As Introduced

129th General Assembly Regular Session 2011-2012

H. B. No. 511

Representatives Beck, Gonzales 

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A BILL

To amend sections 121.22, 122.15, 122.151, 122.152,

1

122.153, 122.154, 122.28, 122.30 to 122.36,

2

150.03, 150.05, 150.07, 184.02, and 5725.33 and to

3

repeal section 122.29 of the Revised Code to make

4

various changes to the administration of the

5

investment tax credit, the venture capital loan

6

loss tax credit, and the New Markets tax credit,

7

including the increase of the maximum amount of

8

the investment tax credit and the venture capital

9

loan loss tax credit, the elimination of the

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Industrial Technology and Enterprise Advisory

11

Councils, and the acceleration of the receipt of

12

New Markets tax credit installments.

13

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

Section 1. That sections 121.22, 122.15, 122.151, 122.152,	14
122.153, 122.154, 122.28, 122.30, 122.31, 122.32, 122.33, 122.34,	15
122.35, 122.36, 150.03, 150.05, 150.07, 184.02, and 5725.33 of the	16
Revised Code be amended to read as follows:	17

Sec. 121.22.  (A) This section shall be liberally construed	18
to require public officials to take official action and to conduct	19
all deliberations upon official business only in open meetings	20
unless the subject matter is specifically excepted by law.	21

(B) As used in this section:

22

(1) "Public body" means any of the following:

23

(a) Any board, commission, committee, council, or similar	24
decision-making body of a state agency, institution, or authority,	25
and any legislative authority or board, commission, committee,	26
council, agency, authority, or similar decision-making body of any	27
county, township, municipal corporation, school district, or other	28
political subdivision or local public institution;	29

(b) Any committee or subcommittee of a body described in	30
division (B)(1)(a) of this section;	31

(c) A court of jurisdiction of a sanitary district organized	32
wholly for the purpose of providing a water supply for domestic,	33
municipal, and public use when meeting for the purpose of the	34
appointment, removal, or reappointment of a member of the board of	35
directors of such a district pursuant to section 6115.10 of the	36
Revised Code, if applicable, or for any other matter related to	37
such a district other than litigation involving the district. As	38
used in division (B)(1)(c) of this section, "court of	39
jurisdiction" has the same meaning as "court" in section 6115.01	40
of the Revised Code.	41

(2) "Meeting" means any prearranged discussion of the public	42
business of the public body by a majority of its members.	43

(3) "Regulated individual" means either of the following:

44

(a) A student in a state or local public educational	45
institution;	46

(b) A person who is, voluntarily or involuntarily, an inmate,	47
patient, or resident of a state or local institution because of	48
criminal behavior, mental illness or retardation, disease,	49
disability, age, or other condition requiring custodial care.	50

(4) "Public office" has the same meaning as in section	51
149.011 of the Revised Code.	52

(C) All meetings of any public body are declared to be public	53
meetings open to the public at all times. A member of a public	54
body shall be present in person at a meeting open to the public to	55
be considered present or to vote at the meeting and for purposes	56
of determining whether a quorum is present at the meeting.	57

The minutes of a regular or special meeting of any public	58
body shall be promptly prepared, filed, and maintained and shall	59
be open to public inspection. The minutes need only reflect the	60
general subject matter of discussions in executive sessions	61
authorized under division (G) or (J) of this section.	62

(D) This section does not apply to any of the following:

63

(1) A grand jury;

64

(2) An audit conference conducted by the auditor of state or	65
independent certified public accountants with officials of the	66
public office that is the subject of the audit;	67

(3) The adult parole authority when its hearings are	68
conducted at a correctional institution for the sole purpose of	69
interviewing inmates to determine parole or pardon;	70

(4) The organized crime investigations commission established	71
under section 177.01 of the Revised Code;	72

(5) Meetings of a child fatality review board established	73
under section 307.621 of the Revised Code and meetings conducted	74
pursuant to sections 5153.171 to 5153.173 of the Revised Code;	75

(6) The state medical board when determining whether to	76
suspend a certificate without a prior hearing pursuant to division	77
(G) of either section 4730.25 or 4731.22 of the Revised Code;	78

(7) The board of nursing when determining whether to suspend	79
a license or certificate without a prior hearing pursuant to	80
division (B) of section 4723.281 of the Revised Code;	81

(8) The state board of pharmacy when determining whether to	82
suspend a license without a prior hearing pursuant to division (D)	83
of section 4729.16 of the Revised Code;	84

(9) The state chiropractic board when determining whether to	85
suspend a license without a hearing pursuant to section 4734.37 of	86
the Revised Code;	87

(10) The executive committee of the emergency response	88
commission when determining whether to issue an enforcement order	89
or request that a civil action, civil penalty action, or criminal	90
action be brought to enforce Chapter 3750. of the Revised Code;	91

(11) The board of directors of the nonprofit corporation	92
formed under section 187.01 of the Revised Code or any committee	93
thereof, and the board of directors of any subsidiary of that	94
corporation or a committee thereof;	95

(12) An audit conference conducted by the audit staff of the	96
department of job and family services with officials of the public	97
office that is the subject of that audit under section 5101.37 of	98
the Revised Code.	99

(E) The controlling board, the development financing advisory	100
council, the industrial technology and enterprise advisory council	101
third frontier commission, the tax credit authority, or the	102
minority development financing advisory board, when meeting to	103
consider granting assistance pursuant to Chapter 122. or 166. of	104
the Revised Code, in order to protect the interest of the	105
applicant or the possible investment of public funds, by unanimous	106
vote of all board, council, commission, or authority members	107
present, may close the meeting during consideration of the	108
following information confidentially received by the authority,	109
council, commission, or board from the applicant:	110

(1) Marketing plans;

111

(2) Specific business strategy;

112

(3) Production techniques and trade secrets;

113

(4) Financial projections;

114

(5) Personal financial statements of the applicant or members	115
of the applicant's immediate family, including, but not limited	116
to, tax records or other similar information not open to public	117
inspection.	118

The vote by the authority, council, commission, or board to	119
accept or reject the application, as well as all proceedings of	120
the authority, council, commission, or board not subject to this	121
division, shall be open to the public and governed by this	122
section.	123

(F) Every public body, by rule, shall establish a reasonable	124
method whereby any person may determine the time and place of all	125
regularly scheduled meetings and the time, place, and purpose of	126
all special meetings. A public body shall not hold a special	127
meeting unless it gives at least twenty-four hours' advance notice	128
to the news media that have requested notification, except in the	129
event of an emergency requiring immediate official action. In the	130
event of an emergency, the member or members calling the meeting	131
shall notify the news media that have requested notification	132
immediately of the time, place, and purpose of the meeting.	133

The rule shall provide that any person, upon request and	134
payment of a reasonable fee, may obtain reasonable advance	135
notification of all meetings at which any specific type of public	136
business is to be discussed. Provisions for advance notification	137
may include, but are not limited to, mailing the agenda of	138
meetings to all subscribers on a mailing list or mailing notices	139
in self-addressed, stamped envelopes provided by the person.	140

(G) Except as provided in division (J) of this section, the	141
members of a public body may hold an executive session only after	142
a majority of a quorum of the public body determines, by a roll	143
call vote, to hold an executive session and only at a regular or	144
special meeting for the sole purpose of the consideration of any	145
of the following matters:	146

(1) To consider the appointment, employment, dismissal,	147
discipline, promotion, demotion, or compensation of a public	148
employee or official, or the investigation of charges or	149
complaints against a public employee, official, licensee, or	150
regulated individual, unless the public employee, official,	151
licensee, or regulated individual requests a public hearing.	152
Except as otherwise provided by law, no public body shall hold an	153
executive session for the discipline of an elected official for	154
conduct related to the performance of the elected official's	155
official duties or for the elected official's removal from office.	156
If a public body holds an executive session pursuant to division	157
(G)(1) of this section, the motion and vote to hold that executive	158
session shall state which one or more of the approved purposes	159
listed in division (G)(1) of this section are the purposes for	160
which the executive session is to be held, but need not include	161
the name of any person to be considered at the meeting.	162

(2) To consider the purchase of property for public purposes,	163
or for the sale of property at competitive bidding, if premature	164
disclosure of information would give an unfair competitive or	165
bargaining advantage to a person whose personal, private interest	166
is adverse to the general public interest. No member of a public	167
body shall use division (G)(2) of this section as a subterfuge for	168
providing covert information to prospective buyers or sellers. A	169
purchase or sale of public property is void if the seller or buyer	170
of the public property has received covert information from a	171
member of a public body that has not been disclosed to the general	172
public in sufficient time for other prospective buyers and sellers	173
to prepare and submit offers.	174

If the minutes of the public body show that all meetings and	175
deliberations of the public body have been conducted in compliance	176
with this section, any instrument executed by the public body	177
purporting to convey, lease, or otherwise dispose of any right,	178
title, or interest in any public property shall be conclusively	179
presumed to have been executed in compliance with this section	180
insofar as title or other interest of any bona fide purchasers,	181
lessees, or transferees of the property is concerned.	182

(3) Conferences with an attorney for the public body	183
concerning disputes involving the public body that are the subject	184
of pending or imminent court action;	185

(4) Preparing for, conducting, or reviewing negotiations or	186
bargaining sessions with public employees concerning their	187
compensation or other terms and conditions of their employment;	188

(5) Matters required to be kept confidential by federal law	189
or regulations or state statutes;	190

(6) Details relative to the security arrangements and	191
emergency response protocols for a public body or a public office,	192
if disclosure of the matters discussed could reasonably be	193
expected to jeopardize the security of the public body or public	194
office;	195

