reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5725 | Financial Institutions; Dealers in Intangibles; Insurance Companies › Section 5725.37 | Tax Credit for Single-Family Housing Development.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Terms used in this section have the same meanings as in section 175.17 of the Revised Code.
(B) There is allowed a nonrefundable tax credit against the tax imposed by section 5725.18 of the Revised Code for a domestic insurance company that is allocated a credit issued by the executive director of the Ohio housing finance agency under section 175.17 of the Revised Code. The credit shall equal the amount allocated to such company for the calendar year and reported by the designated reporter on the form prescribed by division (H) of section 175.17 of the Revised Code.
The credit authorized in this section shall be claimed in the order required under section 5725.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5725.18 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5725.98 of the Revised Code, the excess may be carried forward for not more than five ensuing calendar years. The amount of the excess credit claimed in any such year shall be deducted from the balance carried forward to the next calendar year.
No credit shall be claimed under this section to the extent the credit was claimed under section 5726.60, 5729.20, or 5747.84 of the Revised Code.
Last updated August 31, 2023 at 4:59 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5725 | Financial Institutions; Dealers in Intangibles; Insurance Companies › Section 5725.98 | Order of Claims for Tax Credits and Offsets.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) To provide a uniform procedure for calculating the amount of tax imposed by section 5725.18 of the Revised Code that is due under this chapter, a taxpayer shall claim any credits and offsets against tax liability to which it is entitled in the following order:
The credit for an insurance company or insurance company group under section 5729.031 of the Revised Code;
The credit for eligible employee training costs under section 5725.31 of the Revised Code;
The credit for purchasers of qualified low-income community investments under section 5725.33 of the Revised Code;
The nonrefundable job retention credit under division (B) of section 122.171 of the Revised Code;
The nonrefundable credit for investments in rural business growth funds under section 122.152 of the Revised Code;
The nonrefundable Ohio low-income housing tax credit under section 5725.36 of the Revised Code;
The nonrefundable affordable single-family home credit under section 5725.37 of the Revised Code;
The nonrefundable credit for contributing capital to a transformational mixed use development project under section 5725.35 of the Revised Code;
The offset of assessments by the Ohio life and health insurance guaranty association permitted by section 3956.20 of the Revised Code;
The refundable credit for rehabilitating a historic building under section 5725.34 of the Revised Code;
The refundable credit for Ohio job retention under former division (B)(2) or (3) of section 122.171 of the Revised Code as those divisions existed before September 29, 2015, the effective date of the amendment of this section by H.B. 64 of the 131st general assembly;
The refundable credit for Ohio job creation under section 5725.32 of the Revised Code;
The refundable credit under section 5725.19 of the Revised Code for losses on loans made under the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code.
(B) For any credit except the refundable credits enumerated in this section, the amount of the credit for a taxable year shall not exceed the tax due after allowing for any other credit that precedes it in the order required under this section. Any excess amount of a particular credit may be carried forward if authorized under the section creating that credit. Nothing in this chapter shall be construed to allow a taxpayer to claim, directly or indirectly, a credit more than once for a taxable year.
Last updated August 8, 2023 at 11:14 AM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.02 | Financial Institution Tax; Purpose; Amount.

Effective:
April 12, 2021
Latest Legislation:
House Bill 150 - 133rd General Assembly
(A) For the purpose of funding the needs of this state and its local governments, there is hereby levied a tax on each financial institution for the privilege of doing business in this state. A financial institution is subject to the tax imposed under this chapter for each calendar year that the financial institution conducts business as a financial institution in this state or otherwise has nexus in or with this state under the Constitution of the United States on the first day of January of that calendar year.
(B) The amount of tax a financial institution other than a de novo bank organization is required to pay under this chapter shall equal the greater of the minimum tax required under division (A)(1)(a) of section 5726.04 of the Revised Code or the amount by which the tax calculated under division (A)(1)(b) of that section exceeds any credits allowed against the tax. The amount of tax a de novo bank organization is required to pay under this chapter shall equal the amount by which the tax calculated under division (A)(2) of section 5726.04 of the Revised Code exceeds any credits allowed against the tax.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.07 | Underpayment of Estimated Taxes.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) In the case of an underpayment of estimated taxes required to be paid under section 5726.06 of the Revised Code, interest upon the amount of underpayment, calculated at the rate per annum prescribed by section 5703.47 of the Revised Code for the period of underpayment, shall be added to the tax due for the tax year for which the estimated tax is paid.
