Ohio Code 333.02 – Agreement with proposed builder for tax revenue sharing
Before June 1, 2015, a board of county commissioners of a county that levies a county sales and use tax may enter into an agreement with any person that proposes to construct an impact facility in the county to provide payments to that person of up to seventy-five per cent of the county sales and use tax collected on each retail sale made by that person at the facility, for a term of up to ten years, or until the person’s qualifying investment in the impact facility has been realized through the payments, whichever occurs first.
Terms Used In Ohio Code 333.02
- County sales and use tax: means the tax levied by a county under division (A) of section 5739. See Ohio Code 333.01
- Impact facility: means a permanent structure, including all interior or exterior square footage used for educational or exhibition activities, that meets all of the following criteria:
(1) It is used for the sale of tangible personal property or services;
(2) At least ten per cent of the facility's total square footage is dedicated to educational or exhibition activities;
(3) At least thirty million dollars is invested in land, buildings, infrastructure, and equipment for the facility at the site of the facility over a period of not more than two years;
(4) An annualized average of at least one hundred fifty new full-time equivalent positions will be created and maintained at the facility;
(5) More than fifty per cent of the visitors to the facility are reasonably anticipated to live at least fifty miles from the facility. See Ohio Code 333.01
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Qualifying investment: means a person's investment in land, buildings, infrastructure, and equipment for creating an impact facility. See Ohio Code 333.01