SENATORS Armbruster, Harris, Fingerhut, Spada, Ryan, Roberts, Amstutz, Austria, Blessing, Brady, Carnes, Coughlin, DiDonato, Finan, Randy Gardner, Robert Gardner, Goodman, Hagan, Herington, Hottinger, Jacobson, Mead, Mumper, Nein, Oelslager, White, Prentiss, Mallory, Espy, Wachtmann

To amend sections 5733.98 and 5747.98 and to enact

1

sections 150.01, 150.02, 150.03, 150.04, 150.05,

2

150.06, 150.07, 150.08, 150.09, 150.10, 5725.19,

3

5729.08, 5733.49, and 5747.80 of the Revised Code

4

to create the Ohio Venture Capital Program to

5

provide for the direction of moneys of a private

6

investment fund into loans and investments that are

7

consistent with a policy adopted by the Ohio

8

Venture Capital Authority and are secured by

9

Program revenues or, if insufficient, by tax

10

credits that may be claimed against the premium tax

11

on domestic or foreign insurance companies, or the

12

corporation franchise or personal income tax.

13

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

Section 1.  That sections 5733.98 and 5747.98 be amended and	14
sections 150.01, 150.02, 150.03, 150.04, 150.05, 150.06, 150.07,	15
150.08, 150.09, 150.10, 5725.19, 5729.08, 5733.49, and 5747.80 of	16
the Revised Code be enacted to read as follows:	17

Sec. 150.01. (A) As used in this chapter:

18

(1) "Authority" means the Ohio venture capital authority	19
created under section 150.02 of the Revised Code.	20

(2) "Program administrator" means the private, for-profit	21
investment fund designated by the authority in accordance with	22
section 150.05 of the Revised Code.	23

(B) For the purposes of mobilizing capital for loans and	24
investments that provide significant potential to propel the	25
advancement of technology and build the entrepreneurial economy	26
throughout this state, and promoting a strong, professional	27
venture capital industry throughout this state, there is hereby	28
created the Ohio venture capital program. The program, pursuant	29
to this chapter, shall consist of the following general	30
components:	31

(1) The lending to and investment of private moneys in seed	32
and venture capital partnerships pursuant to a general lending and	33
investment policy prescribed by the Ohio venture capital authority	34
created under section 150.02 of the Revised Code, and implemented	35
and administered through a single, private, for-profit investment	36
fund designated as the program administrator pursuant to section	37
150.05 of the Revised Code;	38

(2) The granting of tax credits by the authority in order	39
to provide security against losses on loans or investments	40
incurred under the program, up to the amount of outstanding	41
contracts for those tax credits, if program revenues of the	42
authority are insufficient for that purpose.	43

Sec. 150.02. (A) There is hereby created the Ohio venture	44
capital authority, which shall have the powers enumerated in this	45
chapter. The exercise by the authority of its powers is hereby	46
declared and shall be an essential state governmental function.	47
The authority is subject to all laws generally applicable to state	48
agencies and public officials, to the extent those laws do not	49
conflict with this chapter.	50

(B) The authority shall consist of nine members, not more	51
than seven of whom shall be of the same political party. Three of	52
the members shall be appointed by the governor, with the advice	53
and consent of the senate, from among the general public, one	54
member shall be appointed by the speaker of the house of	55
representatives from among the general public, and one member	56
shall be appointed by the president of the senate from among the	57
general public. All appointed members shall have experience in	58
the field of banking, investments, commercial law, or industry	59
that is relevant to the purposes of the Ohio venture capital	60
program, as stated in section 150.01 of the Revised Code. The	61
auditor of state, attorney general, director of development, and	62
tax commissioner, or their designees, shall be ex officio	63
nonvoting members.	64

Initial gubernatorial appointees to the authority shall serve	65
staggered terms, one term expiring on January 31, 2004, another	66
term expiring on January 31, 2005, and another term expiring on	67
January 31, 2006. The initial terms of the members appointed by	68
the speaker of the house of representatives and the president of	69
the senate shall expire on January 31, 2004. Thereafter, terms of	70
office for all appointees shall be for four years. A vacancy on	71
the authority shall be filled in the same manner as the original	72
appointment, except that a person appointed to fill a vacancy	73
shall be appointed to the remainder of the unexpired term. Any	74
appointed member of the authority is eligible for reappointment.	75