(B) The amount of underpayment upon which such interest is computed equals the amount by which division (B)(1) of this section exceeds division (B)(2) of this section.
(1) The amount of the estimated tax payment that would be required to be paid if the total estimated tax due were equal to the amount of tax shown to be due on the annual report filed for the tax year or, if no report was filed, the total amount of tax due for the tax year;
(2) The amount, if any, of the estimated tax that has been paid on or before the last day prescribed for such payment.
(C) The period of underpayment for which such interest is computed shall run from the date the estimated tax payment was required to be made to the date the payment is made.
For purposes of this section, a payment of estimated tax on any payment date shall be considered a payment of any previous underpayment only to the extent that such payment exceeds the amount of payment currently due.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.10 | Enforcement of Chapter.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
The tax commissioner shall enforce and administer this chapter. In addition to any other powers conferred upon the commissioner by law, the commissioner may do any of the following:
(A) Prescribe all forms required to be filed pursuant to this chapter;
(B) Promulgate such rules and regulations as the commissioner finds necessary to carry out this chapter;
(C) Appoint and employ such personnel as are necessary to carry out the duties imposed upon the commissioner by this chapter.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.21 | Penalties.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) In addition to any other penalty imposed by this chapter or Chapter 5703. of the Revised Code, the following penalties shall apply:
(1) If a taxpayer required to file any report under this chapter fails to make and file the report within the time prescribed, a penalty may be imposed not exceeding the greater of fifty dollars per month or fraction of a month, not to exceed five hundred dollars, or five per cent per month or fraction of a month, not to exceed fifty per cent of the tax required to be shown on the report, for each month or fraction of a month elapsing between the due date and the date on which the report is filed.
(2) If a taxpayer fails to pay the amount of tax required to be paid under this chapter, except for estimated tax under section 5726.06 of the Revised Code, by the dates prescribed in this chapter for payment, a penalty may be imposed not exceeding fifteen per cent of the delinquent payment.
(3) If a taxpayer files what purports to be a report required by this chapter that does not contain information upon which the substantial correctness of the report may be judged or contains information that on its face indicates that the report is substantially incorrect, and the filing of the report in that manner is due to a position that is frivolous or a desire that is apparent from the report to delay or impede the administration of the tax levied under this chapter, a penalty of up to five hundred dollars may be imposed.
(4) If a taxpayer makes a fraudulent attempt to evade the reporting or payment of the tax required to be shown on any report required under this chapter, a penalty may be imposed not exceeding the greater of one thousand dollars or one hundred per cent of the tax required to be shown on the report.
(5) If a taxpayer makes a false or fraudulent claim for a refund under this chapter, a penalty may be imposed not exceeding the greater of one thousand dollars or one hundred per cent of the claim.
(B) The tax commissioner may collect any penalty imposed by this section in the same manner as the tax levied under this chapter. Penalties so collected shall be considered as revenue arising from the tax levied under this chapter.
(C) For purposes of this section, the tax required to be shown on the report shall be reduced by the amount of any part of the tax paid on or before the date prescribed for filing the report.
(D) The tax commissioner may abate all or a portion of any penalties imposed under this section and may adopt rules governing such abatements.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.30 | Refunds.

Effective:
April 3, 2023
Latest Legislation:
House Bill 66 - 134th General Assembly
(A) The tax commissioner shall refund amounts imposed under this chapter that a person overpaid, paid illegally or erroneously, or paid on an illegal or erroneous assessment. The person shall file an application for refund with the tax commissioner, on the form prescribed by the commissioner, within four years after the date of the illegal or erroneous payment, or within any additional period allowed under division (B) of section 5726.20 of the Revised Code. The applicant shall provide the amount of the requested refund along with the claimed reasons for, and documentation to support, the issuance of a refund.