(7) In the case of a county hospital operated pursuant to	196
Chapter 339. of the Revised Code, a joint township hospital	197
operated pursuant to Chapter 513. of the Revised Code, or a	198
municipal hospital operated pursuant to Chapter 749. of the	199
Revised Code, to consider trade secrets, as defined in section	200
1333.61 of the Revised Code.	201

If a public body holds an executive session to consider any	202
of the matters listed in divisions (G)(2) to (7) of this section,	203
the motion and vote to hold that executive session shall state	204
which one or more of the approved matters listed in those	205
divisions are to be considered at the executive session.	206

A public body specified in division (B)(1)(c) of this section	207
shall not hold an executive session when meeting for the purposes	208
specified in that division.	209

(H) A resolution, rule, or formal action of any kind is	210
invalid unless adopted in an open meeting of the public body. A	211
resolution, rule, or formal action adopted in an open meeting that	212
results from deliberations in a meeting not open to the public is	213
invalid unless the deliberations were for a purpose specifically	214
authorized in division (G) or (J) of this section and conducted at	215
an executive session held in compliance with this section. A	216
resolution, rule, or formal action adopted in an open meeting is	217
invalid if the public body that adopted the resolution, rule, or	218
formal action violated division (F) of this section.	219

(I)(1) Any person may bring an action to enforce this	220
section. An action under division (I)(1) of this section shall be	221
brought within two years after the date of the alleged violation	222
or threatened violation. Upon proof of a violation or threatened	223
violation of this section in an action brought by any person, the	224
court of common pleas shall issue an injunction to compel the	225
members of the public body to comply with its provisions.	226

(2)(a) If the court of common pleas issues an injunction	227
pursuant to division (I)(1) of this section, the court shall order	228
the public body that it enjoins to pay a civil forfeiture of five	229
hundred dollars to the party that sought the injunction and shall	230
award to that party all court costs and, subject to reduction as	231
described in division (I)(2) of this section, reasonable	232
attorney's fees. The court, in its discretion, may reduce an award	233
of attorney's fees to the party that sought the injunction or not	234
award attorney's fees to that party if the court determines both	235
of the following:	236

(i) That, based on the ordinary application of statutory law	237
and case law as it existed at the time of violation or threatened	238
violation that was the basis of the injunction, a well-informed	239
public body reasonably would believe that the public body was not	240
violating or threatening to violate this section;	241

(ii) That a well-informed public body reasonably would	242
believe that the conduct or threatened conduct that was the basis	243
of the injunction would serve the public policy that underlies the	244
authority that is asserted as permitting that conduct or	245
threatened conduct.	246

(b) If the court of common pleas does not issue an injunction	247
pursuant to division (I)(1) of this section and the court	248
determines at that time that the bringing of the action was	249
frivolous conduct, as defined in division (A) of section 2323.51	250
of the Revised Code, the court shall award to the public body all	251
court costs and reasonable attorney's fees, as determined by the	252
court.	253

(3) Irreparable harm and prejudice to the party that sought	254
the injunction shall be conclusively and irrebuttably presumed	255
upon proof of a violation or threatened violation of this section.	256

(4) A member of a public body who knowingly violates an	257
injunction issued pursuant to division (I)(1) of this section may	258
be removed from office by an action brought in the court of common	259
pleas for that purpose by the prosecuting attorney or the attorney	260
general.	261

(J)(1) Pursuant to division (C) of section 5901.09 of the	262
Revised Code, a veterans service commission shall hold an	263
executive session for one or more of the following purposes unless	264
an applicant requests a public hearing:	265

(a) Interviewing an applicant for financial assistance under	266
sections 5901.01 to 5901.15 of the Revised Code;	267

(b) Discussing applications, statements, and other documents	268
described in division (B) of section 5901.09 of the Revised Code;	269

(c) Reviewing matters relating to an applicant's request for	270
financial assistance under sections 5901.01 to 5901.15 of the	271
Revised Code.	272

(2) A veterans service commission shall not exclude an	273
applicant for, recipient of, or former recipient of financial	274
assistance under sections 5901.01 to 5901.15 of the Revised Code,	275
and shall not exclude representatives selected by the applicant,	276
recipient, or former recipient, from a meeting that the commission	277
conducts as an executive session that pertains to the applicant's,	278
recipient's, or former recipient's application for financial	279
assistance.	280

(3) A veterans service commission shall vote on the grant or	281
denial of financial assistance under sections 5901.01 to 5901.15	282
of the Revised Code only in an open meeting of the commission. The	283
minutes of the meeting shall indicate the name, address, and	284
occupation of the applicant, whether the assistance was granted or	285
denied, the amount of the assistance if assistance is granted, and	286
the votes for and against the granting of assistance.	287

Sec. 122.15.  As used in sections 122.15 to 122.154 of the	288
Revised Code:	289

(A) "Edison centerDirector" means a cooperative research and	290
development facility that receives funding through the Thomas Alva	291
Edison grant program under division (C) of section 122.33director	292
of the Revised Codedevelopment.	293

(B) "Ohio entity" means any corporation, limited liability	294
company, or unincorporated business organization, including a	295
general or limited partnership, that has its principal place of	296
business located in this state and has at least fifty per cent of	297
its gross assets and fifty per cent of its employees located in	298
this state. If a corporation, limited liability company, or	299
unincorporated business organization is a member of an affiliated	300
group, the gross assets and the number of employees of all of the	301
members of that affiliated group, wherever those assets and	302
employees are located, shall be included for the purpose of	303
determining the percentage of the corporation's, company's, or	304
organization's gross assets and employees that are located in this	305
state.	306

(C) "Qualified trade or business" means any trade or business	307
that primarily involves research and development, technology	308
transfer, bio-technology, information technology, or the	309
application of new technology developed through research and	310
development or acquired through technology transfer. "Qualified	311
trade or business" does not include any of the following:	312

(1) Any trade or business involving the performance of	313
services in the field of law, engineering, architecture,	314
accounting, actuarial science, performing arts, consulting,	315
athletics, financial services, or brokerage services, or any trade	316
or business where the principal asset of the trade or business is	317
the reputation or skill of one or more of its employees;	318

(2) Any banking, insurance, financing, leasing, rental,	319
investing, or similar business;	320

(3) Any farming business, including the business of raising	321
or harvesting trees;	322

(4) Any business involving the production or extraction of	323
products of a character with respect to which a deduction is	324
allowable under section 611, 613, or 613A of the "Internal Revenue	325
Code of 1986," 100 Stat. 2085, 26 U.S.C.A. 611, 613, or 613A;	326

(5) Any business of operating a hotel, motel, restaurant, or	327
similar business;	328

(6) Any trade or business involving a hospital, a private	329
office of a licensed health care professional, a group practice of	330
licensed health care professionals, or a nursing home. As used in	331
division (C)(6) of this section:	332

(a) "Nursing home" has the same meaning as in section 3721.50	333
of the Revised Code.	334

(b) "Hospital" has the same meaning as in section 3727.01 of	335
the Revised Code.	336

(D) "Information technology" means the branch of technology	337
devoted to the study and application of data and the processing	338
thereof; the automatic acquisition, storage, manipulation or	339
transformation, management, movement, control, display, switching,	340
interchange, transmission or reception of data, and the	341
development or use of hardware, software, firmware, and procedures	342
associated with this processing. Information technology includes	343
matters concerned with the furtherance of computer science and	344
technology, design, development, installation and implementation	345
of information systems and applications that in turn will be	346
licensed or sold to a specific target market. Information	347
technology does not include the creation of a distribution method	348
for existing products and services.	349

(E) "Insider" means an individual who owns, controls, or	350
holds power to vote five per cent or more of the outstanding	351
securities of a business. For purposes of determining whether an	352
investor is an insider, the percentage of voting power in the Ohio	353
entity held by a person related to the investor shall be added to	354
the investor's percentage of voting power in the same Ohio entity,	355
if the investor claimed the person related to the investor as a	356
dependent or a spouse on the investor's federal income tax return	357
for the previous tax year.	358

(F) "Related to" means being the spouse, parent, child, or	359
sibling of an individual.	360

(G) "Research and development" means designing, creating, or	361
formulating new or enhanced products, equipment, or processes, and	362
conducting scientific or technological inquiry and experimentation	363
in the physical sciences with the goal of increasing scientific	364
knowledge that may reveal the bases for new or enhanced products,	365
equipment, or processes.	366

(H) "State tax liability" means any tax liability incurred	367
under division (D) of section 5707.03, section 5727.24, 5727.38,	368
or 5747.02, or Chapter 5733. of the Revised Code.	369

(I) "Technology transfer" means the transfer of technology	370
from one sector of the economy to another, including the transfer	371
of military technology to civilian applications, civilian	372
technology to military applications, or technology from public or	373
private research laboratories to military or civilian	374
applications.	375

(J) "Affiliated group" means two or more persons related in	376
such a way that one of the persons owns or controls the business	377
operations of another of those persons. In the case of a	378
corporation issuing capital stock, one corporation owns or	379
controls the business operations of another corporation if it owns	380
more than fifty per cent of the other corporation's capital stock	381
with voting rights. In the case of a limited liability company,	382
one person owns or controls the business operations of the company	383
if that person's membership interest, as defined in section	384
1705.01 of the Revised Code, is greater than fifty per cent of	385
combined membership interest of all persons owning such interests	386
in the company. In the case of an unincorporated business	387
organization, one person owns or controls the business operations	388
of the organization if, under the articles of organization or	389
other instrument governing the affairs of the organization, that	390
person has a beneficial interest in the organization's profits,	391
surpluses, losses, or other distributions greater than fifty per	392
cent of the combined beneficial interests of all persons having	393
such an interest in the organization.	394

