
specified timely manner to the authority any of that amount not so	215
applied;	216

(7) Specification of any general limitations regarding the	217
employment of a fund manager by the program fund, in addition to	218
an express limitation that the fund manager be a person with	219
demonstrated, substantial, successful experience in the design and	220
management of state-sponsored seed and venture capital investment	221
programs and in capital formation;	222

(8) Specification that no transfer of tax credits to or use	223
of the proceeds received from the sale of tax credits by the	224
authority under sections 122.65 to 122.6510 of the Revised Code	225
constitutes an obligation of the state and that the program fund	226
shall not represent or permit the representation of any such	227
transfer or use as such an obligation;	228

(9) Specification of any other terms and conditions of the	229
program fund's designation and operation that the authority and	230
program fund consider consistent with the purposes of the program	231
as stated in section 122.65 of the Revised Code and necessary to	232
achieve those purposes;	233

(10) Specification of the terms and conditions under which	234
the authority or the program fund may terminate the agreement or	235
under which the authority may cease the use of the proceeds	236
received from the sale of tax credits to provide security against	237
losses incurred by the program fund under sections 122.65 to	238
122.6510 of the Revised Code.	239

Sec. 122.655. (A) The Ohio venture capital authority is not	240
an agency as defined in section 101.82 of the Revised Code for	241
purposes of divisions (A) and (B) of section 101.84 of the Revised	242
Code.	243

(B) The designation of a program fund and the entering into a	244
program fund agreement under section 122.654 of the Revised Code	245
do not constitute a purchase of services under Chapter 125. of the	246
Revised Code.	247

(C) Information with respect to the marketing plans,	248
financial statements, trade secrets, research concepts, production	249
methods, or products, or any other proprietary information	250
concerning any person, which is submitted to or compiled by the	251
Ohio venture capital authority for the purpose of developing the	252
policy required by sections 122.652 and 122.653 of the Revised	253
Code, is confidential and not subject to section 149.43 of the	254
Revised Code, except to the extent that the person that provides	255
the information or that is the subject of the information consents	256
in writing to disclosure.	257

(D) Notwithstanding section 121.22 of the Revised Code, the	258
authority may hold an executive session for either of the	259
following purposes, but only after a majority of a quorum of the	260
authority determines, by a roll call vote, to hold the session and	261
only at a regular or special meeting:	262

(1) Presenting, reviewing, or discussing information	263
described in division (C) of this section, but only if consent to	264
disclosure has not been given as provided in that division;	265

(2) Preparing for, conducting, or reviewing negotiating	266
sessions with the program fund for the purpose of designating the	267
program fund and entering into the agreement under section 122.654	268
of the Revised Code.	269

Sec. 122.656. (A) For the purpose of the	270
providing-of-security-against-losses component of the Ohio venture	271
capital program stated in division (B) of section 122.65 of the	272
Revised Code, there hereby shall be issued by this state and	273
transferred to the Ohio venture capital authority credits against	274
the taxes imposed under Chapters 5733. and 5747. of the Revised	275
Code, in the combined aggregate amount of one hundred million	276
dollars, subject to a cap, as to either type of tax credit, equal	277
to the respective aggregate amount at the time of the transfer	278
that otherwise would be credited under division (A) of section	279
5733.12 or under section 5747.03 of the Revised Code.	280

(B) Upon the transfer of credits to the authority under	281
division (A) of this section, the authority may enter into written	282
contracts for the sale of tax credits, with any purchaser, which	283
may include the program fund designated under section 122.654 of	284
the Revised Code. Such a contract shall be consistent with	285
sections 122.65 to 122.6510 of the Revised Code and contain the	286
terms and conditions for the authority to sell, and the purchaser	287
to purchase, at a specified future time such tax credits issued to	288
the authority under division (A) of this section as the contract	289
shall specify. The authority shall seek to enter into contracts	290
that are expected to result in maximum effectiveness in achieving	291
the purposes of the program stated in section 122.65 of the	292
Revised Code.	293

Nothing in this division precludes or prohibits a tax credit	294
sold by the authority under this section from being applied as	295
authorized under section 122.657 of the Revised Code, and no	296
contract shall be entered into under this division that, by its	297
terms and conditions, would preclude or prohibit that use.	298