For purposes of this division, a payment that an applicant made before the due date for filing the report to which the payment relates shall be deemed to have been made on the due date of the report.
(B) Upon the filing of a refund application, the tax commissioner shall determine the amount of refund to which the applicant is entitled. If the amount is not less than that claimed, the commissioner shall certify the amount to the director of budget and management and treasurer of state for payment from the tax refund fund created under section 5703.052 of the Revised Code. If the amount is less than that claimed, the commissioner shall proceed in accordance with section 5703.70 of the Revised Code.
(C)(1) Except as provided in division (C)(2) of this section, interest on a refund applied for under this section, computed at the rate provided for in section 5703.47 of the Revised Code, shall be allowed from the later of the date the amount was paid or the date the payment was due until the refund is paid.
(2) No interest shall be allowed under this section on an amount refunded to a person to the extent that the refund results from the allowance of a refundable credit against the tax imposed by section 5726.02 of the Revised Code.
Last updated March 9, 2023 at 1:55 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.31 | Application of Refund to Debt to the State.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
As used in this section, "debt to this state" means unpaid taxes due the state, unpaid workers' compensation premiums due under section 4123.35 of the Revised Code, unpaid unemployment compensation contributions due under section 4141.25 of the Revised Code, unpaid unemployment compensation payments in lieu of contributions due under section 4141.241 of the Revised Code, unpaid claims certified under section 131.02 or 131.021 of the Revised Code, unpaid fees payable to the state or to the clerk of courts pursuant to section 4505.06 of the Revised Code or any unpaid charge, penalty, or interest arising from any of the foregoing.
If a person entitled to a refund under section 5726.30 of the Revised Code owes any debt to this state, the amount refundable may be applied in satisfaction of the debt. If the amount refundable is less than the amount of the debt, it may be applied in partial satisfaction of the debt. If the amount refundable is greater than the amount of the debt, the amount remaining after satisfaction of the debt shall be refunded. If the taxpayer has more than one such debt, any debt subject to section 5739.33 or division (G) of section 5747.07 of the Revised Code shall be satisfied first.
Except as provided in section 131.021 of the Revised Code, this section applies only to debts that have become final. For the purposes of this section, a debt becomes final when, under the applicable law, any time provided for petition for reassessment, request for reconsideration, or other appeal of the legality or validity of the amount giving rise to the debt expires without an appeal having been filed in the manner provided by law.
The tax commissioner may charge each respective agency of the state for the commissioner's cost in applying refunds to debts due to the state and may charge the attorney general for the commissioner's cost in applying refunds to certified claims. The commissioner may promulgate rules to implement this section.
The commissioner may, with the consent of the reporting person for a taxpayer, provide for the crediting of the amount of any refund due to the taxpayer under this chapter for a tax year against the tax due for any succeeding tax year.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.32 | Interest on Unpaid Taxes.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
If any tax due under this chapter is not paid on or before the date prescribed for its payment, interest shall be assessed, collected, and paid, in the same manner as the tax, upon such unpaid amount at the rate per annum prescribed by section 5703.47 of the Revised Code from the date prescribed for the payment of the tax until the date the tax is paid or the date an assessment is issued under section 5726.20 of the Revised Code, whichever is earlier. Interest so collected shall be considered as revenue arising from the tax imposed by this chapter.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.33 | Interest or Penalty on Qualifying Refund Overpayment.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) As used in this section, "qualifying refund overpayment" means an amount received by a taxpayer in excess of a refund claimed or a request for payment made by the reporting person for the taxpayer on a return, report, or other document filed with the tax commissioner.
(B) A taxpayer is not liable for any interest or penalty with respect to the repayment of a qualifying refund overpayment if the reporting person for the taxpayer pays the entire amount of the qualifying refund overpayment to the commissioner not later than thirty days after the taxpayer receives an assessment for the amount. If the reporting person does not pay the entire amount of the overpayment to the commissioner within the time prescribed by this section, interest shall accrue on the amount of the deficiency pursuant to section 5726.32 of the Revised Code from the date the commissioner issues the assessment until the date the deficiency is paid.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.36 | Notification of Changes in Ownership or Applicability of Chapter.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) A person shall notify the tax commissioner when the person is no longer subject to the tax imposed by this chapter.