(K) "Money" means United States currency, or a check, draft,	395
or cashier's check for United States currency, payable on demand	396
and drawn on a bank.	397

(L) "EDGE business enterprise" means an Ohio entity certified	398
by the director of administrative services as a participant in the	399
encouraging diversity, growth, and equity program established by	400
the governor's executive order 2002-17T.	401

(M) "Distressed area" has the same meaning as in section	402
122.23 of the Revised Code.	403

Sec. 122.151.  (A) An investor who proposes to make an	404
investment of money in an Ohio entity may apply to an Edison	405
centerthe director for a tax credit under this section. The	406
Edison centerdirector shall prescribe the form of the application	407
and any information that the investor must submit with the	408
application. The investor shall include with the application a fee	409
of two hundred dollars. The centerdirector, within threefour	410
weeks after receiving the application, shall review it, determine	411
whether the investor should be recommended for the tax credit, and	412
send written notice of itsthe director's initial determination to	413
the industrial technology and enterprise advisory councilthird	414
frontier commission established under section 184.01 of the	415
Revised Code and to the investor. If the centerdirector	416
determines the investor should not be recommended for the tax	417
credit, itthe director shall include in the notice the reasons	418
for the determination. Subject to divisions (C) and (D) of this	419
section, an investor is eligible for a tax credit if all of the	420
following requirements are met:	421

(1) The investor's investment of money is in an Ohio entity	422
engaged in a qualified trade or business.	423

(2) The Ohio entity had less than two million five hundred	424
thousand dollars of gross revenue during its most recently	425
completed fiscal year or had a net book value of less than two	426
million five hundred thousand dollars at the end of that fiscal	427
year.	428

(3) The investment takes the form of the purchase of common	429
or preferred stock, a membership interest, a partnership interest,	430
or any other ownership interest.	431

(4) The amount of the investment for which the credit is	432
being claimed does not exceed three hundred thousand dollars in	433
the case of an investment in an EDGE business enterprise or in an	434
Ohio entity located in a distressed area, or two hundred fifty	435
thousand dollars in the case of an investment in any other Ohio	436
entity.	437

(5) The money invested is entirely at risk of loss, where	438
repayment depends upon the success of the business operations of	439
the Ohio entity.	440

(6) No repayment of principal invested will be made for at	441
least three years from the date the investment is made.	442

(7) The annual combined amount of any dividend and interest	443
payments to be made to the investor will not exceed ten per cent	444
of the amount of the investment for at least three years from the	445
date the investment is made.	446

(8) The investor is not an employee with proprietary	447
decision-making authority of the Ohio entity in which the	448
investment of money is proposed, or related to such an individual.	449
The Ohio entity is not an individual related to the investor. For	450
purposes of this division, the industrial technology and	451
enterprise advisory councildirector shall define "an employee	452
with proprietary decision-making authority."	453

(9) The investor is not an insider.

454

For the purposes of determining the net book value of an Ohio	455
entity under division (A)(1) or (2) of this section, if the entity	456
is a member of an affiliated group, the combined net book values	457
of all of the members of that affiliated group shall be used.	458

Nothing in division (A)(6) or (7) of this section limits or	459
disallows the distribution to an investor in a pass-through entity	460
of a portion of the entity's profits equal to the investor's	461
federal, state, and local income tax obligations attributable to	462
the investor's allocable share of the entity's profits. Nothing in	463
division (A)(6) or (7) of this section limits or disallows the	464
sale by an investor of part or all of the investor's interests in	465
an Ohio entity by way of a public offering of shares in the Ohio	466
entity.	467

(B) A group of two but not more than twenty investors, each	468
of whom proposes to make an investment of money in the same Ohio	469
entity, may submit an application for tax credits under division	470
(A) of this section. The group shall include with the application	471
a fee of eight hundred dollars. The application shall identify	472
each investor in the group and the amount of money each investor	473
proposes to invest in the Ohio entity, and shall name a contact	474
person for the group. The Edison centerdirector, within three	475
four weeks after receiving the application, shall review it,	476
determine whether each investor of the group should be recommended	477
for a tax credit under the conditions set forth in division (A) of	478
this section, and send written notice of itsthe director's	479
determination to the industrial technology and enterprise	480
advisory councilcommission and to the contact person. The center	481
director shall not recommend that a group of investors receive a	482
tax credit unless each investor is eligible under those	483
conditions. The centerdirector may disqualify from a group any	484
investor who is not eligible under the conditions and recommend	485
that the remaining group of investors receive the tax credit. If	486
the centerdirector determines the group should not be recommended	487
for the tax credit, itthe director shall include in the notice	488
the reasons for the determination.	489

(C) The industrial technology and enterprise advisory council	490
shall establish from among its members a three-person committee.	491
Within four weeks after the councilcommission receives a notice	492
of recommendation from an Edison centerthe director, the	493
committeecommission shall review the recommendation and issue a	494
final determination of whether the investor or group is eligible	495
for a tax credit under the conditions set forth in division (A) of	496
this section. The committeecommission may require the investor	497
or group to submit additional information to support the	498
application. The vote of at least two members of the committee is	499
necessary for the issuance of a final determination or any other	500
action of the committee. Upon making the final determination, the	501
committeecommission shall send written notice of approval or	502
disapproval of the tax credit to the investor or group contact	503
person,and the director of development, and the Edison center. If	504
the committeecommission disapproves the tax credit, it shall	505
include in the notice the reasons for the disapproval.	506

(D)(1) The industrial technology and enterprise advisory	507
council committeecommission shall not approve more than one	508
million five hundred thousand dollars of investments in any one	509
Ohio entity. However, if a proposed investment of money in an Ohio	510
entity has been approved but the investor does not actually make	511
the investment, the committeecommission may reassign the amount	512
of that investment to another investor, as long as the total	513
amount invested in the entity under this section does not exceed	514
one million five hundred thousand dollars.	515

If the one-million-five-hundred-thousand-dollar limit for an	516
Ohio entity has not yet been reached and an application proposes	517
an investment of money that would exceed the limit for that	518
entity, the committeecommission shall send written notice to the	519
investor, or for a group, the contact person, that the investment	520
cannot be approved as requested. Upon receipt of the notice, the	521
investor or group may amend the application to propose an	522
investment of money that does not exceed the limit.	523

(2) Not more than forty-fivefifty-one million dollars of tax	524
credits shall be issued under sections 122.15 to 122.154 of the	525
Revised Code.	526

(E) If an investor makes an approved investment of less than	527
two hundred fifty thousand dollars in any Ohio entity other than	528
an EDGE business enterprise or in an Ohio entity located in a	529
distressed area, the investor may apply for approval of another	530
investment of money in that entity, as long as the total amount	531
invested in that entity by the investor under this section does	532
not exceed two hundred fifty thousand dollars. If an investor	533
makes an approved investment of less than three hundred thousand	534
dollars in an EDGE business enterprise or in an Ohio entity	535
located in a distressed area, the investor may apply for approval	536
of another investment of money in that entity, as long as the	537
total amount invested in that entity by the investor under this	538
section does not exceed three hundred thousand dollars. An	539
investor who receives approval of an investment of money as part	540
of a group may subsequently apply on an individual basis for	541
approval of an additional investment of money in the Ohio entity.	542

(F) The industrial technology and enterprise advisory council	543
committeecommission shall approve or disapprove tax credit	544
applications under this section in the order in which they are	545
received by the councilcommission.	546

(G) The director of development may disapprove any	547
application recommended by an Edison center and approved by the	548
industrial technology and enterprise advisory council committee,	549
or may disapprove a credit for which a tax credit certificate has	550
been issued under section 122.152 of the Revised Code, if the	551
director determines that the entity in which the applicant	552
proposes to invest or has invested is not an Ohio entity eligible	553
to receive investments that qualify for the credit. If the	554
director disapproves an application, the director shall certify	555
the action to the investor, the Edison center that recommended the	556
application, the industrial technology and enterprise advisory	557
council, and the tax commissioner, together with a written	558
explanation of the reasons for the disapproval. If the director	559
disapproves a tax credit after a tax credit certificate is issued,	560
the investor shall not claim the credit for the taxable year that	561
includes the day the director disapproves the credit, or for any	562
subsequent taxable year.	563

The director of development, in accordance with section	564
111.15 of the Revised Code and with the advice of the industrial	565
technology and enterprise advisory councilcommission, may adopt,	566
amend, and rescind rules necessary to implement sections 122.15 to	567
122.154 of the Revised Code.	568

(H) An Edison centerThe director shall use application fees	569
received under this section only for the costs of administering	570
sections 122.15 to 122.154 of the Revised Code.	571

Sec. 122.152.  (A) After receiving notice of approval for an	572
investment of money from the industrial technology and enterprise	573
advisory council committeethird frontier commission under section	574
122.151 of the Revised Code, an investor, within a period of time	575
determined by the committeecommission, may make the investment	576
and apply to the councilcommission for a tax credit certificate.	577
If the committeecommission is satisfied the investor has made	578
the investment in the proper form, it shall issue to the investor	579
a tax credit certificate signed by the chairperson of the	580
committee commission and the director of development indicating	581
that the investor is allowed a tax credit equal to one of the	582
following amounts:	583

