CPA & Business Advisory Blog

InvestOhio Update – Cash Investment Substantiation Required

Posted on Thursday, April 26th, 2012 by

Starting the week of April 9th, the State of Ohio began sending emails to all InvestOhio applicants that had applied for the InvestOhio credit with an investment date that had passed. The email was to inform applicants that the substantiation procedures were available to substantiate any cash investments that had occurred to date. Applicants were informed to logon to his/her respective Ohio Business Gateway (OBG) account and complete the substantiation process.  Below we have included the instructions to help you complete this process.

Step-by-Step Instructions:

Step 1 – Log on to Investor's (not Enterprise's) OBG account

Step 2 – Select the investment application for which you desire to provide substantiation

Step 3 – Complete the "Evidence of Investment Money" by selecting one of the following as supporting documentation for the cash investment

  • Accounting Records
  • Affidavit
  • Banking Records
  • Canceled Check Other Financial Instrument
  • Wire Transfer Authorization

Step 4 – Complete the "Evidence of Equity Interest Received" by selecting one of the following as supporting documentation for the equity interest received:

  • Accounting Records
  • Corporate Minutes
  • Member Certifications
  • Other Ownership Documents
  • Partnership of Operating Agreement
  • Stock Certificates

Step 5 – If the investor is a pass-through entity, the investment certificates will be issued to the Individual owners of the pass-through entity, not the pass-through entity itself, therefore, Individual owner information must be supplied

Step 6 - Once the above information has been completed for Steps 3-5, you will have the opportunity to review the data entered.  If the information is satisfactory, select "Accept Data"

Step 7 – Once the data has been accepted, you will be returned to the home page.  On the home page you will see "Transactions Ready for Checkout," click "Checkout" to submit all transactions that are ready to be checked out.

Step 8 - Final Confirmation of Transactions, check the box to confirm transactions and select "Confirm"

Have any questions about substantiating your InvestOhio cash investment? Post a comment below or contact our Tax Planning & Preparation at 440-449-6800.

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