reglab/statecodes huggingface dataset:
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.14 | Right to Deny Admission to Companies Which Violate Laws.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
When a foreign insurance company applies to the superintendent of insurance for admission to do business in this state, it shall not be admitted until it has paid all taxes and penalties assessed against it for the violation of the laws relating to insurance. If such foreign company has been reported to the superintendent as having violated any of the laws of this state relating to insurance, he shall make an examination of the books and records of the company seeking admission, and before granting a license to do business in this state, he shall require it to pay to the treasurer of state a penalty equal to twenty per cent of all premiums written in this state for the six years next preceding the date of request for admission, and upon which such taxes have not already been paid.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.15 | Expenses of Inspection to Be Paid by Company.

Effective:
October 1, 1953
Latest Legislation:
House Bill 1 - 100th General Assembly
The superintendent of insurance shall receive his necessary expenses as compensation for services rendered under sections 5729.01 to 5729.15, inclusive, of the Revised Code. Such sum shall be charged against the companies examined by him, and be collected by suit in any court of competent jurisdiction.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.17 | Tax Credit for Insurer That Owns a Rehabilitation Tax Credit Certificate.

Effective:
September 29, 2011
Latest Legislation:
House Bill 153 - 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) There is allowed a credit against the tax imposed by section 5729.03 of the Revised Code for an insurance company subject to that tax 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 the certificate, but the amount of the credit allowed for any company for any year shall not exceed five million dollars. The credit shall be claimed in the calendar year specified in the certificate and in the order required under section 5729.98 of the Revised Code. If the credit exceeds the amount of tax otherwise due in that year, the excess shall be refunded to the company but, 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 company 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.
(C) An insurance company claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the year in which the credit was claimed, and shall make the certificate available for inspection by the tax commissioner upon the request of the tax commissioner during that period.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.18 | Transformational Mixed Use Development Tax Credit.

Effective:
March 31, 2021
Latest Legislation:
Senate Bill 39 - 133rd General Assembly
There is allowed a credit against the tax imposed by section 5729.03 of the Revised Code for an insurance company subject to that tax that holds the rights to a tax credit certificate issued under section 122.09 of the Revised Code. The credit shall equal the dollar amount indicated on the certificate. The credit shall be claimed in the calendar year specified in the certificate and in the order required under section 5729.98 of the Revised Code. If the credit exceeds the amount of tax otherwise due in that year, the company may carry forward the excess for not more than five ensuing years, but the amount of the excess credit claimed against the tax for any year shall be deducted from the balance carried forward to the next year.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.19 | 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) There is allowed a nonrefundable tax credit against the tax imposed by section 5729.03 or 5729.06 of the Revised Code for a foreign insurance company that is allocated a credit issued by the executive director of the Ohio housing finance agency under section 175.16 of the Revised Code. The credit equals the amount allocated to such company for the calendar 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 5729.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5729.03 or 5729.06 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 5725.36, 5726.58, or 5747.83 of the Revised Code.
A foreign insurance company shall not be required to pay any additional tax levied under section 5729.06 of the Revised Code as a result of claiming the tax credit authorized by this section.
Last updated August 31, 2023 at 5:03 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.20 | 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 5729.03 or 5729.06 of the Revised Code for a foreign insurance company that is allocated a credit issued by the executice director of the Ohio housing finance agency under section 175.17 of the Revised Code. The credit equals 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 5729.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5729.03 or 5729.06 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 5725.37, 5726.60, or 5747.84 of the Revised Code.
A foreign insurance company shall not be required to pay any additional tax levied under section 5729.06 of the Revised Code as a result of claiming the tax credit authorized under this section.
Last updated August 31, 2023 at 5:04 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5729 | Foreign Insurance Companies › Section 5729.98 | 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 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 5729.07 of the Revised Code;
The credit for purchases of qualified low-income community investments under section 5729.16 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 5729.19 of the Revised Code;
The nonrefundable affordable single-family home credit under section 5729.20 of the Revised Code;
The nonrefundable credit for contributing capital to a transformational mixed use development project under section 5729.18 of the Revised Code;
The offset of assessments by the Ohio life and health insurance guaranty association against tax liability permitted by section 3956.20 of the Revised Code;
The refundable credit for rehabilitating a historic building under section 5729.17 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 5729.032 of the Revised Code;
The refundable credit under section 5729.08 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 2, 2023 at 10:45 AM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.02 | Rate of Tax - Credit.