(1) Thirty per cent of the investment if the investment was	584
made in an EDGE business enterprise or in an Ohio entity located	585
in a distressed area;	586

(2) Twenty-five per cent of the investment if the investment	587
was made in an Ohio entity other than an EDGE business enterprise.	588

An investor who receives approval of a proposed investment of	589
money through a group application, after making the investment,	590
shall apply for a tax credit certificate on an individual basis.	591

(B) An investor who is issued a tax credit certificate under	592
this section may claim a nonrefundable credit equal to the amount	593
indicated on the certificate against any state tax liability. The	594
investor shall claim the credit for the taxable year in which the	595
certificate is issued.	596

(1) If the credit to which a taxpayer otherwise would be	597
entitled under this section for any taxable year is greater than	598
the tax otherwise due under division (D) of section 5707.03 or	599
section 5727.24 or 5727.38 of the Revised Code, the excess shall	600
be allowed as a credit in each of the ensuing fifteen taxable	601
years, but the amount of any excess credit allowed in an ensuing	602
taxable year shall be deducted from the balance carried forward to	603
the next taxable year.	604

(2) If the credit to which a taxpayer otherwise would be	605
entitled under this section for any taxable year is greater than	606
the tax otherwise due under section 5747.02 or Chapter 5733. of	607
the Revised Code, after allowing for any other credits that	608
precede the credit allowed under this section in the order	609
required under section 5733.98 or 5747.98 of the Revised Code, the	610
excess shall be allowed as a credit in each of the ensuing fifteen	611
taxable years, but the amount of any excess credit allowed in an	612
ensuing taxable year shall be deducted from the balance carried	613
forward to the next taxable year.	614

(C) Any portion of a credit allowed under this section that	615
is utilized by an investor to reduce the investor's state tax	616
liability shall not be utilized by any other person.	617

(D) To claim a tax credit allowed under this section, an	618
investor shall attach to the appropriate return a copy of the	619
certificate issued to the investor under this section.	620

(E) Nothing in this section shall limit or disallow	621
pass-through treatment of a pass-through entity's income,	622
deductions, or credits, or other amounts necessary to compute a	623
state tax liability.	624

(F) A tax credit certificate issued to an investor under this	625
section may not be transferred by that investor to any other	626
person.	627

(G)(1) The director of development shall develop the form of	628
the tax credit certificate and the industrial technology and	629
enterprise advisory council committeecommission shall use that	630
form when issuing a tax credit certificate under this section.	631

(2) The director of development shall report to the tax	632
commissioner any information requested by the commissioner	633
concerning tax credit certificates issued under this section.	634

(H) An investment made by an investor or group of investors	635
who enter into a contractual agreement with an Ohio entity to	636
invest money in the Ohio entity is an acceptable investment if all	637
of the following conditions are met:	638

(1) The investment is made pursuant to a subscription	639
agreement providing that the investor or group of investors is	640
entitled to receive a refund of funds if the investment is not	641
approved by the industrial technology and enterprise advisory	642
council committeecommission.	643

(2) The investment is placed in escrow until the investment	644
is approved by the industrial technology and enterprise advisory	645
council committeecommission.	646

(3) The investor or group of investors shows proof of the	647
withdrawal of the funds by the Ohio entity after the investment is	648
approved by the industrial technology and enterprise advisory	649
council committeecommission.	650

Sec. 122.153.  If the industrial technology and enterprise	651
advisory council committeethird frontier commission receives	652
information alleging that an investor that was issued a tax credit	653
certificate presented false information to an Edison centerthe	654
director or the committeecommission in connection with obtaining	655
the certificate, it shall send written notice to the investor that	656
if the allegation is found to be true the investor may be	657
penalized as provided in this section. After giving the investor	658
an opportunity to be heard on the allegation, the committee	659
commission shall determine if the investor presented false	660
information in connection with obtaining a tax credit certificate.	661

If the committeecommission determines the investor submitted	662
false information, it may revoke any remaining tax credit	663
available to the investor. The committeecommission shall send	664
written notice of the revocation to the investor and the tax	665
commissioner. The tax commissioner may make an assessment against	666
the investor to recapture any amount of tax credit that the	667
investor already has claimed. The time limitations on assessments	668
under the laws of the particular tax against which the investor	669
claimed the credit do not apply to an assessment under this	670
section.	671

Sec. 122.154.  (A) A business may apply to an Edison center	672
the director for a determination as to whether the business is an	673
Ohio entity eligible to receive investments of money under section	674
122.151 of the Revised Code that qualify the investor for a tax	675
credit under section 122.152 of the Revised Code. The business	676
shall include with the application a fee of one hundred fifty	677
dollars and a business plan. The Edison centerdirector shall	678
prescribe any other information the business must submit with the	679
application and the form of the application. The centerdirector,	680
within threefour weeks after receiving the application, shall	681
review it, determine whether the business is an Ohio entity	682
eligible to receive investments of money that qualify for the tax	683
credit, and send written notice to the industrial technology and	684
enterprise advisory councilthird frontier commission and the	685
business of itsthe director's initial determination. If the	686
centerdirector determines that the business is not an Ohio	687
entity eligible to receive investments of money that qualify for	688
the tax credit, itthe director shall include in the notice the	689
reasons for the determination.	690

Within four weeks after the councilcommission receives a	691
notice of recommendation from an Edison centerthe director, the	692
industrial technology and enterprise advisory council committee	693
established under section 122.152 of the Revised Codecommission	694
shall review the recommendation and issue a final determination of	695
whether the business is an Ohio entity eligible to receive	696
investments of money under section 122.151 of the Revised Code	697
that qualify an investor for a tax credit under section 122.152 of	698
the Revised Code. The committeecommission may require the	699
business to submit additional information to support the	700
application. The vote of at least two members of the committee is	701
necessary for the issuance of a final determination. On making the	702
final determination, the committeecommission shall send written	703
notice of approval or disapproval to the business,and the	704
director of development, and the Edison center. If the committee	705
commission determines that the business is not an Ohio entity	706
eligible to receive investments of money that qualify for the tax	707
credit, it shall include in the notice the reasons for the	708
determination.	709

(B) The department of development shall maintain a list of	710
the businesses that have been determined to be Ohio entities	711
eligible to receive investments of money that qualify for the tax	712
credit. The department shall furnish copies of the list to the	713
public upon request.	714

(C) The department of development may prescribe a schedule	715
under which businesses periodically must submit information to	716
enable the centerdepartment to maintain the accuracy of the list.	717
At the times required in the schedule, each business on the list	718
shall submit any information the centerdepartment requires to	719
determine if the business continues to be an Ohio entity eligible	720
to receive investments of money that qualify for the tax credit.	721

(D) An Edison centerThe director shall use fees received	722
under this section only for the costs of administering sections	723
122.15 to 122.154 of the Revised Code.	724

(E) The Edison centersdirector and the industrial technology	725
and enterprise advisory council and its committeecommission do	726
not assume any responsibility for the accuracy or truthfulness of	727
information furnished by an Ohio entity or its agents.	728

An investor in an Ohio entity is solely responsible for due	729
diligence in verifying information submitted by an Ohio entity. An	730
Edison centerThe department is not liable for any action	731
resulting from its provision of such information to investors in	732
accordance with sections 122.15 to 122.154 of the Revised Code.	733

Sec. 122.28.  As used in sections 122.28 and 122.30 to 122.36	734
of the Revised Code:	735

(A) "New technology" means the development through science or	736
research of methods, processes, and procedures, including but not	737
limited to those involving the processing and utilization of coal,	738
for practical application in industrial or agribusiness	739
situations.	740

(B) "Industrial research" means study and investigation in	741
giving new shapes, new qualities or new combinations to matter or	742
material products by the application of labor thereto or the	743
rehabilitation of an existing matter or material product.	744

(C) "Enterprise" means a business with its principal place of	745
business in this state or which proposes to be engaged in this	746
state in research and development or in the provision of products	747
or services involving a significant amount of new technology.	748

(D) "Educational institutions" means nonprofit public and	749
private colleges and universities, incorporated or unincorporated,	750
in the state.	751

(E) "Small business" means an enterprise with less than four	752
hundred employees, including corporations, partnerships,	753
unincorporated entities, proprietorships, and joint enterprises.	754

(F) "Applied research" means the application of basic	755
research for the development of new technology.	756

Sec. 122.30.  The industrial technology and enterprise	757
advisory councilthird frontier commission established in section	758
184.01 of the Revised Code and the director of development are	759
vested with the powers and duties provided in sections 122.28 and	760
122.30 to 122.36 of the Revised Code, to promote the welfare of	761
the people of the state through the interaction of the business	762
and industrial community and educational institutions in the	763
development of new technology and enterprise.	764

(A) It is necessary for the state to establish the industrial	765
technology and enterprise advisory council and the programs	766
created pursuant to sections 122.28 and 122.30 to 122.36 of the	767
Revised Code to accomplish the following purposes which are	768
determined to be essential:	769

(1) Improve the existing industrial and agricultural base of	770
the state;	771

(2) Improve the economy of the state by providing employment,	772
increasing productivity, and slowing the rate of inflation;	773

(3) Develop markets worldwide for the products of the state's	774
natural resources and agricultural and manufacturing industries;	775

(4) Maintain a high standard of living for the people of the	776
state.	777

(B) The industrial technology and enterprise advisory council	778
commission shall do allboth of the following:	779

(1) Make recommendations to the director of development as to	780
applications for assistance pursuant to sections 122.28 and 122.30	781
to 122.36 of the Revised Code. The councilcommission may revise	782
its recommendations to reflect any changes in the proposed	783
assistance made by the director.	784

