Ohio Admin. Code 122:24-1-08 - Small business enterprise
(A) In order for a business entity to qualify
as a small business enterprise either its assets cannot exceed fifty million
dollars or its annual sales cannot exceed ten million dollars. These
calculations are to be made at the time of each qualifying investment and are
to be calculated based upon generally accepted accounting principles.
(B) In order for a business entity to qualify
as a small business enterprise, it must
the business is to meet division (A)(1)(c) of section
122.86 of the Revised Code
employ at least fifty full-time equivalent employees
in Ohio for whom it is required to withhold Ohio income taxes from their wages
or more than one-half of the business entity's total number of full-time
equivalent employees employed in the United States are employed in Ohio and are
subject to the withholding requirement. The determination of whether this
employment test has been met is made on
as
of the date of each qualifying investment.
(C) A small business enterprise is
required to annually update its
registration information for the investOhio program, described in rule
122:24-1-03 of the
Administrative Code, with the director. This report shall
is to be in a
format established by the director and shall
is to provide
the director with information necessary for the director to make a
determination as to the entity's status as a small business enterprise as well
as whether the entity is complying with requirements associated with its
expenditure of the qualifying investments.
Notes
Promulgated Under: 119.03
Statutory Authority: 122.86
Rule Amplifies: 122.86
Prior Effective Dates: 11/08/2011 (Emer.), 03/29/2012, 12/27/2018
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