(C) The authority may sell any tax credit transferred to it	299
under division (A) of this section, subject to all of the	300
following limitations:	301

(1) The authority sells the credit solely pursuant to a	302
contract entered into under division (B) of this section.	303

(2) The authority sells the credit as a result of a loss on a	304
loan or investment made under the Ohio venture capital program, as	305
that loss is certified to the authority pursuant to division	306
(B)(5) of section 122.654 of the Revised Code.	307

(3) The authority does not sell any credit that may be	308
claimed after July 1, 2026.	309

(4) The authority does not sell more than a total of twenty	310
million dollars in credits that may be claimed and used to reduce	311
the taxes otherwise imposed by Chapters 5733. and 5747. of the	312
Revised Code for any one fiscal year. The authority shall cause	313
the face of the certificate or other document selling the credit	314
to state the principal amount of the credit and the taxable year	315
or years for which the credit may be claimed.	316

(5) The authority sells the tax credit for at least its full	317
face value except under the conditions the authority shall specify	318
in the lending and investment policy it establishes in accordance	319
with sections 122.652 and 122.653 of the Revised Code, which	320
conditions shall provide at least that the authority shall seek	321
terms most favorable to the program.	322

(D) The authority, in conjunction with the tax commissioner,	323
shall develop a system of registration and a system of	324
certificates for any credits transferred to the authority under	325
division (A) of this section for the purpose of permitting	326
verification that any credit claimed upon a tax return is a credit	327
sold under division (C) of this section and is properly taken in	328
the year of claim and in compliance with divisions (C)(3) and (4)	329
of this section.	330

(E) Nothing in sections 122.65 to 122.6510 of the Revised	331
Code limits the subsequent sale or other transfer of a tax credit	332
that the authority sells under division (C) of this section.	333

Sec. 122.657. A taxpayer subject to a tax imposed under	334
Chapter 5733. or 5747. of the Revised Code shall be allowed a	335
credit against such respective tax equal to the amount of any	336
credit properly taken under this section as verified under	337
division (D) of section 122.656 of the Revised Code. The taxpayer	338
shall claim the credit in the order required under section 5733.98	339
or 5747.98 of the Revised Code, respectively. If the amount of	340
the credit for a tax year exceeds the tax otherwise due after	341
allowing for any other credit that precedes it in the order	342
required under such respective section, the taxpayer shall be	343
entitled to a refund of the excess.	344

Sec. 122.658. (A) There is hereby created in the state	345
treasury the Ohio venture capital fund, to which shall be credited	346
all moneys received by the Ohio venture capital authority pursuant	347
to divisions (B)(4) and (6) of section 122.654 of the Revised	348
Code, and all interest earned on moneys of the fund.	349

(B) There is hereby created in the state treasury the Ohio	350
venture capital security against losses fund, to which shall be	351
credited all moneys received by the authority pursuant to a sale	352
of tax credits under section 122.656 of the Revised Code, and all	353
interest earned on moneys of the fund.	354

(C) Money in the Ohio venture capital fund and in the Ohio	355
venture capital security against losses fund shall be used	356
exclusively to provide security against losses as authorized under	357
sections 122.65 to 122.6510 of the Revised code.	358

Sec. 122.659. Neither the state nor an appointing authority	359
under section 122.651 of the Revised Code or a member of the Ohio	360
venture capital authority is liable in damages to any person in a	361
civil action for any loss incurred by the program fund as a result	362
of any loan or investment made by the program fund.	363

Sec. 122.6510. (A) On the first day of January of the second	364
year after the date of entering into a program fund agreement	365
under section 122.654 Of the Revised Code, and every other first	366
day of January thereafter, the Ohio venture capital authority	367
shall file with the clerk of the house of representatives, the	368
clerk of the senate, and the chairpersons of the house and senate	369
standing committees predominantly concerned with economic	370
development a written report on the Ohio venture capital program,	371
including all of the following:	372

(1) A description of the details of the lending and	373
investment policy established in accordance with sections 122.652	374
and 122.654 of the Revised Code;	375