(2) Advise the director in the administration of sections	785
122.28 and 122.30 to 122.36 of the Revised Code;	786

(3) Adopt bylaws to govern the conduct of the council's	787
business.	788

(C) The director of development shall do all of the	789
following:	790

(1) Receive applications for assistance under sections 122.28	791
and 122.30 to 122.36 of the Revised Code and, after processing,	792
forward them to the councilcommission together with necessary	793
supporting information;	794

(2) Receive the recommendations of the councilcommission and	795
make a final determination whether to approve the application for	796
assistance;	797

(3) Transmit determinations to approve assistance exceeding	798
forty thousand dollars to the controlling board, together with any	799
information the controlling board requires, for the board's review	800
and decision as to whether to approve the assistance;	801

(4) Gather and disseminate information and conduct hearings,	802
conferences, seminars, investigations, and special studies on	803
problems and programs concerning industrial research and new	804
technology and their commercial applications in the state;	805

(5) Establish an annual program to recognize the	806
accomplishments and contributions of individuals and organizations	807
in the development of industrial research and new technology in	808
the state;	809

(6) Stimulate both public and industrial awareness and	810
interest in industrial research and development of new technology	811
primarily in the areas of industrial processes, implementation,	812
energy, agribusiness, medical technology, avionics, and food	813
processing;	814

(7) Develop and implement comprehensive and coordinated	815
policies, programs, and procedures promoting industrial research	816
and new technology;	817

(8) Propose appropriate legislation or executive actions to	818
stimulate the development of industrial research and new	819
technology by enterprises and individuals;	820

(9) Encourage and facilitate contracts between industry,	821
agriculture, educational institutions, federal agencies, and state	822
agencies, with special emphasis on industrial research and new	823
technology by small businesses and agribusiness;	824

(10) Participate with any state agency in developing specific	825
programs and goals to assist in the development of industrial	826
research and new technology and monitor performance;	827

(11) Assist enterprises in obtaining alternative forms of	828
governmental or commercial financing for industrial research and	829
new technology;	830

(12) Assist enterprises or individuals in the implementation	831
of new programs and policies and the expansion of existing	832
programs to provide an atmosphere conducive to increased	833
cooperation among and participation by individuals, enterprises,	834
and educational institutions engaged in industrial research and	835
the development of new technology;	836

(13) Advertise, prepare, print, and distribute books, maps,	837
pamphlets, and other information which in the judgment of the	838
director will further its purposes;	839

(14) Include in the director's annual report to the governor	840
and the general assembly a report on the activities for the	841
preceding calendar year under sections 122.28 and 122.30 to 122.36	842
of the Revised Code;	843

(15) Approve the expenditure of money appropriated by the	844
general assembly for the purpose of sections 122.28 and 122.30 to	845
122.36 of the Revised Code;	846

(16) Identify and implement federal research and development	847
programs which would link Ohio's industrial base, research	848
facilities, and natural resources;	849

(17) Employ and fix the compensation of technical and	850
professional personnel, who shall be in the unclassified civil	851
service, and employ other personnel, who shall be in the	852
classified civil service, as necessary to carry out the provisions	853
of sections 122.28 and 122.30 to 122.36 of the Revised Code.	854

Sec. 122.31.  All expenses and obligations incurred by the	855
director of development and the industrial technology and	856
enterprise advisory councilthird frontier commission in carrying	857
out their powers and in exercising their duties under sections	858
122.28 and 122.30 to 122.36 of the Revised Code, are payable from	859
revenues or other receipts or income from grants, gifts,	860
contributions, compensation, reimbursement, and funds established	861
in accordance with those sections or general revenue funds	862
appropriated by the general assembly for operating expenses of the	863
director or councilcommission.	864

Sec. 122.32.  The director of development, on behalf of the	865
programs authorized pursuant to sections 122.28 and 122.30 to	866
122.36 of the Revised Code, may receive and accept grants, gifts,	867
and contributions of money, property, labor, and other things of	868
value to be held, used, and applied only for the purpose for which	869
the grants, gifts, and contributions are made, from individuals,	870
private and public corporations, from the United States or any	871
agency of the United States, and from any political subdivision of	872
the state. The director may agree to repay any contribution of	873
money or to return any property contributed or its value at times,	874
in amounts, and on terms and conditions excluding the payment of	875
interest as the director determines at the time the contribution	876
is made. The director may evidence the obligation by written	877
contracts, subject to section 122.31 of the Revised Code, provided	878
that the director shall not thereby incur indebtedness of or	879
impose liability upon the state or any political subdivision.	880

Sec. 122.33.  The director of development shall administer	881
the following programs:	882

(A) The industrial technology and enterprise development	883
grant program, to provide capital to acquire, construct, enlarge,	884
improve, or equip and to sell, lease, exchange, and otherwise	885
dispose of property, structures, equipment, and facilities within	886
the state.	887

Such funding may be made to enterprises that propose to	888
develop new products or technologies when the director finds all	889
of the following factors to be present:	890

(1) The undertaking will benefit the people of the state by	891
creating or preserving jobs and employment opportunities or	892
improving the economic welfare of the people of the state, and	893
promoting the development of new technology.	894

(2) There is reasonable assurance that the potential	895
royalties to be derived from the sale of the product or process	896
described in the proposal will be sufficient to repay the funding	897
pursuant to sections 122.28 and 122.30 to 122.36 of the Revised	898
Code and that, in making the agreement, as it relates to patents,	899
copyrights, and other ownership rights, there is reasonable	900
assurance that the resulting new technology will be utilized to	901
the maximum extent possible in facilities located in Ohio.	902

(3) The technology and research to be undertaken will allow	903
enterprises to compete more effectively in the marketplace. Grants	904
of capital may be in such form and conditioned upon such terms as	905
the boarddirector deems appropriate.	906

(B) The industrial technology and enterprise resources	907
program to provide for the collection, dissemination, and exchange	908
of information regarding equipment, facilities, and business	909
planning consultation resources available in business, industry,	910
and educational institutions and to establish methods by which	911
small businesses may use available facilities and resources. The	912
methods may include, but need not be limited to, leases	913
reimbursing the educational institutions for their actual costs	914
incurred in maintaining the facilities and agreements assigning	915
royalties from development of successful products or processes	916
through the use of the facilities and resources. The director	917
shall operate this program in conjunction with the board of	918
regents.	919

(C) The Thomas Alva Edison grant program to provide grants to	920
foster research, development, or technology transfer efforts	921
involving enterprises and educational institutions that will lead	922
to the creation of jobs.	923

(1) Grants may be made to a nonprofit organization or a	924
public or private educational institution, department, college,	925
institute, faculty member, or other administrative subdivision or	926
related entity of an educational institution when the director	927
finds that the undertaking will benefit the people of the state by	928
supporting research in advanced technology areas likely to improve	929
the economic welfare of the people of the state through promoting	930
the development of new commercial technology.	931

(2) Grants may be made in a form and conditioned upon terms	932
as the director considers appropriate.	933

(3) Grants made under this program shall in all instances be	934
in conjunction with a contribution to the project by a cooperating	935
enterprise which maintains or proposes to maintain a relevant	936
research, development, or manufacturing facility in the state, by	937
a nonprofit organization, or by an educational institution or	938
related entity; however, funding provided by an educational	939
institution or related entity shall not be from general revenue	940
funds appropriated by the Ohio general assembly. No grant made	941
under this program shall exceed the contribution made by the	942
cooperating enterprise, nonprofit organization, or educational	943
institution or related entity. The director may consider	944
cooperating contributions in the form of state of the art new	945
equipment or in other forms provided the director determines that	946
the contribution is essential to the successful implementation of	947
the project. The director may adopt rules or guidelines for the	948
valuation of contributions of equipment or other property.	949

(4) The director may determine fields of research from which	950
grant applications will be accepted under this program.	951

Sec. 122.34.  The exercise of the powers granted by sections	952
122.28 and 122.30 to 122.36 of the Revised Code will be in all	953
respects for the benefit of the people of the state, for the	954
improvement of commerce and prosperity, improvement of employment	955
conditions, and will constitute the performance of essential	956
governmental functions.	957

Sec. 122.35.  All moneys received under sections 122.28 and	958
122.30 to 122.36 of the Revised Code are trust funds to be held	959
and applied solely as provided in those sections and section	960
166.03 of the Revised Code. All moneys, except when deposited with	961
the treasurer of the state, shall be kept and secured in	962
depositories as selected by the director of development in the	963
manner provided in sections 135.01 to 135.21 of the Revised Code,	964
insofar as those sections are applicable. All moneys held by the	965
director in trust to carry out the purposes of sections 122.28 and	966
122.30 to 122.36 of the Revised Code shall be used as provided in	967
sections 122.28 and 122.30 to 122.36 of the Revised Code and at no	968
time be part of other public funds.	969

Sec. 122.36.  Any materials or data submitted to, made	970
available to, or received by the director of development, the	971
industrial technology and enterprise advisory councilthird	972
frontier commission, or the controlling board, to the extent that	973
the material or data consist of trade secrets, as defined in	974
section 1333.61 of the Revised Code, or commercial or financial	975
information, regarding projects are not public records for the	976
purposes of section 149.43 of the Revised Code.	977

Sec. 150.03. Within ninety days after April 9, 2003, the	978
authority shall establish, and subsequently may modify as it	979
considers necessary, a written investment policy governing the	980
investment of money from the program fund, which is hereby	981
created. The program fund shall consist of the proceeds of loans	982
acquired by a program administrator. The authority is subject to	983
Chapter 119. of the Revised Code with respect to the establishment	984
or modification of the policy. The policy shall meet all the	985
following requirements:	986

