| Sec. 150.07. (A) For the purpose stated in section 150.01 of | 7 |
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the Revised Code, the authority may authorize a lender to claim | 8 |
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one of the refundable tax credits allowed under section 5707.031, | 9 |
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5725.19, 5727.241, 5729.08, 5733.49, or 5747.80 of the Revised | 10 |
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Code. The credits shall be authorized by a written contract with | 11 |
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the lender. The contract shall specify the terms under which the | 12 |
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lender may claim the credit, including the amount of loss, if any, | 13 |
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the lender must incur before the lender may claim the credit; | 14 |
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specify that the credit shall not exceed the amount of the loss; | 15 |
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and specify that the lender may claim the credit only for a loss | 16 |
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certified by a program administrator to the authority under the | 17 |
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procedures prescribed under division (B)(6) of section 150.05 of | 18 |
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the Revised Code. The program administrator shall provide to the | 19 |
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authority an estimate of the amount of tax credits, if any, that | 20 |
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are likely, in the administrator's reasonable judgment, to be | 21 |
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claimed by a lender during the current and next succeeding state | 22 |
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fiscal years. The estimate shall be provided at the same time each | 23 |
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year that the administrator is required to report the annual audit | 24 |
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to the authority under section 150.05 of the Revised Code. | 25 |
| (B) Tax credits may be authorized at any time after the | 26 |
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authority establishes the investment policy under section 150.03 | 27 |
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of the Revised Code, but a tax credit so authorized may not be | 28 |
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claimed before July 1, 2007, or after June 30, 2026, except, with | 29 |
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respect to loans made from the proceeds of obligations issued | 30 |
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under section 4582.71 of the Revised Code, a tax credit may not be | 31 |
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claimed before July 1, 2012, or after June 30, 2036. | 32 |
| (2) If the lender is a pass-through entity, as defined in | 38 |
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section 5733.04 of the Revised Code, then each equity investor in | 39 |
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the lender pass-through entity shall be entitled to claim one of | 40 |
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the tax credits allowed under division (A) of this section for | 41 |
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that equity investor's taxable year in which or with which ends | 42 |
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the taxable year of the lender pass-through entity in an amount | 43 |
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based on the equity investor's distributive or proportionate share | 44 |
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of the credit amount set forth in the certificate issued by the | 45 |
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authority. If all equity investors of the lender pass-through | 46 |
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entity are not eligible to claim a credit against the same tax set | 47 |
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forth in division (A) of this section, then each equity investor | 48 |
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may elect to claim a credit against the tax to which the equity | 49 |
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investor is subject to in an amount based on the equity investor's | 50 |
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distributive or proportionate share of the credit amount set forth | 51 |
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in the certificate issued by the authority. | 52 |
| (3) The certificate shall state the amount of the credit and | 53 |
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the calendar year under section 5707.031, 5725.19, 5727.241, or | 54 |
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5729.08, the tax year under section 5733.49, or the taxable year | 55 |
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under
section 5747.80 of the Revised Code for which the credit may | 56 |
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be claimed. The authority, in conjunction with the tax | 57 |
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commissioner, shall develop a system for issuing tax credit | 58 |
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certificates for the purpose of verifying that any credit claimed
| 59 |
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is a credit issued under this section and is properly taken in the | 60 |
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year specified in the certificate and in compliance with division | 61 |
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(B) of this section. | 62 |
| (E) Notwithstanding any other section of this chapter or any | 69 |
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provision of Chapter 5707., 5725., 5727., 5729., 5733., or 5747. | 70 |
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of the Revised Code, if provided by the terms of an agreement | 71 |
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entered into by the issuer and the authority under division (E) of | 72 |
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section 150.02 of the Revised Code, and subject to the limitations | 73 |
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of divisions (B) and (D) of this section, a trustee shall have the | 74 |
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right, for the benefit of the issuer, to receive and claim the | 75 |
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credits authorized under division (A) of this section solely for | 76 |
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the purpose provided for in section 150.04 of the Revised Code, | 77 |
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and the trustee shall be entitled to file a tax return, an amended | 78 |
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tax return, or an estimated tax return at such times as are | 79 |
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permitted or required under the applicable provisions of Chapter | 80 |
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5707., 5725., 5727., 5729., 5733., or 5747. of the Revised Code | 81 |
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for the purpose of claiming credits issued to the trustee. The | 82 |
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trustee shall receive the proceeds of such a tax credit for the | 83 |
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benefit of the issuer, and shall apply the proceeds solely to | 84 |
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satisfy a loss or restore a reserve as provided in section 150.04 | 85 |
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of the Revised Code. Nothing in this section shall require a | 86 |
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trustee to file a tax return under any chapter for any purpose | 87 |
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other than claiming such credits if the trustee is not otherwise | 88 |
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required to make such a filing. | 89 |
| The general assembly may from time to time modify or repeal | 90 |
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any of the taxes against which the credits authorized under | 91 |
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division (A) of this section may be claimed, and may authorize | 92 |
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those credits to be claimed for the purposes provided for in | 93 |
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section 150.04 of the Revised Code with respect to any other tax | 94 |
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imposed by this state; provided, that if any obligations issued | 95 |
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under section 4582.71 of the Revised Code are then outstanding and | 96 |
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such modification or repeal would have the effect of impairing any | 97 |
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covenant made in or pursuant to an agreement under division (E) of | 98 |
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section 150.02 of the Revised Code regarding the maintenance or | 99 |
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restoration of reserves established and maintained with a trustee | 100 |
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consistent with division (B)(2) of section 150.04 of the Revised | 101 |
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Code and such agreement, the state shall provide other security to | 102 |
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the extent necessary to avoid or offset the impairment of such | 103 |
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covenant. | 104 |