A member of the authority may be removed by the member's	76
appointing authority for misfeasance, malfeasance, willful	77
neglect of duty, or other cause, after notice and a public	78
hearing, unless the notice and hearing are waived in writing by	79
the member.	80

(C) Members of the authority shall serve without	81
compensation, but shall receive their reasonable and necessary	82
expenses incurred in the conduct of authority business. The	83
speaker of the house of representatives and the president of the	84
senate shall each designate a member of the authority to serve as	85
co-chairpersons. A majority of the voting members of the	86
authority shall constitute a quorum, and the affirmative vote of a	87
majority of the voting members present shall be necessary for any	88
action taken by the authority. No vacancy in the voting membership	89
of the authority impairs the rights of a quorum to exercise all	90
rights and perform all duties of the authority.	91

(D) The department of development shall provide the	92
authority with office space and such technical assistance as the	93
authority requires.	94

Sec. 150.03. Within ninety days after the effective date of	95
this section, the authority shall establish, and subsequently may	96
modify as it considers necessary, a written lending and investment	97
policy for the Ohio venture capital program. The authority is not	98
subject to Chapter 119. of the Revised Code with respect to the	99
establishment or modification of the policy. The policy shall	100
meet all of the following requirements:	101

(A) It is consistent with the purposes of the program stated	102
in section 150.01 of the Revised Code.	103

(B) It permits the direction of only private moneys into	104
private, for-profit seed and venture capital partnerships,	105
including funds of funds, that commit to maintaining a	106
significant focus in this state, demonstrate the potential to	107
generate high levels of successful lending and investment	108
performance, and, in the aggregate, reflect portfolios diversified	109
by sector, stage of business development with a heavy emphasis on	110
seed and early stage development, management style, and geographic	111
location.	112

(C) It specifies the general conditions a private, for-profit	113
investment fund must meet to be designated the program	114
administrator under section 150.05 of the Revised Code.	115

(D) It specifies the criteria the authority must consider	116
when making a determination under division (B) of section 150.04	117
of the Revised Code of whether moneys may be expended without	118
adversely affecting the program's continued viability.	119

(E) It includes lending and investment standards and general	120
limitations on allowable loans and investments that the authority	121
considers reasonable and necessary to achieve the purposes of the	122
program, minimize the need for the authority to grant tax credits	123
under section 150.07 of the Revised Code, ensure compliance of the	124
program administrator with all applicable laws of this state and	125
the United States, and ensure the safety and soundness of loans	126
and investments made under the program.	127

Sec. 150.04. (A) The lending and investment policy	128
established or modified under section 150.03 of the Revised Code	129
shall specify the terms and conditions under which the authority	130
may grant tax credits under section 150.07 of the Revised Code,	131
subject to that section and division (B) of this section, to	132
provide security against losses on loans or investments under the	133
Ohio venture capital program.	134

(B) Nothing in this chapter authorizes the providing of	135
security against losses to lenders or investors under the program	136
on any bases other than the following:	137

(1) The application first of moneys of the Ohio venture	138
capital fund, created under section 150.08 of the Revised Code,	139
that the authority, under the criteria in its lending and	140
investment policy, determines may be expended without adversely	141
affecting the program's continued viability; and then	142

(2) The granting of tax credits pursuant to section 150.07 of	143
the Revised Code, but only to the extent moneys under division	144
(B)(1) of this section are insufficient.	145

Sec. 150.05.  (A) The authority shall designate, as the Ohio	146
venture capital program administrator, one private, for-profit	147
investment fund to carry out the lending and investment component	148
of the program stated in division (B)(1) of section 150.01 of the	149
Revised Code and further prescribed in the lending and investment	150
policy established or modified by the authority in accordance with	151
sections 150.03 and 150.04 of the Revised Code, provided the	152
investment fund is incorporated or organized under Chapter 1701.,	153
1705., 1775., 1782., or 1783. of the Revised Code and is	154
capitalized in accordance with any state or federal laws	155
applicable to the issuance or sale of securities. The authority	156
shall so designate the program administrator by entering into a	157
written agreement, in accordance with division (B) of this	158
section, with the investment fund.	159

(B) The agreement shall include all of the following:

160

(1) Specification that borrowing and investing by the program	161
administrator will be budgeted to guarantee that no tax credits	162
will be granted during the first four years of the Ohio venture	163
capital program;	164