(A) It is consistent with the purpose of the program stated	987
in section 150.01 of the Revised Code.	988

(B) Subject to divisions (C), (D), and (E) of this section,	989
it permits the investment of money from the program fund in	990
private, for-profit venture capital funds, including funds of	991
funds, that invest in enterprises in the seed or early stage of	992
business development or established business enterprises	993
developing new methods or technologies, and that demonstrate	994
potential to generate high levels of successful investment	995
performance.	996

(C) It specifies that a program administrator or fund manager	997
employed by the program administrator shall invest not less than	998
seventy-five per cent of program fund money under its investment	999
authority in Ohio-based venture capital funds.	1000

(D) It specifies both of the following:

1001

(1) That not less than an amount equal to fifty per cent of	1002
program fund money invested in any venture capital fund be	1003
invested by the venture capital fund in Ohio-based business	1004
enterprises;	1005

(2) That, commencing with the first program fund commitment	1006
to each venture capital fund, the aggregate amount funded into	1007
Ohio-based business enterprises by all venture capital funds to	1008
which the program fund has committed be not less than the	1009
aggregate amount of all program fund money funded into those	1010
venture capital funds.	1011

(E) It specifies that a program administrator or fund manager	1012
employed by the program administrator shall not invest money from	1013
the program fund in a venture capital fund to the extent that the	1014
total amount of program fund money invested in the venture capital	1015
fund, when combined with any program fund money invested in a	1016
venture capital fund under the same management as, and formed	1017
within two years before or after the formation of, that venture	1018
capital fund, exceeds the lesser of the following:	1019

(1) Ten million dollars;

1020

(2)(a) In the case of an Ohio-based venture capital fund,	1021
fifty per cent of the total amount of capital committed to the	1022
fund from all sources, after accounting for capital committed from	1023
the program fund;	1024

(b) In the case of any other venture capital fund, twenty per	1025
cent of the total amount of capital committed to the fund from all	1026
sources, after accounting for capital committed from the program	1027
fund.	1028

(F) It specifies that a program administrator or fund manager	1029
employed by the program administrator shall not commit capital	1030
from the program fund to a venture capital fund until the venture	1031
capital fund receives commitment of at least the same amount from	1032
other investors in the fund.	1033

(G) It specifies the general conditions a private, for-profit	1034
investment fund must meet to be selected as a program	1035
administrator under section 150.05 of the Revised Code, including,	1036
as a significant selection standard, direct experience managing	1037
external or nonproprietary capital in private equity fund of funds	1038
formats.	1039

(H) It specifies the criteria the authority must consider	1040
when making a determination under division (B)(1) of section	1041
150.04 of the Revised Code.	1042

(I) It includes investment standards and general limitations	1043
on allowable investments that the authority considers reasonable	1044
and necessary to achieve the purposes of this chapter as stated in	1045
division (B) of section 150.01 of the Revised Code, minimize the	1046
need for the authority to grant tax credits under section 150.07	1047
of the Revised Code, ensure compliance of the program	1048
administrators with all applicable laws of this state and the	1049
United States, and ensure the safety and soundness of investments	1050
of money from the program fund.	1051

(J) It prohibits the investment of money from the program	1052
fund directly in persons other than venture capital funds, except	1053
for temporary investment in investment grade debt securities or	1054
temporary deposit in interest-bearing accounts or funds pending	1055
permanent investment in venture capital funds.	1056

Sec. 150.05.  (A) The authority shall select, as program	1057
administrators, not more than two private, for-profit investment	1058
funds to acquire loans for the program fund and to invest money in	1059
the program fund as prescribed in the investment policy	1060
established or modified by the authority in accordance with	1061
sections 150.03 and 150.04 of the Revised Code. The authority	1062
shall give equal consideration, in selecting these program	1063
administrators, to minority owned and controlled investment funds,	1064
to funds owned and controlled by women, to ventures involving	1065
minority owned and controlled funds, and to ventures involving	1066
funds owned and controlled by women that otherwise meet the	1067
policies and criteria established by the authority. To be eligible	1068
for selection, an investment fund must be incorporated or	1069
organized under Chapter 1701., 1705., 1775., 1776., 1782., or	1070
1783. of the Revised Code, must have an established business	1071
presence in this state, and must be capitalized in accordance with	1072
any state and federal laws applicable to the issuance or sale of	1073
securities.	1074

The authority shall select program administrators only after	1075
soliciting and evaluating requests for proposals as prescribed in	1076
this section. The authority shall publish a notice of a request	1077
for proposals in newspapers of general circulation in this state	1078
once each week for two consecutive weeks before a date specified	1079
by the authority as the date on which it will begin accepting	1080
proposals. The notices shall contain a general description of the	1081
subject of the proposed agreement and the location where the	1082
request for proposals may be obtained. The request for proposals	1083
shall include all the following:	1084

(1) Instructions and information to respondents concerning	1085
the submission of proposals, including the name and address of the	1086
office where proposals are to be submitted;	1087

(2) Instructions regarding the manner in which respondents	1088
may communicate with the authority, including the names, titles,	1089
and telephone numbers of the individuals to whom such	1090
communications shall be directed;	1091

(3) Description of the performance criteria that will be used	1092
to evaluate whether a respondent selected by the authority is	1093
satisfying the authority's investment policy;	1094

(4) Description of the factors and criteria to be considered	1095
in evaluating respondents' proposals, which shall include the past	1096
performance of the respondent in successfully administering	1097
similar programs and achieving positive investment returns, the	1098
relative importance of each factor or criterion, and description	1099
of the authority's evaluation procedure;	1100

(5) Description of any documents that may be incorporated by	1101
reference into the request for proposals, provided that the	1102
request specifies where such documents may be obtained and such	1103
documents are readily available to all interested parties.	1104

After the date specified for receiving proposals, the	1105
authority shall evaluate submitted proposals. The authority may	1106
discuss a respondent's proposal with that respondent to clarify or	1107
revise a proposal or the terms of the agreement.	1108

The authority shall choose for review proposals from at least	1109
three respondents the authority considers qualified to operate the	1110
program in the best interests of the investment policy adopted by	1111
the authority. If three or fewer proposals are submitted, the	1112
authority shall review each proposal. The authority may cancel a	1113
request for proposals at any time before entering into an	1114
agreement with a respondent. The authority shall provide	1115
respondents fair and equal opportunity for such discussions. The	1116
authority may terminate discussions with any respondent upon	1117
written notice to the respondent.	1118

(B) After reviewing the chosen proposals, the authority may	1119
select not more than two such respondents and enter into a written	1120
agreement with each of the selected respondents, provided that at	1121
no time shall there be agreements with more than two persons.	1122

The agreement shall do all of the following:

1123

(1) Specify that borrowing and investing by the program	1124
administrator will be budgeted to guarantee that no tax credits	1125
will be granted during the first four years of the Ohio venture	1126
capital program, and will be structured to ensure that payments of	1127
principal, interest, or interest equivalent due in any fiscal	1128
year, when added to such payments due from any other program	1129
administrator, does not exceed twentytwenty-six million five	1130
hundred thousand dollars;	1131

(2) Require investment by the program administrator or the	1132
fund manager employed by the program administrator to be in	1133
compliance with the investment policy established or modified in	1134
accordance with sections 150.03 and 150.04 of the Revised Code	1135
that is in effect at the time the investment is made, and prohibit	1136
the program administrator or fund manager from engaging in any	1137
investment activities other than activities to carry out that	1138
policy;	1139

(3) Require periodic financial reporting by the program	1140
administrator to the authority, which reporting shall include an	1141
annual audit by an independent auditor and such other financial	1142
reporting as is specified in the agreement or otherwise required	1143
by the authority for the purpose of ensuring that the program	1144
administrator is carrying out the investment policy;	1145

(4) Specify any like standards or general limitations in	1146
addition to or in furtherance of investment standards or	1147
limitations that apply pursuant to division (H) of section 150.03	1148
of the Revised Code;	1149

(5) Require the program administrator to apply program fund	1150
revenue first to the payment of principal borrowed by the program	1151
administrator for investment under the program, then to interest	1152
related to that principal, and then to amounts necessary to cover	1153
the program administrator's pro rata share required under division	1154
(B)(9) of this section; and require the program administrator to	1155
pay the authority not less than ninety per cent of the amount by	1156
which program fund revenue attributable to investments under the	1157
program administrator's investment authority exceeds amounts so	1158
applied;	1159

(6) Specify the procedures by which the program administrator	1160
shall certify immediately to the authority the necessity for the	1161
authority to issue tax credit certificates pursuant to contracts	1162
entered into under section 150.07 of the Revised Code;	1163

(7) Specify any general limitations regarding the employment	1164
of a fund manager by the program administrator, in addition to an	1165
express limitation that the fund manager be a person with	1166
demonstrated, substantial, successful experience in the design and	1167
management of seed and venture capital investment programs and in	1168
capital formation. The fund manager may be, but need not be, an	1169
equity owner or affiliate of the program administrator.	1170

(8) Specify the terms and conditions under which the	1171
authority or the program administrator may terminate the	1172
agreement, including in the circumstance that the program	1173
administrator or fund manager violates the investment policy;	1174