Effective:
September 29, 2011
Latest Legislation:
House Bill 153 - 129th General Assembly
(A) A tax is hereby levied on the transfer of the taxable estate, determined as provided in section 5731.14 of the Revised Code, of every person dying on or after July 1, 1968, and before January 1, 2013, who at the time of death was a resident of this state, as follows:
If the taxable estate is:
The tax shall be:
Not over $40,000
2% of the taxable estate
Over $40,000 but not over $100,000
$800 plus 3% of the excess over $40,000
Over $100,000 but not over $200,000
$2,600 plus 4% of the excess over $100,000
Over $200,000 but not over $300,000
$6,600 plus 5% of the excess over $200,000
Over $300,000 but not over $500,000
$11,600 plus 6% of the excess over $300,000
Over $500,000
$23,600 plus 7% of the excess over $500,000.
(B) A credit shall be allowed against the tax imposed by division (A) of this section equal to the lesser of five hundred dollars or the amount of the tax for persons dying on or after July 1, 1968, but before January 1, 2001; the lesser of six thousand six hundred dollars or the amount of the tax for persons dying on or after January 1, 2001, but before January 1, 2002; or the lesser of thirteen thousand nine hundred dollars or the amount of the tax for persons dying on or after January 1, 2002.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.03 | Value of Gross Estate.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
The value of the gross estate shall include the value of all property, to the extent of the interest therein of the decedent on the date of the decedent's death.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.04 | Value of Gross Estate Includes Interest of Surviving Spouse.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
The value of the gross estate shall include the value of all property, to the extent of any interest therein of the surviving spouse, existing on the date of the decedent's death as dower or curtesy or by virtue of a statute creating an estate in lieu of dower or curtesy.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.05 | Value of Gross Estate Includes Transfers in Contemplation of Death.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
(A) Except as provided in divisions (B) and (C) of this section, the value of the gross estate shall include the value of all property, to the extent of any interest in property, of which the decedent has at any time made a transfer, by trust or otherwise, in contemplation of death.
(B) Any transfer, except as provided in division (C) of this section, by trust or otherwise, made within a period of three years ending with the date of the decedent's death shall be deemed to have been made in contemplation of death, unless the contrary is shown. No transfer made before that three-year period shall be treated as having been made in contemplation of death.
(C) This section does not apply to any of the following:
(1) A bona fide sale for an adequate and full consideration in money or money's worth;
(2) A transfer of property that would not be included in the decedent's gross estate if retained by the decedent until death;
(3) The first ten thousand dollars of the transfers that were made by the decedent to each transferee, other than the spouse of the decedent, in each calendar year, but only to the extent that those transfers qualify as present interests under section 2503(b) and (c) of the Internal Revenue Code. The exclusion provided by division (C)(3) of this section does not apply to any portion of a transfer that is treated as being made by the spouse of the decedent under section 2513 of the Internal Revenue Code.
(4) A transfer of property made to the spouse of the transferor, except as provided in section 5731.131 of the Revised Code;
(5) Federal or state gift taxes paid with respect to any includible transfer.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.06 | Value of Gross Estate Includes Transfers With Retention of Life Estate or Power of Appointment.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
The value of the gross estate shall include the value of all property, to the extent of any interest therein of which the decedent has at any time made a transfer, except in the case of a bona fide sale for an adequate and full consideration in money or money's worth, by trust or otherwise, under which he has retained for his life or for any period not ascertainable without reference to his death or for any period which does not in fact end before his death the possession or enjoyment of, or the right to the income from, the property, or the right, either alone or in conjunction with any person, to designate the persons who shall possess or enjoy the property or the income therefrom.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.07 | Value of Gross Estate Includes Transfers Conditioned on Survivorship or Reversionary Interest.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
(A) The value of the gross estate shall include the value of all property, to the extent of any interest therein of which the decedent has at any time made a transfer, except in the case of a bona fide sale for an adequate and full consideration in money or money's worth, by trust or otherwise, if both of the following conditions exist:
(1) Possession or enjoyment of the property can, through ownership of such interest, be obtained only by surviving the decedent; and
(2) The decedent has retained a reversionary interest by the express terms of the instrument of transfer and the value of such reversionary interest immediately before the death of the decedent exceeds five per cent of the value of such property.
(B) "Reversionary interest" includes a possibility that property transferred by the decedent may return to him or to his estate or become subject to a power of disposition by him and its value shall be determined immediately before the death of the decedent by the usual methods of valuation, including the use of tables of mortality and actuarial principles, under rules and regulations prescribed by the tax commissioner.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.08 | Value of Gross Estate Includes Transfers Subject to Power to Alter, Amend, Revoke, or Terminate.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
The value of the gross estate shall include the value of all property, to the extent of any interest therein of which the decedent has made a transfer except in the case of a bona fide sale for an adequate and full consideration in money or money's worth, by trust or otherwise, where the enjoyment thereof was subject on the date of the decedent's death to any change through the exercise of a power, in whatever capacity exercisable, by the decedent alone or by the decedent in conjunction with any other person to alter, amend, revoke or terminate.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.09 | Value of Gross Estate Includes Annuity.