(2) A requirement that lending and investment by the program	165
administrator will be in compliance with the lending and	166
investment policy established or modified in accordance with	167
sections 150.03 and 150.04 of the Revised Code that is in effect	168
at the time the loan or investment is made, and a prohibition	169
against the program administrator engaging in any lending or	170
investment activities other than activities to carry out	171
exclusively the lending and investment component of the program	172
stated in division (B)(1) of section 150.01 of the Revised Code;	173

(3) A requirement of periodic financial reporting by the	174
program administrator to the authority, which reporting shall	175
include an annual audit by an independent auditor and such other	176
financial reporting as is specified in the agreement or otherwise	177
required by the authority for the purpose of ensuring that the	178
program administrator is carrying out the lending and investment	179
component of the program;	180

(4) Specification of any like standards or general	181
limitations that are in addition to or in furtherance of lending	182
and investment standards or limitations that apply pursuant to	183
division (E) of section 150.03 of the Revised Code;	184

(5) A requirement of payment to the authority by the program	185
administrator of fees prescribed in the agreement, pursuant to a	186
schedule or terms and conditions specified in the agreement;	187

(6) Specification of the procedures under which the program	188
administrator shall certify immediately to the authority the	189
necessity for the authority to grant tax credits under a contract	190
entered into pursuant to section 150.07 of the Revised Code;	191

(7) Specification of any general limitations regarding the	192
employment of a fund manager by the program administrator, in	193
addition to an express limitation that the fund manager be a	194
person with demonstrated, substantial, successful experience in	195
the design and management of seed and venture capital investment	196
programs and in capital formation;	197

(8) Specification of any other terms and conditions of the	198
program administrator's designation and operation that the	199
authority and program administrator consider consistent with and	200
necessary to achieve the purposes of the program;	201

(9) Specification of the terms and conditions under which the	202
authority or the program administrator may terminate the agreement	203
or under which the authority may cease granting tax credits to	204
provide security against losses under this chapter.	205

Sec. 150.06.  (A) The authority is not an agency as defined	206
in section 101.82 of the Revised Code for purposes of divisions	207
(A) and (B) of section 101.83 of the Revised Code.	208

(B) The designation of a program administrator and the	209
entering into an agreement under section 150.05 of the	210
Revised Code do not constitute a purchase of services under	211
Chapter 125. of the Revised Code.	212

(C) Information with respect to the marketing plans,	213
financial statements, trade secrets, research concepts, production	214
methods, or products, or any other proprietary information	215
concerning any person, that is submitted to or compiled by the	216
authority for the purpose of developing the policy required by	217
sections 150.03 and 150.04 of the Revised Code, is confidential	218
and not subject to section 149.43 of the Revised Code, except to	219
the extent that the person that provides the information or that	220
is the subject of the information consents in writing to	221
disclosure.	222

(D) Notwithstanding section 121.22 of the Revised Code, the	223
authority may hold an executive session for either of the	224
following purposes, but only after a majority of a quorum of the	225
authority determines, by a roll call vote, to hold the session,	226
and only at a regular or special meeting:	227

(1) Presenting, reviewing, or discussing information	228
described in division (C) of this section, but only if consent to	229
disclosure has not been given as provided in that division;	230

(2) Preparing for, conducting, or reviewing negotiating	231
sessions with any private, for-profit investment fund for the	232
purpose of designating the program administrator and entering into	233
the agreement under section 150.05 of the Revised Code.	234

Sec. 150.07.  (A) For the purpose stated in section 150.01	235
of the Revised Code and subject to division (B) of this section,	236
the authority may grant to a lender or an investor of the Ohio	237
venture capital program a refundable credit allowed against the	238
tax imposed by section 5725.18, 5729.03, 5733.06, or 5747.02 of	239
the Revised Code. The combined aggregate amount of all credits	240
granted under this section shall not exceed one hundred million	241
dollars. The authority shall enter into a written contract to	242
grant the credit at a future time to such lender or investor,	243
which may include the program administrator designated under	244
section 150.05 of the Revised Code, if the lender or investor	245
incurs a loss under the program. The contract shall be consistent	246
with this chapter and contain the terms and conditions under which	247
the authority will grant the credit, including specifying the	248
amount of loss the lender or investor must first incur before the	249
credit is granted. The credit shall be claimed in accordance with	250
section 5725.19, 5729.08, 5733.49, or 5747.80 of the Revised Code.	251

(B) The authority may grant a tax credit under division (A)	252
of this section, subject to all of the following limitations:	253

(1) The authority grants the credit solely pursuant to a	254
contract entered into under division (A) of this section.	255