(9) Require the program administrator or fund manager	1175
employed by the program administrator to provide capital in the	1176
form of a loan equal to one per cent of the amount of outstanding	1177
loans by lenders to the program fund. The loan from the program	1178
administrator or fund manager shall be on the same terms and	1179
conditions as loans from other lenders, except that the loan from	1180
the program administrator or fund manager shall not be secured by	1181
the Ohio venture capital fund or tax credits available to other	1182
lenders under division (B) of section 150.04 of the Revised Code.	1183
Such capital shall be placed at the same risk as the proceeds from	1184
such loans. The program administrator shall receive a pro rata	1185
share of the net income, including net loss, from the investment	1186
of money from the program fund, but is not entitled to the	1187
security against losses provided under section 150.04 of the	1188
Revised Code.	1189

(10) Specify that the program administrator and the fund	1190
manager employed by the program administrator must have a	1191
significant presence in this state, and define how a significant	1192
presence in this state shall be determined.	1193

Sec. 150.07.  (A) For the purpose stated in section 150.01 of	1194
the Revised Code, the authority may authorize a lender to claim	1195
one of the refundable tax credits allowed under section 5707.031,	1196
5725.19, 5727.241, 5729.08, 5733.49, or 5747.80 of the Revised	1197
Code. The credits shall be authorized by a written contract with	1198
the lender. The contract shall specify the terms under which the	1199
lender may claim the credit, including the amount of loss, if any,	1200
the lender must incur before the lender may claim the credit;	1201
specify that the credit shall not exceed the amount of the loss;	1202
and specify that the lender may claim the credit only for a loss	1203
certified by a program administrator to the authority under the	1204
procedures prescribed under division (B)(6) of section 150.05 of	1205
the Revised Code. The program administrator shall provide to the	1206
authority an estimate of the amount of tax credits, if any, that	1207
are likely, in the administrator's reasonable judgment, to be	1208
claimed by a lender during the current and next succeeding state	1209
fiscal years. The estimate shall be provided at the same time each	1210
year that the administrator is required to report the annual audit	1211
to the authority under section 150.05 of the Revised Code.	1212

(B) Tax credits may be authorized at any time after the	1213
authority establishes the investment policy under section 150.03	1214
of the Revised Code, but a tax credit so authorized may not be	1215
claimed before July 1, 2007, or after June 30, 2026, except, with	1216
respect to loans made from the proceeds of obligations issued	1217
under section 4582.71 of the Revised Code, a tax credit may not be	1218
claimed before July 1, 2012, or after June 30, 2036.	1219

(C)(1) Upon receiving certification of a lender's loss from a	1220
program administrator pursuant to the procedures in the investment	1221
policy, the authority shall issue a tax credit certificate to the	1222
lender, except as otherwise provided in division (D) of this	1223
section.	1224

(2) If the lender is a pass-through entity, as defined in	1225
section 5733.04 of the Revised Code, then each equity investor in	1226
the lender pass-through entity shall be entitled to claim one of	1227
the tax credits allowed under division (A) of this section for	1228
that equity investor's taxable year in which or with which ends	1229
the taxable year of the lender pass-through entity in an amount	1230
based on the equity investor's distributive or proportionate share	1231
of the credit amount set forth in the certificate issued by the	1232
authority. If all equity investors of the lender pass-through	1233
entity are not eligible to claim a credit against the same tax set	1234
forth in division (A) of this section, then each equity investor	1235
may elect to claim a credit against the tax to which the equity	1236
investor is subject to in an amount based on the equity investor's	1237
distributive or proportionate share of the credit amount set forth	1238
in the certificate issued by the authority.	1239

(3) The certificate shall state the amount of the credit and	1240
the calendar year under section 5707.031, 5725.19, 5727.241, or	1241
5729.08, the tax year under section 5733.49, or the taxable year	1242
under section 5747.80 of the Revised Code for which the credit may	1243
be claimed. The authority, in conjunction with the tax	1244
commissioner, shall develop a system for issuing tax credit	1245
certificates for the purpose of verifying that any credit claimed	1246
is a credit issued under this section and is properly taken in the	1247
year specified in the certificate and in compliance with division	1248
(B) of this section.	1249

(D) The authority shall not, in any fiscal year, issue tax	1250
credit certificates under this section in a total amount exceeding	1251
twentytwenty-six million five hundred thousand dollars. The	1252
authority shall not issue tax credit certificates under this	1253
section in a total amount exceeding three hundred eighty million	1254
dollars.	1255

(E) Notwithstanding any other section of this chapter or any	1256
provision of Chapter 5707., 5725., 5727., 5729., 5733., or 5747.	1257
of the Revised Code, if provided by the terms of an agreement	1258
entered into by the issuer and the authority under division (E) of	1259
section 150.02 of the Revised Code, and subject to the limitations	1260
of divisions (B) and (D) of this section, a trustee shall have the	1261
right, for the benefit of the issuer, to receive and claim the	1262
credits authorized under division (A) of this section solely for	1263
the purpose provided for in section 150.04 of the Revised Code,	1264
and the trustee shall be entitled to file a tax return, an amended	1265
tax return, or an estimated tax return at such times as are	1266
permitted or required under the applicable provisions of Chapter	1267
5707., 5725., 5727., 5729., 5733., or 5747. of the Revised Code	1268
for the purpose of claiming credits issued to the trustee. The	1269
trustee shall receive the proceeds of such a tax credit for the	1270
benefit of the issuer, and shall apply the proceeds solely to	1271
satisfy a loss or restore a reserve as provided in section 150.04	1272
of the Revised Code. Nothing in this section shall require a	1273
trustee to file a tax return under any chapter for any purpose	1274
other than claiming such credits if the trustee is not otherwise	1275
required to make such a filing.	1276

The general assembly may from time to time modify or repeal	1277
any of the taxes against which the credits authorized under	1278
division (A) of this section may be claimed, and may authorize	1279
those credits to be claimed for the purposes provided for in	1280
section 150.04 of the Revised Code with respect to any other tax	1281
imposed by this state; provided, that if any obligations issued	1282
under section 4582.71 of the Revised Code are then outstanding and	1283
such modification or repeal would have the effect of impairing any	1284
covenant made in or pursuant to an agreement under division (E) of	1285
section 150.02 of the Revised Code regarding the maintenance or	1286
restoration of reserves established and maintained with a trustee	1287
consistent with division (B)(2) of section 150.04 of the Revised	1288
Code and such agreement, the state shall provide other security to	1289
the extent necessary to avoid or offset the impairment of such	1290
covenant.	1291

Sec. 184.02.  (A) In addition to the powers and duties under	1292
sections 121.22, 122.15 to 122.154, 122.28, 122.30 to 122.36,	1293
184.10 to 184.20, and 184.37 of the Revised Code, the third	1294
frontier commission may perform any act to ensure the performance	1295
of any function necessary or appropriate to carry out the purposes	1296
of, and exercise the powers granted under, sections 184.01 and	1297
184.02 of the Revised Code. In addition, the commission may do any	1298
of the following:	1299

(1) Adopt, amend, and rescind rules under section 111.15 of	1300
the Revised Code for the administration of any aspect of its	1301
operations;	1302

(2) Adopt bylaws governing its operations, including bylaws	1303
that establish procedures and set policies as may be necessary to	1304
assist with the furtherance of its purposes;	1305

(3) Appoint and set the compensation of employees needed to	1306
carry out its duties;	1307

(4) Contract with, retain the services of, or designate, and	1308
fix the compensation of, such financial consultants, accountants,	1309
other consultants and advisors, and other independent contractors	1310
as may be necessary or desirable to carry out its duties;	1311

(5) Solicit input and comments from the third frontier	1312
advisory board, and specialized industry, professional, and other	1313
relevant interest groups concerning its purposes;	1314

(6) Facilitate alignment of the state's science and	1315
technology programs and activities;	1316

(7) Make grants and loans to individuals, public agencies,	1317
private companies or organizations, or joint ventures for any of	1318
the broad range of activities related to its purposes.	1319

(B) In addition to the powers and duties under sections	1320
184.10 to 184.20 and 184.37 of the Revised Code, the commission	1321
shall do all of the following:	1322

(1) Establish a competitive process for the award of grants	1323
and loans that is designed to fund the most meritorious proposals	1324
and, when appropriate, provide for peer review of proposals;	1325

(2) Within ninety days after the end of each fiscal year,	1326
submit to the governor and the general assembly a report of the	1327
activities of the commission during the preceding fiscal year;	1328

(3) With specific application to the biomedical research and	1329
technology transfer trust fund, periodically make strategic	1330
assessments of the types of state investments in biomedical	1331
research and biotechnology in the state that would likely create	1332
jobs and business opportunities in the state and produce the most	1333
beneficial long-term improvements to the public health of Ohioans,	1334
including, but not limited to, biomedical research and	1335
biotechnology initiatives that address tobacco-related illnesses	1336
as may be outlined in any master agreement. The commission shall	1337
award grants and loans from the fund pursuant to a process	1338
established under division (B)(1) of this section.	1339

Sec. 5725.33.  (A) Except as otherwise provided in this	1340
section, terms used in this section have the same meaning as	1341
section 45D of the Internal Revenue Code, any related proposed,	1342
temporary or final regulations promulgated under the Internal	1343
Revenue Code, any rules or guidance of the internal revenue	1344
service or the United States department of the treasury, and any	1345
related rules or guidance issued by the community development	1346
financial institutions fund of the United States department of the	1347
treasury, as such law, regulations, rules, and guidance exist on	1348
the effective date of the enactmentamendment of this section by	1349
H.....B. 1.... of the 128th129th general assembly.	1350

As used in this section:

