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Am. H. B. No. 348 As Passed by the HouseAs Passed by the House
128th General Assembly | Regular Session | 2009-2010 |
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Representatives Goyal, Williams, S.
Cosponsors:
Representatives Amstutz, Celeste, Harris, Letson, Garland, Chandler, Szollosi, Schneider, Phillips, Lundy, Williams, B., Murray, Burke, Sayre, Domenick, Moran, Yates, Slesnick, Yuko, Zehringer, Winburn, Stewart, Newcomb, Driehaus, DeGeeter, Heard, Pryor, Grossman, Hottinger, Snitchler, Adams, R., Bacon, Baker, Balderson, Beck, Belcher, Blair, Bolon, Book, Boose, Boyd, Brown, Carney, Combs, Daniels, DeBose, Derickson, Dodd, Dyer, Evans, Fende, Foley, Gardner, Garrison, Gerberry, Goodwin, Hackett, Hall, Harwood, Hite, Koziura, Lehner, Luckie, Mallory, Martin, McClain, McGregor, Oelslager, Patten, Pillich, Ruhl, Sears, Stautberg, Stebelton, Sykes, Weddington
A BILL
To amend section 150.07 of the Revised Code to
increase the annual and aggregate limit on the
amount of tax credits the Ohio Venture Capital
Authority may authorize.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 150.07 of the Revised Code be amended
to read as follows:
Sec. 150.07. (A) For the purpose stated in section 150.01 of
the Revised Code, the authority may authorize a lender to claim
one of the refundable tax credits allowed under section 5707.031,
5725.19, 5727.241, 5729.08, 5733.49, or 5747.80 of the Revised
Code. The credits shall be authorized by a written contract with
the lender. The contract shall specify the terms under which the
lender may claim the credit, including the amount of loss, if any,
the lender must incur before the lender may claim the credit;
specify that the credit shall not exceed the amount of the loss;
and specify that the lender may claim the credit only for a loss
certified by a program administrator to the authority under the
procedures prescribed under division (B)(6) of section 150.05 of
the Revised Code. The program administrator shall provide to the
authority an estimate of the amount of tax credits, if any, that
are likely, in the administrator's reasonable judgment, to be
claimed by a lender during the current and next succeeding state
fiscal years. The estimate shall be provided at the same time each
year that the administrator is required to report the annual audit
to the authority under section 150.05 of the Revised Code.
(B) Tax credits may be authorized at any time after the
authority establishes the investment policy under section 150.03
of the Revised Code, but a tax credit so authorized may not be
claimed before July 1, 2007, or after June 30, 2026, except, with
respect to loans made from the proceeds of obligations issued
under section 4582.71 of the Revised Code, a tax credit may not be
claimed before July 1, 2012, or after June 30, 2036.
(C)(1) Upon receiving certification of a lender's loss from a
program administrator pursuant to the procedures in the investment
policy, the authority shall issue a tax credit certificate to the
lender, except as otherwise provided in division (D) of this
section.
(2) If the lender is a pass-through entity, as defined in
section 5733.04 of the Revised Code, then each equity investor in
the lender pass-through entity shall be entitled to claim one of
the tax credits allowed under division (A) of this section for
that equity investor's taxable year in which or with which ends
the taxable year of the lender pass-through entity in an amount
based on the equity investor's distributive or proportionate share
of the credit amount set forth in the certificate issued by the
authority. If all equity investors of the lender pass-through
entity are not eligible to claim a credit against the same tax set
forth in division (A) of this section, then each equity investor
may elect to claim a credit against the tax to which the equity
investor is subject to in an amount based on the equity investor's
distributive or proportionate share of the credit amount set forth
in the certificate issued by the authority.
(3) The certificate shall state the amount of the credit and
the calendar year under section 5707.031, 5725.19, 5727.241, or
5729.08, the tax year under section 5733.49, or the taxable year
under
section 5747.80 of the Revised Code for which the credit may
be claimed. The authority, in conjunction with the tax
commissioner, shall develop a system for issuing tax credit
certificates for the purpose of verifying that any credit claimed
is a credit issued under this section and is properly taken in the
year specified in the certificate and in compliance with division
(B) of this section.
(D) The authority shall not, in any fiscal year, issue tax
credit certificates under this section in a total amount exceeding
twenty twenty-six million
five hundred thousand dollars. The
authority shall not issue tax credit certificates under this
section in a total amount exceeding three hundred eighty five
hundred fifty million dollars.
(E) Notwithstanding any other section of this chapter or any
provision of Chapter 5707., 5725., 5727., 5729., 5733., or 5747.
of the Revised Code, if provided by the terms of an agreement
entered into by the issuer and the authority under division (E) of
section 150.02 of the Revised Code, and subject to the limitations
of divisions (B) and (D) of this section, a trustee shall have the
right, for the benefit of the issuer, to receive and claim the
credits authorized under division (A) of this section solely for
the purpose provided for in section 150.04 of the Revised Code,
and the trustee shall be entitled to file a tax return, an amended
tax return, or an estimated tax return at such times as are
permitted or required under the applicable provisions of Chapter
5707., 5725., 5727., 5729., 5733., or 5747. of the Revised Code
for the purpose of claiming credits issued to the trustee. The
trustee shall receive the proceeds of such a tax credit for the
benefit of the issuer, and shall apply the proceeds solely to
satisfy a loss or restore a reserve as provided in section 150.04
of the Revised Code. Nothing in this section shall require a
trustee to file a tax return under any chapter for any purpose
other than claiming such credits if the trustee is not otherwise
required to make such a filing.
The general assembly may from time to time modify or repeal
any of the taxes against which the credits authorized under
division (A) of this section may be claimed, and may authorize
those credits to be claimed for the purposes provided for in
section 150.04 of the Revised Code with respect to any other tax
imposed by this state; provided, that if any obligations issued
under section 4582.71 of the Revised Code are then outstanding and
such modification or repeal would have the effect of impairing any
covenant made in or pursuant to an agreement under division (E) of
section 150.02 of the Revised Code regarding the maintenance or
restoration of reserves established and maintained with a trustee
consistent with division (B)(2) of section 150.04 of the Revised
Code and such agreement, the state shall provide other security to
the extent necessary to avoid or offset the impairment of such
covenant.
Section 2. That existing section 150.07 of the Revised Code
is hereby repealed.
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