(2) The authority's assessment of the program's achievement	376
of its purposes stated in section 122.65 of the Revised Code;	377

(3) The use of the proceeds received from the sale of tax	378
credits under section 122.656 of the Revised Code by the authority	379
to provide security against losses incurred by the program fund	380
under sections 122.65 to 122.6510 of the Revised Code;	381

(4) The amount of tax credits sold by the authority under	382
section 122.656 of the Revised Code;	383

(5) The amounts of tax credits claimed pursuant to section	384
122.657 of the Revised Code, as to the respective taxes involved;	385

(6) The financial status of the Ohio venture capital fund;

386

(7) Any recommendations for modifying the program to better	387
achieve the purposes stated in section 122.65 of the Revised Code.	388

(B) During each year that a report is issued under division	389
(A) of this section, the co-chairpersons of the Ohio venture	390
capital authority, or another member of the authority designated	391
by the co-chairpersons as the authority's representative, shall be	392
required to appear in person before the standing committees of the	393
house and senate predominantly concerned with economic development	394
to give testimony concerning the status of the Ohio venture	395
capital programs.	396

Sec. 5733.98. (A) To provide a uniform procedure for	397
calculating the amount of tax imposed by section 5733.06 of the	398
Revised Code that is due under this chapter, a taxpayer shall	399
claim any credits to which it is entitled in the following order,	400
except as otherwise provided in section 5733.058 of the Revised	401
Code:	402

(1) The credit for taxes paid by a qualifying pass-through	403
entity allowed under section 5733.0611 of the Revised Code;	404

(2) The credit for qualifying affiliated groups under	405
section 5733.068 of the Revised Code;	406

(3) The subsidiary corporation credit under section 5733.067	407
of the Revised Code;	408

(4) The savings and loan assessment credit under section	409
5733.063 of the Revised Code;	410

(5) The credit for recycling and litter prevention donations	411
under section 5733.064 of the Revised Code;	412

(6) The credit for employers that enter into agreements with	413
child day-care centers under section 5733.36 of the Revised Code;	414

(7) The credit for employers that reimburse employee child	415
day-care expenses under section 5733.38 of the Revised Code;	416

(8) The credit for maintaining railroad active grade	417
crossing warning devices under section 5733.43 of the Revised	418
Code;	419

(9) The credit for purchases of lights and reflectors under	420
section 5733.44 of the Revised Code;	421

(10) The credit for manufacturing investments under section	422
5733.061 of the Revised Code;	423

(11) The credit for purchases of new manufacturing machinery	424
and equipment under section 5733.31 or section 5733.311 of the	425
Revised Code;	426

(12) The second credit for purchases of new manufacturing	427
machinery and equipment under section 5733.33 of the Revised Code;	428

(13) The job training credit under section 5733.42 of the	429
Revised Code;	430

(14) The credit for qualified research expenses under	431
section 5733.351 of the Revised Code;	432

(15) The enterprise zone credit under section 5709.66 of the	433
Revised Code;	434

(16) The credit for the eligible costs associated with a	435
voluntary action under section 5733.34 of the Revised Code;	436

(17) The credit for employers that establish on-site child	437
day-care under section 5733.37 of the Revised Code;	438

(18) The credit for purchases of qualifying grape production	439
property under section 5733.32 of the Revised Code;	440

(19) The export sales credit under section 5733.069 of the	441
Revised Code;	442

(20) The credit for research and development and technology	443
transfer investors under section 5733.35 of the Revised Code;	444

(21) The enterprise zone credits under section 5709.65 of	445
the Revised Code;	446

(22) The credit for using Ohio coal under section 5733.39 of	447
the Revised Code;	448

(23) The refundable jobs creation credit under section	449
5733.0610 of the Revised Code;	450

(24) The refundable Ohio venture capital program credit	451
under section 122.657 of the Revised Code.	452

(B) For any credit except the refundable jobs creation	453
credit and the refundable Ohio venture capital program credit, the	454
amount of the credit for a tax year shall not exceed the tax due	455
after allowing for any other credit that precedes it in the order	456
required under this section. Any excess amount of a particular	457
credit may be carried forward if authorized under the section	458
creating that credit.	459