(B) If the ownership structure of a financial institution changes such that a person is no longer includable in the annual report of the financial institution, the reporting person for the financial institution shall notify the commissioner of the change when the reporting person files its next annual report or in writing prior to the due date of that report.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.40 | Cancellation of Authority to to Business in Ohio.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
If a person, wherever organized, doing business in this state or owning or issuing all or part of the entity's capital or property in this state, and required by law to file any report or return or to pay any tax or fee under Title LVII of the Revised Code, fails or neglects to make such report or return or to pay any such tax or fee for ninety days after the time prescribed by law for making such report or return or for paying such tax or fee, the tax commissioner shall certify such fact to the secretary of state. The secretary of state shall thereupon cancel the document of creation authorizing the person to do business in this state. Upon such cancellation, all of the powers, privileges, and franchises conferred upon that person by its document of creation shall cease, subject to section 1701.88 of the Revised Code. The secretary of state shall immediately notify the person of the action taken by the secretary, and shall also forward for filing a certificate of the action so taken to the county recorder of the county in which the principal place of business of the person in this state is located. No fee shall be charged for the filing.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.41 | Penalty for Continuing After Cancellation.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
No person shall exercise, or attempt to exercise, any powers, privileges, or franchises under the person's document of creation after the document is canceled pursuant to section 5726.40 of the Revised Code. A penalty of one hundred dollars shall be imposed for each day a violation of this section occurs, up to a maximum penalty of five thousand dollars.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.42 | Reinstatement.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A)(1) A person whose document of creation has been canceled by the secretary of state pursuant to section 5726.40 the Revised Code shall be reinstated and again entitled to exercise its rights, privileges, and franchises in this state upon compliance with all of the following:
(a) Filing with the secretary of state a certificate from the tax commissioner that the person has complied with all the requirements of law as to tax reports and paid all taxes, fees, or penalties due thereon for every year of delinquency;
(b) Payment to the secretary of state of any additional fees and penalties required to be paid to the secretary of state;
(c) Payment to the secretary of state of an additional fee of ten dollars.
Upon the person's compliance with this division, the secretary of state shall cancel the entry of cancellation filed under section 5726.40 of the Revised Code.
(2) If a reinstatement is not made within one year from the date of cancellation of the document of creation, and if it appears that a document of creation has been issued to a person of the same or similar name as the applicant for reinstatement, the secretary of state shall require, as a condition prerequisite to such reinstatement, that the applicant amend its document of creation by changing the applicant's name.
(B) Any officer, shareholder, creditor, or receiver of a person may at any time take all steps required by this section to effect a reinstatement.
(C) The rights, privileges, and franchises of a person whose document of creation has been reinstated in accordance with this section are subject to section 1701.922 of the Revised Code.
(D) Notwithstanding a violation of section 5726.41 of the Revised Code, upon reinstatement of a person's document of creation in accordance with this section, neither section 5726.40 nor section 5726.41 of the Revised Code shall be applied to invalidate the exercise or attempt to exercise any right, privilege, or franchise on behalf of the person by an officer, agent, or employee of the person after cancellation and prior to the reinstatement of the document of creation, if the conditions set forth in divisions (B)(1)(a) and (b) of section 1701.922 of the Revised Code are met.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.43 | Quo Warranto Action.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
If any financial institution fails to make and file any return or report required under this chapter, or to pay the penalties provided by law for failure to make and file such reports or returns, for a period of ninety days after the time prescribed by law, the attorney general, on the request of the tax commissioner, shall commence an action in quo warranto in the court of appeals of the county in which the reporting person for the financial institution has its principal place of business in this state to forfeit and annul the privileges and franchises of each person included in the annual report of the financial institution. If the court is satisfied that any such financial institution is in default, it shall render judgment ousting each person included in the annual report of the financial institution from the exercise of its privileges and franchises within this state, and shall otherwise proceed as provided in sections 2733.01 to 2733.39 of the Revised Code.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.50 | Tax Credits for Job Creation.