(2) The authority grants the credit as a result of a loss on	256
a loan or investment made under the Ohio venture capital program,	257
as that loss is certified by the program administrator to the	258
authority pursuant to division (B)(6) of section 150.05 of the	259
Revised Code.	260

(3) The authority does not grant any credit that may be	261
claimed during the first four years of the program or after July	262
1, 2026.	263

(4) The authority does not grant more than a total of twenty	264
million dollars in credits for any one fiscal year.	265

(5) The authority grants the tax credit in an amount that	266
does not exceed the amount of loss incurred and under conditions	267
the authority shall specify in the lending and investment policy	268
it establishes or modifies in accordance with sections 150.03 and	269
150.04 of the Revised Code.	270

(C) The authority shall issue a tax certificate for any	271
credit granted under this section. The certificate shall state	272
the principal amount of the credit granted and the calendar year,	273
under section 5725.19 or 5729.08, the tax year, under section	274
5733.49, or the taxable year under section 5747.80 of the Revised	275
Code, in which the credit may be claimed. The authority, in	276
conjunction with the tax commissioner, shall develop a system for	277
issuing tax certificates for the credits, for the purpose of	278
verifying that any credit claimed is a credit issued under this	279
section and is properly taken in the year specified in the	280
certificate and in compliance with divisions (B)(3) and (4) of	281
this section.	282

Sec. 150.08.  (A) There is hereby created in the state	283
treasury the Ohio venture capital fund, to which shall be credited	284
all fees received by the authority pursuant to division (B)(5) of	285
section 150.05 of the Revised Code, and all interest earned on	286
moneys of the fund.	287

(B) Money in the Ohio venture capital fund shall be used	288
exclusively to provide security against losses as authorized under	289
this chapter.	290

Sec. 150.09.  Neither the state nor an appointing authority	291
under section 150.02 of the Revised Code, or a member of the	292
authority is liable in damages to any person in a civil action for	293
any loss incurred as a result of any loan or investment made by	294
the program administrator.	295

Sec. 150.10.  (A) On the first day of January of the second	296
year after the date of entering into an agreement under section	297
150.05 of the Revised Code, and every other first day of January	298
thereafter, the authority shall file with the clerk of the house	299
of representatives, the clerk of the senate, and the chairpersons	300
of the house and senate standing committees predominantly	301
concerned with economic development a written report on the Ohio	302
venture capital program, that includes all of the following:	303

(1) A description of the details of the lending and	304
investment policy established or modified in accordance with	305
sections 150.03 and 150.04 of the Revised Code;	306

(2) The authority's assessment of the program's achievement	307
of its purposes stated in section 150.01 of the Revised Code;	308

(3) The amount of tax credits granted by the authority under	309
section 150.07 of the Revised Code;	310

(4) The amount of tax credits claimed pursuant to section	311
5725.19, 5729.08, 5733.49, or 5747.80 of the Revised Code, as to	312
the respective taxes involved;	313

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

314

(6) Any recommendations for modifying the program to better	315
achieve the purposes stated in section 150.01 of the Revised Code.	316

(B) During each year that a report is issued under division	317
(A) of this section, the co-chairpersons of the authority, or	318
another member of the authority designated by the co-chairpersons	319
as the authority's representative, shall be required to appear in	320
person before the standing committees of the house and senate	321
predominantly concerned with economic development to give	322
testimony concerning the status of the Ohio venture capital	323
program.	324

Sec. 5725.19. A refundable tax credit granted by the Ohio	325
venture capital authority under section 150.07 of the Revised Code	326
may be claimed against the tax imposed on a domestic insurance	327
company under section 5725.18 of the Revised Code. The credit	328
shall be claimed in the calendar year specified in the certificate	329
issued by the authority. If the amount of the credit for a	330
calendar year exceeds the tax otherwise due, the domestic	331
insurance company is entitled to a refund of the excess.	332

Sec. 5729.08. A refundable tax credit granted by the Ohio	333
venture capital authority under section 150.07 of the Revised Code	334
may be claimed against the tax imposed on a foreign insurance	335
company under section 5729.03 of the Revised Code. The credit	336
shall be claimed in the calendar year specified in the certificate	337
issued by the authority. If the amount of the credit for a	338
calendar year exceeds the tax otherwise due, the foreign insurance	339
company is entitled to a refund of the excess.	340