Effective:
November 2, 1999
Latest Legislation:
House Bill 222 - 123rd General Assembly
(A) Except as provided in division (B) of this section, the value of the gross estate includes the value of an annuity or other payment receivable by a beneficiary by reason of surviving the decedent under any form of contract or agreement under which an annuity or similar payment was payable to the decedent, or the decedent possessed the right to receive such annuity or payment, either alone or in conjunction with another, for the decedent's life or for any period not ascertainable without reference to the decedent's death, or for any period which does not in fact end before the decedent's death.
However, the value of the gross estate includes only such part of the value of the annuity or other payment receivable under the contract or agreement as is proportionate to that part of the purchase price of the contract or agreement contributed by the decedent. The value of the gross estate does not include the part of the value of the annuity or other payment as is proportionate to the part of the purchase price of the contract or agreement contributed by the employer or former employer of the decedent, whether to an employee's trust or fund forming part of a pension, annuity, retirement, bonus, or profit-sharing plan or otherwise, if the contributions were made by reason of the decedent's employment.
(B) The value of the gross estate does not include the value of a pension or annuity accruing to any person under federal employment, including service in the armed forces, or the value of an annuity or other payment from the Ohio police and fire pension fund created by section 742.02 of the Revised Code, the Ohio public safety officers death benefit fund created by section 742.62 of the Revised Code, the state highway patrol retirement system created by section 5505.02 of the Revised Code, the public employees retirement system created by section 145.03 of the Revised Code, the state teachers retirement system created by section 3307.03 of the Revised Code, and the school employees retirement system created by section 3309.03 of the Revised Code.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.10 | Value of Gross Estate Includes Joint and Survivorship Property.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
(A) The value of the gross estate shall include the value of all property, to the extent of the interest therein held by the decedent and any person jointly, so that upon the death of one of them, the survivor has or the survivors have a right to the immediate ownership or possession or enjoyment of the whole property, except such part thereof as may be shown to have originally belonged to such other person or persons and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money or money's worth.
(B) When the person holding property jointly are a husband and wife, the amount includible in the gross estate shall be one-half the value of said property. When the property has been acquired by gift, bequest, devise, or inheritance by the decedent and any other person or persons as joint owners and their interests are not otherwise specified or fixed by law, the amount includible in the gross estate shall be the value of a fractional part of said property determined by dividing the value of the property by the number of joint owners.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.11 | Value of Gross Estate Includes Interests Subject to General Power of Appointment.

Effective:
April 1, 1972
Latest Legislation:
Senate Bill 398 - 109th General Assembly
(A) The value of the gross estate shall include the value of all property, to the extent of any interest with respect to which the decedent has on the date of the decedent's death a general power of appointment, or with respect to which the decedent has at any time exercised or released such a power of appointment by a disposition which is of such nature that if it were a transfer of property owned by the decedent, such property would be includible in the decedent's gross estate under sections 5731.05 to 5731.08, inclusive, of the Revised Code. A disclaimer or renunciation of such power of appointment shall not be deemed an exercise or a release of such power.
(B) For purposes of this section, "general power of appointment" means a power which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate.
(C) For the purposes of this section, if a general power of appointment created on or before October 21, 1942, has been partially or completely released so that it is no longer a general power of appointment, any such release of such power is neither the release nor the exercise of a general power of appointment if such release occurred before November 1, 1951, or the donee of such power was under a legal disability to release such power on October 21, 1942, and such release occurred not later than six months after the termination of such legal disability.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.12 | Value of Gross Estate Includes Insurance Payable to Estate.