Effective:
March 27, 2020
Latest Legislation:
House Bill 197 - 133rd General Assembly
(A) A taxpayer may claim a refundable tax credit against the tax imposed under this chapter for each person included in the annual report of the taxpayer that is granted a credit by the tax credit authority under section 122.17 or former division (B)(2) or (3) of section 122.171 of the Revised Code as those divisions existed before September 29, 2015. Such a credit shall not be claimed for any tax year following the calendar year in which a relocation of employment positions occurs in violation of an agreement entered into under section 122.17 or 122.171 of the Revised Code. For the purpose of making tax payments under this chapter, taxes equal to the amount of the refundable credit shall be considered to be paid on the first day of the tax year.
(B) A taxpayer may claim a nonrefundable tax credit against the tax imposed under this chapter for each person included in the annual report of the taxpayer that is granted a nonrefundable credit by the tax credit authority under division (B) of section 122.171 of the Revised Code. A taxpayer may claim against the tax imposed by this chapter any unused portion of the credits authorized under division (B) of section 5733.0610 of the Revised Code.
(C) The credits authorized in divisions (A) and (B) of this section shall be claimed in the order required under section 5726.98 of the Revised Code. If the amount of a credit authorized in division (A) of this section exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess shall be refunded to the taxpayer.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.52 | Tax Credit for Historic Building Rehabilitation.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) As used in this section, "certificate owner" has the same meaning as in section 149.311 of the Revised Code.
(B) A taxpayer may claim a refundable credit against the tax imposed by this chapter for each person included in the annual report of a taxpayer that is a certificate owner of a rehabilitation tax credit certificate issued under section 149.311 of the Revised Code. The credit shall equal twenty-five per cent of the dollar amount indicated on each certificate, but shall not exceed five million dollars for each certificate.
The credit shall be claimed for the calendar year specified in the certificate and in the order required under section 5726.98 of the Revised Code. If the credit exceeds the amount of tax otherwise due in that year, the excess shall be refunded to the taxpayer, provided that, if any amount of the credit is refunded, the sum of the amount refunded and the amount applied to reduce the tax otherwise due in that year shall not exceed three million dollars. The taxpayer may carry forward any balance of the credit in excess of the amount claimed in that year for not more than five ensuing years, and shall deduct any amount claimed in any such year from the amount claimed in an ensuing year. A taxpayer may claim against the tax imposed by this chapter any unused portion of the credit authorized under section 5725.151 of the Revised Code, but only to the extent of the five-year carry forward period authorized by that section.
(C) A taxpayer claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the year to which the credit was applied, and shall make the certificate available for inspection by the tax commissioner upon the request of the commissioner during that period.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.53 | Tax Credit for Venture Capital Loan Loss.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
A taxpayer may claim a refundable credit against the tax imposed by this chapter for each person included in the annual report of the taxpayer that was issued a tax credit certificate by the Ohio venture capital authority under section 150.07 of the Revised Code. The amount of the credit shall equal the amount specified in the tax credit certificate. The credit shall be claimed for the tax year specified in the tax credit certificate. The taxpayer shall claim the credit in the order required under section 5726.98 of the Revised Code. If the credit amount exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess shall be refunded to the taxpayer.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.55 | Motion Picture Production Tax Credit.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) Any term used in this section has the same meaning as in section 122.85 of the Revised Code.
(B) A taxpayer may claim a refundable credit against the tax imposed under this chapter for each person included in the annual report of the taxpayer that is a certificate owner of a tax credit certificate issued under section 122.85 of the Revised Code. The credit shall be claimed for the taxable year in which the certificate is issued by the director of development services. The credit amount equals the amount stated in the certificate. The credit shall be claimed in the order required under section 5726.98 of the Revised Code. If the credit amount exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess shall be refunded to the taxpayer.
(C) Nothing in this section shall allow a taxpayer to claim more than one credit per tax credit-eligible production.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.57 | Nonrefundable Credit for Qualifying Dealers in Intangibles.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
(A) As used in this section, "qualifying dealer in intangibles" means a dealer in intangibles that is a member of a qualifying controlled group of which a financial institution is also a member on the first day of the financial institution's tax year.