Sec. 5747.98. (A) To provide a uniform procedure for	460
calculating the amount of tax due under section 5747.02 of the	461
Revised Code, a taxpayer shall claim any credits to which the	462
taxpayer is entitled in the following order:	463

(1) The retirement income credit under division (B) of	464
section 5747.055 of the Revised Code;	465

(2) The senior citizen credit under division (C) of section	466
5747.05 of the Revised Code;	467

(3) The lump sum distribution credit under division (D) of	468
section 5747.05 of the Revised Code;	469

(4) The dependent care credit under section 5747.054 of the	470
Revised Code;	471

(5) The lump sum retirement income credit under division (C)	472
of section 5747.055 of the Revised Code;	473

(6) The lump sum retirement income credit under division (D)	474
of section 5747.055 of the Revised Code;	475

(7) The lump sum retirement income credit under division (E)	476
of section 5747.055 of the Revised Code;	477

(8) The credit for displaced workers who pay for job	478
training under section 5747.27 of the Revised Code;	479

(9) The campaign contribution credit under section 5747.29	480
of the Revised Code;	481

(10) The twenty-dollar personal exemption credit under	482
section 5747.022 of the Revised Code;	483

(11) The joint filing credit under division (G) of section	484
5747.05 of the Revised Code;	485

(12) The nonresident credit under division (A) of section	486
5747.05 of the Revised Code;	487

(13) The credit for a resident's out-of-state income under	488
division (B) of section 5747.05 of the Revised Code;	489

(14) The credit for employers that enter into agreements	490
with child day-care centers under section 5747.34 of the Revised	491
Code;	492

(15) The credit for employers that reimburse employee child	493
day-care expenses under section 5747.36 of the Revised Code;	494

(16) The credit for adoption of a minor child under section	495
5747.37 of the Revised Code;	496

(17) The credit for purchases of lights and reflectors under	497
section 5747.38 of the Revised Code;	498

(18) The credit for manufacturing investments under section	499
5747.051 of the Revised Code;	500

(19) The credit for purchases of new manufacturing machinery	501
and equipment under section 5747.26 or section 5747.261 of the	502
Revised Code;	503

(20) The second credit for purchases of new manufacturing	504
machinery and equipment and the credit for using Ohio coal under	505
section 5747.31 of the Revised Code;	506

(21) The job training credit under section 5747.39 of the	507
Revised Code;	508

(22) The enterprise zone credit under section 5709.66 of the	509
Revised Code;	510

(23) The credit for the eligible costs associated with a	511
voluntary action under section 5747.32 of the Revised Code;	512

(24) The credit for employers that establish on-site child	513
day-care centers under section 5747.35 of the Revised Code;	514

(25) The credit for purchases of qualifying grape production	515
property under section 5747.28 of the Revised Code;	516

(26) The export sales credit under section 5747.057 of the	517
Revised Code;	518

(27) The credit for research and development and technology	519
transfer investors under section 5747.33 of the Revised Code;	520

(28) The enterprise zone credits under section 5709.65 of	521
the Revised Code;	522

(29) The refundable jobs creation credit under section	523
5747.058 of the Revised Code;	524

(30) The refundable credit for taxes paid by a qualifying	525
entity granted under section 5747.059 of the Revised Code;	526

(31) The refundable credits for taxes paid by a qualifying	527
pass-through entity granted under division (J) of section 5747.08	528
of the Revised Code;	529

(32) The refundable Ohio venture capital program credit	530
under section 122.657 of the Revised Code.	531

(B) For any credit, except the refundable credits enumerated	532
in divisions (A)(29), (30), ~~and~~ (31), and (32) of this section and	533
the credit granted under division (I) of section 5747.08 of the	534
Revised Code, the amount of the credit for a taxable year shall	535
not exceed the tax due after allowing for any other credit that	536
precedes it in the order required under this section. Any excess	537
amount of a particular credit may be carried forward if authorized	538
under the section creating that credit. Nothing in this chapter	539
shall be construed to allow a taxpayer to claim, directly or	540
indirectly, a credit more than once for a taxable year.	541

Section 2. That existing sections 5733.98 and 5747.98 of the	542
Revised Code are hereby repealed.	543