Effective:
July 24, 1986
Latest Legislation:
House Bill 139 - 116th General Assembly
The value of the gross estate shall include the value of all property to the extent of the amount receivable by the decedent's estate as insurance under policies on the life of the decedent. The value of the gross estate shall not include any amount receivable as insurance under policies on the life of the decedent by beneficiaries other than the decedent's estate, whether paid directly to those beneficiaries, to a testamentary, inter vivos, or employee benefit trust for their benefit, or to a guardian or custodian for the benefit of an incompetent or minor.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.13 | Value of Gross Estate Includes Transfers for Less Than Adequate Consideration.

Effective:
July 1, 1968
Latest Legislation:
Senate Bill 326 - 107th General Assembly
(A) If any one of the transfers, trusts, interests, rights, or powers enumerated and described in sections 5731.05 to 5731.08, inclusive, and 5731.11 of the Revised Code, is made, created, exercised or relinquished for a consideration in money or money's worth, but is not a bona fide sale for an adequate and full consideration in money or money's worth, there shall be included in the gross estate only the excess of the fair market value of the property at the time of death otherwise to be included on account of such transaction, over the value of the consideration received therefor by the decedent.
(B) For purposes of Chapter 5731. of the Revised Code, a relinquishment or promised relinquishment of dower or curtesy, or of a statutory estate created in lieu of dower or curtesy, or of other marital rights in the decedent's property or estate, shall not be considered to any extent a consideration "in money or money's worth."
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.131 | Value of Gross Estate Includes Income Interest for Life Where Marital Deduction Allowable.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
The value of the gross estate shall include the value of any property in which the decedent had an income interest for life as follows:
(A) If a marital deduction was allowed with respect to the transfer of such property to the decedent under section 2523(f) of the Internal Revenue Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse;
(B) If the decedent's predeceasing spouse was not a resident of this state at the time of death and if a marital deduction was allowed with respect to the transfer of such property to the decedent under section 2056(b)(7) of the Internal Revenue Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse;
(C) If the decedent's predeceasing spouse died prior to July 1, 1993, and if a marital deduction was allowed with respect to the transfer of such property to the decedent under division (A)(1) of section 5731.15 of the Revised Code as it existed prior to July 1, 1993, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse;
(D) If a qualified terminable interest property deduction was allowed with respect to the transfer of such property to the decedent under division (B) of section 5731.15 of the Revised Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.14 | Determining Taxable Estate.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
For purposes of the tax levied by section 5731.02 of the Revised Code, the value of the taxable estate shall be determined by deducting from the value of the gross estate deductions provided for in sections 5731.15 to 5731.17 of the Revised Code.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.16 | Deductions - Funeral and Administration Expenses, and Debts.

Effective:
May 31, 1990
Latest Legislation:
House Bill 346 - 115th General Assembly
(A) For purposes of the tax levied by section 5731.02 of the Revised Code, the value of the taxable estate shall be determined by deducting from the value of the gross estate amounts for the following:
(1) Funeral expenses;
(2) Administration expenses, excluding the value of any money or property set off and allowed under section 2106.13 of the Revised Code, to the extent that such expenses have been or will be actually paid;
(3) Claims against the estate that are outstanding and unpaid as of the date of decedent's death;
(4) Unpaid mortgages on, or any indebtedness in respect of, property if the value of the decedent's interest in the property, undiminished by the mortgage or indebtedness, is included in the value of the gross estate, as are allowable by the laws of this state.
(B) There shall be deducted in determining the taxable estate amounts representing expenses incurred in administering property not subject to claims which is included in the gross estate, to the same extent such amounts would be allowable as a deduction under division (A) of this section if such property were subject to claims and such amounts are paid before the expiration of the period of limitations provided for in section 5731.38 of the Revised Code.
(C) The deduction allowed by this section in the case of claims against the estate, unpaid mortgages, or any indebtedness, when founded on a promise or agreement, is limited to the extent that they were contracted bona fide and for an adequate and full consideration in money or money's worth, except that in any case in which any such claim is founded on a promise or agreement of the decedent to make a contribution or gift to or for the use of any donee described in section 5731.17 of the Revised Code for the purposes specified in that section, the deduction is not so limited, but is limited to the extent that it would be allowable as a deduction under section 5731.17 of the Revised Code if the promise or agreement constituted a bequest.
(D) Any income taxes on income received after the death of the decedent, or property taxes not accrued before his death , or any estate, succession, legacy, or inheritance taxes, shall not be deductible under this section.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.161 | Deductions - Estate of Transferee Spouse.