(B) For tax year 2014 there is hereby allowed to each financial institution a nonrefundable credit against the tax imposed by section 5726.02 of the Revised Code. The amount of the credit shall be computed in accordance with division (C) of this section. The credit shall be claimed in the order prescribed by section 5726.98 of the Revised Code. The credit shall not exceed the amount of tax otherwise due under section 5726.02 of the Revised Code after deducting any other credits that precede the credit claimed under this section in that order.
(C) Subject to division (D) of this section, the amount of the credit equals the lesser of the amount described in division (C)(1) of this section or in division (C)(2) of this section.
(1) The amount of tax that a qualifying dealer in intangibles paid under Chapter 5707. of the Revised Code during the calendar year immediately preceding the financial institution's tax year. Such amount shall be reduced, but not below zero, by any refunds of such tax received by the qualifying dealer in intangibles under Chapter 5703. of the Revised Code during that calendar year.
(2) The product of the amounts described in divisions (C)(2)(a) to (c) of this section.
(a) The cost of the financial institution's direct investment in the capital stock of the qualifying dealer in intangibles calculated on the last day of the financial institution's taxable year immediately preceding the tax year;
(b) The ratio described in section 5725.15 of the Revised Code for the calendar year immediately preceding the financial institution's tax year;
(c) The tax rate imposed under division (D) of section 5707.03 of the Revised Code for the calendar year immediately preceding the financial institution's tax year.
(D)(1) The principles and concepts described in section 5733.057 of the Revised Code shall apply in determining whether a dealer in intangibles is a member of a qualifying controlled group of which the financial institution also is a member and to ascertain the cost of the financial institution's direct investment in the capital stock of the qualifying dealer in intangibles.
(2) Notwithstanding section 5703.56 of the Revised Code to the contrary, a financial institution claiming the credit provided by this section has the burden to establish by a preponderance of the evidence that the doctrines enumerated in that section would not apply to deny to the financial institution all or a part of the credit otherwise provided by this section.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.58 | State Low-Income Housing Tax Credit.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Terms used in this section have the same meanings as in section 175.16 of the Revised Code.
(B) A taxpayer may claim a nonrefundable tax credit against the tax imposed under section 5726.02 of the Revised Code for each person included in the annual report of the taxpayer that is allocated a credit issued by the director of the governor's office of housing transformation under section 175.16 of the Revised Code. The credit equals the amount allocated to such person for the taxable year and reported by the designated reporter on the form prescribed by division (I) of section 175.16 of the Revised Code.
The credit authorized in this section shall be claimed in the order required under section 5726.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess may be carried forward for not more than five ensuing tax years. The amount of the excess credit claimed in any such year shall be deducted from the balance carried forward to the next tax year.
No credit shall be claimed under this section to the extent the credit was claimed under section 5725.36, 5729.19, or 5747.83 of the Revised Code.
Last updated August 31, 2023 at 5:00 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.59 | Film and Theater Capital Improvement Tax Credit.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Any term used in this section has the same meaning as in section 122.852 of the Revised Code.
(B) A taxpayer may claim a refundable credit against the tax imposed under this chapter for each person included in the annual report of the taxpayer that is a certificate owner of a tax credit certificate issued under section 122.852 of the Revised Code. The credit shall be claimed for the taxable year in which the certificate is issued by the director of development. The credit amount equals the amount stated on the certificate or the portion of that amount owned by the certificate owner. The credit shall be claimed in the order required under section 5726.98 of the Revised Code. If the credit amount exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess shall be refunded to the taxpayer.
Last updated August 31, 2023 at 5:01 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.60 | Tax Credit for Single-Family Housing Development.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) Terms used in this section have the same meanings as in section 175.17 of the Revised Code.
(B) A taxpayer may claim a nonrefundable tax credit against the tax imposed under this chapter for each person included in the annual report of the taxpayer that is allocated a credit issued by the executive director of the Ohio housing finance agency under section 175.17 of the Revised Code. The credit equals the amount allocated to such person for the taxable year as provided by the designated reporter on the form prescribed by division (H) of section 175.17 of the Revised Code.
The credit authorized in this section shall be claimed in the order required under section 5726.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess may be carried forward for not more than five ensuing tax years. The amount of the excess credit claimed in any such year shall be deducted from the balance carried forward to the next tax year.
