Each taxpayer must submit a complete annual progress report to the Authority no later than March 1 of each year during the term of any tax credit agreement. The annual program report follows a standard developed by the Authority. Information requested in the annual progress report includes the number of full-time equivalent employees for the project; total payroll for the project; income tax revenue for the project; baseline income tax revenue for the project; excess income tax revenue for the project; amount of relocated payroll for the project during the tax year; and other information Development deems appropriate. Failure by taxpayers to submit complete and/or timely annual progress reports for the by March 1st of the year the report is due shall be assessed a $500 late fee for each ensuing calendar month and may be subject to a reduction in tax credit percentage and/or term pursuant to ORC § 122.17(E). Upon verification of information submitted in the annual progress report, a tax credit certificate is issued to the taxpayer.