Ohio TMUD Tax Credit: Compliance Requirements

Submit required reports identified in the program guidelines to the Ohio Department of Development. Failure to submit any identified report may result in rescission of tax credit certification by the Authority.

Deadline: As specified in grant agreement and guidelines

Source: FY25 Program Guidelines; OAC 122:29-1-07

If tax credit is sold or transferred to another person, submit a transfer form to the Ohio Department of Development identifying the transferee, transfer date, and credit amount transferred.

Deadline: Form must be submitted at time of credit transfer or sale

Source: FY24 Program Guidelines; ORC 122.09

Track and document all project expenditures and verify that costs comply with tax credit eligible expenditure requirements. Only costs paid or incurred after final application submission qualify, except for architecture and engineering fees incurred before submission.

Deadline: Costs must be incurred after final application submission date

Source: ORC 122.09(A); FY25 Program Guidelines Section 3

Begin construction within twelve months from project certification date. Failure to begin construction within this deadline results in automatic rescission of tax credit certification.

Deadline: Construction must commence within 12 months of certification date

Source: ORC 122.09; FY25 Program Guidelines

Ensure that eligible expenditures are limited to development costs specific to the certified project only, excluding expenditures for other phases of multi-phased development or pre-application costs (except A&E).

Deadline: Cost eligibility determined from application submission forward

Source: ORC 122.09(A); FY25 Program Guidelines Section 3

Project must not be amended in any material way once the Authority determines it is reasonably certain of the required increase in tax collections. Material amendments require Authority approval.

Deadline: No material amendments permitted after tax collections determination

Source: FY23/FY24 Program Guidelines

Calculate and document the increase in tax collections using an input/output economic impact model acceptable to the Authority. This determination must be made within one year after project completion.

Deadline: Determination must be completed within one year of project completion

Source: FY24/FY25 Program Guidelines; ORC 122.09(D)

Ensure that only financing sources committed at the time of application are used to pay for Tax Credit Eligible Expenditures. Financing sources cannot be used for ineligible expenditures.

Deadline: Financing restrictions apply from application date through project completion

Source: FY25 Program Guidelines Section 3; ORC 122.09

Maintain records documenting project expenditures, project completion, and cost verification. Make records available for review and inspection by the Ohio Department of Development upon request.

Deadline: Records must be maintained and available for inspection at all times post-award

Source: FY24 Program Guidelines; ORC 122.09(D)

Allow the Director of the Ohio Department of Development to conduct site visits to inspect and evaluate project progress at any time prior to issuance of tax credit certificate.

Deadline: Site visits may occur with 3 business days notice

Source: FY24 Program Guidelines