No credit shall be claimed under this section to the extent the credit was claimed under section 5725.37, 5729.20, or 5747.84 of the Revised Code.
Last updated August 31, 2023 at 5:01 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.98 | Calculating Tax Due.

Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
(A) To provide a uniform procedure for calculating the amount of tax due under section 5726.02 of the Revised Code, a taxpayer shall claim any credits to which the taxpayer is entitled under this chapter in the following order:
The nonrefundable job retention credit under division (B) of section 5726.50 of the Revised Code;
The nonrefundable credit for purchases of qualified low-income community investments under section 5726.54 of the Revised Code;
The nonrefundable credit for qualified research expenses under section 5726.56 of the Revised Code;
The nonrefundable credit for qualifying dealer in intangibles taxes under section 5726.57 of the Revised Code;
The nonrefundable Ohio low-income housing tax credit under section 5726.58 of the Revised Code;
The nonrefundable affordable single-family home credit under section 5726.60 of the Revised Code;
The nonrefundable welcome home Ohio (WHO) program credit under section 122.633 of the Revised Code;
The refundable credit for rehabilitating an historic building under section 5726.52 of the Revised Code;
The refundable job retention or job creation credit under division (A) of section 5726.50 of the Revised Code;
The refundable credit under section 5726.53 of the Revised Code for losses on loans made under the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code;
The refundable motion picture and broadway theatrical production credit under section 5726.55 of the Revised Code;
The refundable credit for film and theater capital improvement projects under section 5726.59 of the Revised Code.
(B) For any credit except the refundable credits enumerated in this section, the amount of the credit for a taxable year shall not exceed the tax due after allowing for any other credit that precedes it in the order required under this section. Any excess amount of a particular credit may be carried forward if authorized under the section creating that credit. Nothing in this chapter shall be construed to allow a taxpayer to claim, directly or indirectly, a credit more than once for a taxable year.
Last updated August 8, 2023 at 11:49 AM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5726 | Financial Institutions Tax › Section 5726.99 | Minimum and Maximum Fines.

Effective:
March 27, 2013
Latest Legislation:
House Bill 510 - 129th General Assembly
Whoever violates section 5726.41 of the Revised Code shall be fined not less than one hundred dollars or more than one thousand dollars.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5727 | Public Utilities › Section 5727.02 | Persons Excepted.

Effective:
March 27, 2020
Latest Legislation:
House Bill 197 - 133rd General Assembly
As used in this chapter, "public utility," "electric company," "natural gas company," "pipe-line company," "water-works company," "water transportation company," or "heating company" does not include any of the following:
(A)(1) Except as provided in division (A)(2) of this section, any person that is engaged in some other primary business to which the supplying of electricity, heat, natural gas, water, water transportation, steam, or air to others is incidental.
(2) For tax year 2009 and each tax year thereafter, a person that is engaged in some other primary business to which the supplying of electricity to others is incidental shall be treated as an "electric company" and a "public utility" for purposes of this chapter solely to the extent required by section 5727.031 of the Revised Code.
(3) For purposes of division (A) of this section and section 5727.031 of the Revised Code:
(a) "Supplying of electricity" means generating, transmitting, or distributing electricity.
(b) A person that leases to others energy facilities with an aggregate nameplate capacity in this state of two hundred fifty kilowatts or less per lease is not supplying electricity to others.
(c) A person that owns, or leases from another person, energy facilities with an aggregate nameplate capacity in this state of two hundred fifty kilowatts or less is not supplying electricity to others, regardless of whether the owner or lessee engages in net metering as defined in section 4928.01 of the Revised Code.
(d) A political subdivision of this state that owns an energy facility is not supplying electricity to others regardless of the nameplate capacity of the facility if the primary purpose of the facility is to supply electricity for the political subdivision's own use. As used in this division, "political subdivision" means a county, township, municipal corporation, or any other body corporate and politic that is responsible for government activities in a geographic area smaller than that of the state.