Sec. 5733.49. A refundable corporation franchise tax credit	341
granted by the Ohio venture capital authority under section 150.07	342
of the Revised Code may be claimed against the tax imposed by	343
section 5733.06 of the Revised Code. The credit shall be claimed	344
in the tax year specified in the certificate issued by the	345
authority and in the order required under section 5733.98 of the	346
Revised Code. If the amount of the credit for a tax year exceeds	347
the tax otherwise due after allowing for any other credit that	348
precedes it in the order required under that section, the taxpayer	349
is entitled to a refund of the excess.	350

For purposes of making tax payments under this chapter, taxes	351
equal to the amount of the refundable credit shall be considered	352
paid to this state on the first day of the tax year.	353

Sec. 5733.98.  (A) To provide a uniform procedure for	354
calculating the amount of tax imposed by section 5733.06 of the	355
Revised Code that is due under this chapter, a taxpayer shall	356
claim any credits to which it is entitled in the following order,	357
except as otherwise provided in section 5733.058 of the Revised	358
Code:	359

(1) The credit for taxes paid by a qualifying pass-through	360
entity allowed under section 5733.0611 of the Revised Code;	361

(2) The credit allowed for financial institutions under	362
section 5733.45 of the Revised Code;	363

(3) The credit for qualifying affiliated groups under section	364
5733.068 of the Revised Code;	365

(4) The subsidiary corporation credit under section 5733.067	366
of the Revised Code;	367

(5) The savings and loan assessment credit under section	368
5733.063 of the Revised Code;	369

(6) The credit for recycling and litter prevention donations	370
under section 5733.064 of the Revised Code;	371

(7) The credit for employers that enter into agreements with	372
child day-care centers under section 5733.36 of the Revised Code;	373

(8) The credit for employers that reimburse employee child	374
day-care expenses under section 5733.38 of the Revised Code;	375

(9) The credit for maintaining railroad active grade crossing	376
warning devices under section 5733.43 of the Revised Code;	377

(10) The credit for purchases of lights and reflectors under	378
section 5733.44 of the Revised Code;	379

(11) The job retention credit under division (B) of section	380
5733.0610 of the Revised Code;	381

(12) The credit for manufacturing investments under section	382
5733.061 of the Revised Code;	383

(13) The credit for purchases of new manufacturing machinery	384
and equipment under section 5733.31 or section 5733.311 of the	385
Revised Code;	386

(14) The second credit for purchases of new manufacturing	387
machinery and equipment under section 5733.33 of the Revised Code;	388

(15) The job training credit under section 5733.42 of the	389
Revised Code;	390

(16) The credit for qualified research expenses under	391
section 5733.351 of the Revised Code;	392

(17) The enterprise zone credit under section 5709.66 of the	393
Revised Code;	394

(18) The credit for the eligible costs associated with a	395
voluntary action under section 5733.34 of the Revised Code;	396

(19) The credit for employers that establish on-site child	397
day-care under section 5733.37 of the Revised Code;	398

(20) The credit for purchases of qualifying grape production	399
property under section 5733.32 of the Revised Code;	400

(21) The export sales credit under section 5733.069 of the	401
Revised Code;	402

(22) The credit for research and development and technology	403
transfer investors under section 5733.35 of the Revised Code;	404

(23) The enterprise zone credits under section 5709.65 of the	405
Revised Code;	406

(24) The credit for using Ohio coal under section 5733.39 of	407
the Revised Code;	408

(25) The refundable jobs creation credit under division (A)	409
of section 5733.0610 of the Revised Code;	410

(26) The refundable Ohio venture capital program credit	411
under section 5733.49 of the Revised Code.	412

(B) For any credit, except the refundable jobs creation	413
credit and the refundable Ohio venture capital program credit, the	414
amount of the credit for a tax year shall not exceed the tax due	415
after allowing for any other credit that precedes it in the order	416
required under this section. Any excess amount of a particular	417
credit may be carried forward if authorized under the section	418
creating that credit.	419

Sec. 5747.80. A refundable income tax credit granted by the	420
Ohio venture capital authority under section 150.07 of the Revised	421
Code may be claimed against the tax imposed by section 5747.02 of	422
the Revised Code. The credit shall be claimed in the taxable year	423
specified in the certificate issued by the authority and in the	424
order required under section 5747.98 of the Revised Code. If the	425
amount of the credit for a taxable year exceeds the tax otherwise	426
due after allowing for any other credit that precedes it in the	427
order required under that section, the taxpayer is entitled to a	428
refund of the excess.	429

