An investor will receive a tax credit certificate only after providing the required documentation of investment in an approved company following approval of the investment itself. Please refer to the application as all of the requirements and guidelines are detailed there.
Investors have 120 days from their approval date to make their investment into the approved TITC Company and submit a Tax Credit Certificate Request (TCCR) form. These forms are mailed to each investor with their approval letter and are also available on the TITC website. Similar to the other applications, TCCRs are gathered and reviewed by the TITC Chairman at each monthly meeting. After the meeting they are again reviewed and signed by the Lt. Governor. In order to ensure that your form is processed promptly, include all the required attachments and mail the form to the TITC Staff before the deadline date for a monthly meeting, that way you can insure that the certificate will be signed at the that meeting.
An investor will receive a tax credit of 25% of the investment, or 30% of the investment if investing in an EDGE or Distressed County enterprise. The maximum credit an investor may receive is $62,500, or $90,000 if investing in an EDGE or Distressed County enterprise. The amount of the credit corresponds to the maximum amount of investment possible.
Please view the following map to see the current distressed counties in Ohio. Download: PDF
EDGE is a program that is managed by the Ohio Department of Administrative Services. The criteria and qualifications to become and EDGE certified company include location in a qualified census track or demonstration of a socially and economically disadvantaged business status.
The Ohio entity can receive up to $1.5 million in investments that qualify for tax credits. This amount remains the same for EDGE or Distressed Area enterprises.
The tax credit program will be in effect until the total amount of authorized tax credits, $30,000,000, is exhausted or the program is reauthorized with additional funds. As of January 2005, since its inception in 1996, the program has issued about $31 million in tax credits towards the $45 million limit.
After an investment is made and the appropriate documentation is submitted, the investor will receive a tax credit certificate. To receive a tax credit, the investor submits a Tax Credit Certificate Request form.
A Tax Credit Certificate Request Form must be submitted after the investment as been made and before the 120 day deadline from the date of initial approval.
For person tax returns, the credit is used by filing the form IT-1040 along with Schedule E, Non Refundable Business Credits. The credit should be input on 11 referring to the Technology Investment Credit.
The investor must apply the tax credit for the taxable year in which the certificate is issued. However, if the credit to which a taxpayer is entitled exceeds the tax due that year, the excess will be allowed as a credit in each of the ensuing fifteen taxable years until the credit is completely used.
No, the tax credit is not transferrable. Only the approved investor is eligible to utilize the tax credit against his, her or its state tax liability.
When the change occurs, fill out a requalification application to requalify your entity under the new name or with the new legal status.
Contact Lisa Delp at the Technology Division of the Ohio Development Services Agency. Phone: (614) 466-3887 or Email Us