1351

(1) "Adjusted purchase price" means the amount paid for	1352
qualified equity investments multiplied by the qualified	1353
low-income community investments made by the issuer in projects	1354
located in this state as a percentage of the total amount of	1355
qualified low-income community investments made by the issuer in	1356
projects located in all states on the credit allowance date during	1357
the applicable tax year, subject to divisions (B)(1) and (2) of	1358
this section.	1359

(2) "Applicable percentage" means zerofive per cent for each	1360
of the first twothree credit allowance dates, seven per cent for	1361
the third credit allowance date, and eightsix per cent for the	1362
four following credit allowance dates.	1363

(3)(2) "Credit allowance date" means the date, on or after	1364
January 1, 2010, a qualified equity investment is made and each of	1365
the six anniversary dates thereafter. For qualified equity	1366
investments made after the effective date of this sectionOctober	1367
16, 2009, but before January 1, 2010, the initial credit allowance	1368
date is January 1, 2010, and each of the six anniversary dates	1369
thereafter is on the first day of January of each year.	1370

(4) "Qualified active low-income community business" excludes	1371
any business that derives or projects to derive fifteen per cent	1372
or more of annual revenue from the rental or sale of real	1373
property, except any business that is a special purpose entity	1374
principally owned by a principal user of that property formed	1375
solely for the purpose of renting, either directly or indirectly,	1376
or selling real property back to such principal user if such	1377
principal user does not derive fifteen per cent or more of its	1378
gross annual revenue from the rental or sale of real property.	1379

(5)(3) "Qualified community development entity" includes only	1380
entities:	1381

(a) That have entered into an allocation agreement with the	1382
community development financial institutions fund of the United	1383
States department of the treasury with respect to credits	1384
authorized by section 45D of the Internal Revenue Code;	1385

(b) Whose service area includes any portion of this state;	1386
and	1387

(c) That will designate an equity investment in such entities	1388
as a qualified equity investment for purposes of both section 45D	1389
of the Internal Revenue Code and this section. The investment may	1390
be committed from any qualified community development entity.	1391

(6)(4) "Qualified equity investment" is limited to an equity	1392
investment in a qualified community development entity that:	1393

(a) Is acquired after the effective date of the enactment of	1394
this sectionOctober 16, 2009, at its original issuance solely in	1395
exchange for cash;	1396

(b) Has at least eighty-five per cent of its cash purchase	1397
price used by the qualified community development entity to make	1398
qualified low-income community investments, provided that in the	1399
seventh year after a qualified equity investment is made, only	1400
seventy-five per cent of such cash purchase price must be used by	1401
the qualified community development entity to make qualified	1402
low-income community investments; and	1403

(c) Is designated by the issuer as a qualified equity	1404
investment.	1405

"Qualified equity investment" includes any equity investment	1406
that would, but for division (A)(6)(4)(a) of this section, be a	1407
qualified equity investment in the hands of the taxpayer if such	1408
investment was a qualified equity investment in the hands of a	1409
prior holder.	1410

(B) There is hereby allowed a nonrefundable credit against	1411
the tax imposed by section 5725.18 of the Revised Code for an	1412
insurance company holding a qualified equity investment on the	1413
credit allowance date occurring in the calendar year for which the	1414
tax is due. The credit shall equal the applicable percentage of	1415
the adjusted purchase price of qualified low-income community	1416
investments, subject to divisions (B)(1) and (2) of this section:	1417

(1) For the purpose of calculating the amount of qualified	1418
low-income community investments held by a qualified community	1419
development entity, an investment shall be considered held by a	1420
qualified community development entity even if the investment has	1421
been sold or repaid, provided that, at any time before the seventh	1422
anniversary of the issuance of the qualified equity investment,	1423
the qualified community development entity reinvests an amount	1424
equal to the capital returned to or received or recovered by the	1425
qualified community development entity from the original	1426
investment, exclusive of any profits realized and costs incurred	1427
in the sale or repayment, in another qualified low-income	1428
community investment within twelve months of the receipt of such	1429
capital. If the qualified low-income community investment is sold	1430
or repaid after the sixth anniversary of the issuance of the	1431
qualified equity investment, the qualified low-income community	1432
investment shall be considered held by the qualfiedqualified	1433
community development entity through the seventh anniversary of	1434
the qualified equity investment's issuance.	1435

(2) The qualified low-income community investment shall be	1436
made in projects located in this state and shall equal the sum of	1437
the qualified low-income community investments in each qualified	1438
active low-income community business in this state, not to exceed	1439
two million five hundred sixty-four thousand one hundred three	1440
dollars, in which the qualified community development entity	1441
invests, including such investments in any such businesses in this	1442
state related to that qualified active low-income community	1443
business through majority ownership or control. The credit for the	1444
sum of such investments shall not exceed one million dollars.	1445

The credit shall be claimed in the order prescribed by	1446
section 5725.98 of the Revised Code. If the amount of the credit	1447
exceeds the amount of tax otherwise due after deducting all other	1448
credits in that order, the excess may be carried forward and	1449
applied to the tax due for not more than four ensuing years.	1450

By claiming a tax credit under this section, an insurance	1451
company waives its rights under section 5725.222 of the Revised	1452
Code with respect to the time limitation for the assessment of	1453
taxes as it relates to credits claimed that later become subject	1454
to recapture under division (E) of this section.	1455

(C) The amount of qualified equity investments on the basis	1456
of which credits may be claimed under this section and sections	1457
5729.16 and 5733.58 of the Revised Code shall not exceed the	1458
amount, estimated by the director of development, that would cause	1459
the total amount of credits allowed each fiscal year to exceed ten	1460
million dollars, computed without regard to the potential for	1461
taxpayers to carry tax credits forward to later years.	1462

(D) If any amount of the federal tax credit allowed for a	1463
qualified equity investment for which a credit was received under	1464
this section is recaptured under section 45D of the Internal	1465
Revenue Code, or if the director of development determines that an	1466
investment for which a tax credit is claimed under this section is	1467
not a qualified equity investment or that the proceeds of an	1468
investment for which a tax credit is claimed under this section	1469
are used to make qualified low-income community investments other	1470
than in a qualified active low-income community business, all or a	1471
portion of the credit received on account of that investment shall	1472
be paid by the insurance company that received the credit to the	1473
superintendent of insurance. The amount to be recovered shall be	1474
determined by the director of development pursuant to rules	1475
adopted under division (E) of this section. The director shall	1476
certify any amount due under this division to the superintendent	1477
of insurance, and the superintendent shall notify the treasurer of	1478
state of the amount due. Upon notification, the treasurer shall	1479
invoice the insurance company for the amount due. The amount due	1480
is payable not later than thirty days after the date the treasurer	1481
invoices the insurance company. The amount due shall be considered	1482
to be tax due under section 5725.18 of the Revised Code, and may	1483
be collected by assessment without regard to the time limitations	1484
imposed under section 5725.222 of the Revised Code for the	1485
assessment of taxes by the superintendent. All amounts collected	1486
under this division shall be credited as revenue from the tax	1487
levied under section 5725.18 of the Revised Code.	1488

(E) The tax credits authorized under this section and	1489
sections 5729.16 and 5733.58 of the Revised Code shall be	1490
administered by the department of development. The director of	1491
development, in consultation with the tax commissioner and the	1492
superintendent of insurance, pursuant to Chapter 119. of the	1493
Revised Code, shall adopt rules for the administration of this	1494
section and sections 5729.16 and 5733.58 of the Revised Code. The	1495
rules shall provide for determining the recovery of credits under	1496
division (D) of this section, division (D) of section 5729.16, and	1497
section 5733.58 of the Revised Code, including prorating the	1498
amount of the credit to be recovered on any reasonable basis, the	1499
manner in which credits may be allocated among claimants, and the	1500
amount of any application or other fees to be charged in	1501
connection with a recovery.	1502

(F) There is hereby created in the state treasury the new	1503
markets tax credit operating fund. The director of development is	1504
authorized to charge reasonable application and other fees in	1505
connection with the administration of tax credits authorized by	1506
this section and sections 5729.16 and 5733.58 of the Revised Code.	1507
Any such fees collected shall be credited to the fund. The	1508
director of development shall use money in the fund to pay	1509
expenses related to the administration of tax credits authorized	1510
under sections 5725.33, 5729.16, and 5733.58 of the Revised Code.	1511

Section 2. That existing sections 121.22, 122.15, 122.151,	1512
122.152, 122.153, 122.154, 122.28, 122.30, 122.31, 122.32, 122.33,	1513
122.34, 122.35, 122.36, 150.03, 150.05, 150.07, 184.02, and	1514
5725.33 and section 122.29 of the Revised Code are hereby	1515
repealed.	1516

Section 3. Section 122.33 of the Revised Code is presented in	1517
this act as a composite of the section as amended by both Am. Sub.	1518
H.B. 117 and Am. Sub. H.B. 356 of the 121st General Assembly. The	1519
General Assembly, applying the principle stated in division (B) of	1520
section 1.52 of the Revised Code that amendments are to be	1521
harmonized if reasonably capable of simultaneous operation, finds	1522
that the composite is the resulting version of the section in	1523
effect prior to the effective date of the section as presented in	1524
this act.	1525

Section 4. The amendment by this act of sections 121.22,	1526
122.15, 122.151, 122.152, 122.153, 122.154, 122.28, 122.30,	1527
122.31, 122.32, 122.33, 122.34, 122.35, 122.36, and 184.02 of the	1528
Revised Code, and the repeal by this act of section 122.29 of the	1529
Revised Code, take effect on October 1, 2012.	1530