For purposes of making tax payments under this chapter, taxes	430
equal to the amount of the refundable credit shall be considered	431
paid to this state on the first day of the taxable year.	432

Sec. 5747.98.  (A) To provide a uniform procedure for	433
calculating the amount of tax due under section 5747.02 of the	434
Revised Code, a taxpayer shall claim any credits to which the	435
taxpayer is entitled in the following order:	436

(1) The retirement income credit under division (B) of	437
section 5747.055 of the Revised Code;	438

(2) The senior citizen credit under division (C) of section	439
5747.05 of the Revised Code;	440

(3) The lump sum distribution credit under division (D) of	441
section 5747.05 of the Revised Code;	442

(4) The dependent care credit under section 5747.054 of the	443
Revised Code;	444

(5) The lump sum retirement income credit under division (C)	445
of section 5747.055 of the Revised Code;	446

(6) The lump sum retirement income credit under division (D)	447
of section 5747.055 of the Revised Code;	448

(7) The lump sum retirement income credit under division (E)	449
of section 5747.055 of the Revised Code;	450

(8) The credit for displaced workers who pay for job	451
training under section 5747.27 of the Revised Code;	452

(9) The campaign contribution credit under section 5747.29	453
of the Revised Code;	454

(10) The twenty-dollar personal exemption credit under	455
section 5747.022 of the Revised Code;	456

(11) The joint filing credit under division (G) of section	457
5747.05 of the Revised Code;	458

(12) The nonresident credit under division (A) of section	459
5747.05 of the Revised Code;	460

(13) The credit for a resident's out-of-state income under	461
division (B) of section 5747.05 of the Revised Code;	462

(14) The credit for employers that enter into agreements	463
with child day-care centers under section 5747.34 of the Revised	464
Code;	465

(15) The credit for employers that reimburse employee child	466
day-care expenses under section 5747.36 of the Revised Code;	467

(16) The credit for adoption of a minor child under section	468
5747.37 of the Revised Code;	469

(17) The credit for purchases of lights and reflectors under	470
section 5747.38 of the Revised Code;	471

(18) The job retention credit under division (B) of section	472
5747.058 of the Revised Code;	473

(19) The credit for manufacturing investments under section	474
5747.051 of the Revised Code;	475

(20) The credit for purchases of new manufacturing machinery	476
and equipment under section 5747.26 or section 5747.261 of the	477
Revised Code;	478

(21) The second credit for purchases of new manufacturing	479
machinery and equipment and the credit for using Ohio coal under	480
section 5747.31 of the Revised Code;	481

(22) The job training credit under section 5747.39 of the	482
Revised Code;	483

(23) The enterprise zone credit under section 5709.66 of the	484
Revised Code;	485

(24) The credit for the eligible costs associated with a	486
voluntary action under section 5747.32 of the Revised Code;	487

(25) The credit for employers that establish on-site child	488
day-care centers under section 5747.35 of the Revised Code;	489

(26) The credit for purchases of qualifying grape production	490
property under section 5747.28 of the Revised Code;	491

(27) The export sales credit under section 5747.057 of the	492
Revised Code;	493

(28) The credit for research and development and technology	494
transfer investors under section 5747.33 of the Revised Code;	495

(29) The enterprise zone credits under section 5709.65 of	496
the Revised Code;	497

(30) The refundable jobs creation credit under division (A)	498
of section 5747.058 of the Revised Code;	499

(31) The refundable credit for taxes paid by a qualifying	500
entity granted under section 5747.059 of the Revised Code;	501

(32) The refundable credits for taxes paid by a qualifying	502
pass-through entity granted under division (J) of section 5747.08	503
of the Revised Code;	504

(33) The refundable Ohio venture capital program credit	505
under section 5747.80 of the Revised Code.	506

(B) For any credit, except the refundable credits enumerated	507
in divisions (A) (30), (31), and (32), and (33) of this section	508
and the credit granted under division (I) of section 5747.08 of	509
the Revised Code, the amount of the credit for a taxable year	510
shall not exceed the tax due after allowing for any other credit	511
that precedes it in the order required under this section. Any	512
excess amount of a particular credit may be carried forward if	513
authorized under the section creating that credit. Nothing in this	514
chapter shall be construed to allow a taxpayer to claim, directly	515
or indirectly, a credit more than once for a taxable year.	516

Section 2.  That existing sections 5733.98 and 5747.98 of the	517
Revised Code are hereby repealed.	518