(B) Any person that supplies electricity, natural gas, water, water transportation, steam, or air to its tenants, whether for a separate charge or otherwise;
(C) Any person whose primary business in this state consists of producing, refining, or marketing petroleum or its products.
(D) Any person whose primary business in this state consists of producing or gathering natural gas rather than supplying or distributing natural gas to consumers.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5727 | Public Utilities › Section 5727.031 | Report by Entity Incidentally Supplying Electricity.

Effective:
September 29, 2015
Latest Legislation:
House Bill 64 - 131st General Assembly
(A) A person that is engaged in some other primary business to which the supplying of electricity to others is incidental shall file a report under section 5727.08 of the Revised Code as an electric company but shall only report therein as taxable property the amounts required in divisions (B) and (C) of this section. All time limits and other procedural requirements of this chapter for the reporting and assessment of property of electric companies apply to persons required to file a report under this section. For the purposes of this section, "the supplying of electricity to others" shall not include donating all of the electricity a person generates to a political subdivision of the state.
(B) A person subject to this section shall report the true value of the boilers, machinery, equipment, and any personal property used to supply electricity to others, which shall be the sum of the following:
(1) The true value of the property that is production equipment as it would be determined for an electric company under section 5727.11 of the Revised Code multiplied by the per cent of the electricity generated in the preceding calendar year that was not used by the person who generated it; plus
(2) The true value of the property that is not production equipment as it would be determined for an electric company under section 5727.11 of the Revised Code multiplied by the per cent of the electricity generated in the preceding calendar year that was not used by the person who generated it.
(C) The property reported under division (B) of this section shall be listed and assessed at an amount equal to the sum of the products determined under divisions (C)(1) and (2) of this section.
(1) Multiply the portion of the true value determined under division (B)(1) of this section by the assessment rate in section 5727.111 of the Revised Code that is applicable to the production equipment of an electric company;
(2) Multiply the portion of the true value determined under division (B)(2) of this section by the assessment rate in section 5727.111 of the Revised Code that is applicable to the property of an electric company that is not production equipment.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5727 | Public Utilities › Section 5727.04 | Public Utility or Interexchange Telecommunications Company Not Exempt.

Effective:
December 31, 1989
Latest Legislation:
Senate Bill 156 - 118th General Assembly
The provisions of this chapter do not exempt any public utility or interexchange telecommunications company from the assessment and taxation of its property in the manner provided by law.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5727 | Public Utilities › Section 5727.05 | Exemption of Nonprofit and Municipal Corporations.

Effective:
October 5, 1999
Latest Legislation:
Senate Bill 3 - 123rd General Assembly
Sections 5727.01 to 5727.61 of the Revised Code do not apply to either of the following:
(A) Nonprofit corporations as defined in division (C) of section 1702.01 of the Revised Code that are engaged exclusively in the treatment, distribution, and sale of water to consumers;
(B) Municipal corporations within this state.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5727 | Public Utilities › Section 5727.08 | Annual Report.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
On or before the first day of March, annually, each public utility and interexchange telecommunications company, and, for tax years 2009 and thereafter, each public utility property lessor, shall file a report with the tax commissioner, on a form prescribed by the tax commissioner. The report shall include such information as the tax commissioner requires to enable the tax commissioner to make any assessment or apportionment required under this chapter.
The report shall be signed by either the owner of the public utility, interexchange telecommunications company, or public utility property lessor or the president, secretary, treasurer, or another duly authorized person.
If such a public utility, interexchange telecommunications company, or lessor fails to file the report on or before the first day of March, or the date it is due under an extension allowed pursuant to section 5727.48 of the Revised Code, or fails to accurately report all taxable property, the tax commissioner may impose a penalty of up to fifty per cent of the taxable value of the property that was not timely or accurately reported. However, if such a public utility, company, or lessor files, within sixty days after the first day of March or the extended due date, the report or an amended report and discloses all items of taxable property that are required by this chapter to be reported, the penalty shall not be more than five per cent of the taxable value that was not timely or accurately reported. The penalty shall be added to and considered a part of the total taxable value of the property that was not timely or accurately reported, and may be abated in whole or in part by the tax commissioner pursuant to a petition for reassessment filed under section 5727.47 of the Revised Code.