Effective:
March 28, 1985
Latest Legislation:
House Bill 70 - 115th General Assembly
(A) As used in this section:
(1) "General power of appointment" has the same meaning as in division (B) of section 5731.11 of the Revised Code.
(2) "Property" means any beneficial interest in property, whether in trust or otherwise, other than a life estate, an estate for a term of years, an annuity, or other similar interest. "Property" includes property passing as a result of the exercise or failure to exercise a power of appointment and also includes a general power of appointment.
(3) "Spousal exemption" means the exemption that was allowed to a transferor spouse's estate and that was equal to the value of any interest in property included in the value of the transferor's gross estate and transferred to or for the benefit of, and vested in, the transferee spouse, but not to exceed either sixty thousand dollars or thirty thousand dollars, whichever amount was applicable.
(4) "Transferee spouse" means the spouse who died on or after July 1, 1983, but prior to July 1, 1986, and within three years of the transferor spouse's death.
(5) "Transferor spouse" means the spouse who died prior to July 1, 1983, and within three years of the transferee spouse's death.
(B) For purposes of the tax levied by section 5731.02 of the Revised Code, the value of the taxable estate of the transferee spouse shall be determined by deducting from the value of the gross estate the value, as specified in this division, of property that was transferred to the transferee spouse by the transferor spouse and that, because of the transfer, was taxed in the estate of the transferor spouse under this chapter. The value of the property for purposes of the deduction shall be the net value of the property actually transferred, as determined and taxed in the estate of the transferor spouse, reduced by the amount of the spousal exemption with respect to the transferee spouse that was allowed in the estate of the transferor spouse, but, in any event, the value of the property for purposes of the deduction shall not exceed the greater of the following:
(1) Five hundred thousand dollars;
(2) One-half of the difference between the value of the gross estate of the transferor spouse and the deductions allowed in the estate of the transferor spouse under section 5731.16 of the Revised Code.
The deduction otherwise allowable under this section shall be reduced by the amount of the marital deduction allowed in the estate of the transferee spouse under section 5731.15 of the Revised Code.
In determining the value of the property, the value of any remainder interest, power of appointment, or similar interest shall not be reduced by the value of any intervening interest that is not considered as property for purposes of this section.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.18 | Additional Estate Tax Transfer of Estate.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
(A) In addition to the tax levied by section 5731.02 of the Revised Code, a tax is hereby levied upon the transfer of the estate of every person dying on or after July 1, 1968, who, at the time of death was a resident of this state, in an amount equal to the maximum credit allowable by subtitle B, Chapter 11 of the Internal Revenue Code, for any taxes paid to any state.
(B) The tax levied on any estate under this section shall be credited with the amount of the tax levied under section 5731.02 of the Revised Code and with the amount of any estate, inheritance, legacy, or succession taxes actually paid to any state or territory of the United States or to the District of Columbia on any property included in the decedent's gross estate for federal estate tax purposes.
(C) The additional tax levied under this section shall be administered, collected, and paid as provided in section 5731.24 of the Revised Code.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.181 | Additional Tax on Generation-Skipping Transfer.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
(A) For purposes of this section, "generation-skipping transfer," "taxable distribution," and "taxable termination" have the same meaning as in Chapter 13 of subtitle B of the Internal Revenue Code.
(B) A tax is hereby levied upon every generation-skipping transfer of property having a situs in this state, that occurs at the same time as, and as a result of, the death of an individual, in an amount equal to the credit allowed by Chapter 13 of subtitle B of the Internal Revenue Code, for any taxes paid to any state in respect of any property included in the generation-skipping transfer.
For purposes of this division, "property having a situs in this state" includes all the following:
(1) Real property situated in this state;
(2) Tangible personal property having an actual situs in this state;
(3) Intangible personal property employed in carrying on a business in this state;
(4) Intangible personal property owned by a trust, the trustee of which resides in or has its principal place of business in this state, or, if there is more than one trustee of the trust, the principal place of administration of which is in this state.
(C) The return with respect to the generation-skipping tax levied by division (B) of this section shall be filed in the form that the tax commissioner shall prescribe, on or before the day prescribed by law, including extensions, for filing the generation-skipping transfer tax return under Chapter 13 of subtitle B of the Internal Revenue Code, for the same generation-skipping transfer. The return shall be filed by the distributee in the case of a taxable distribution and by the trustee in the case of a taxable termination.
(D) The generation-skipping tax levied by division (B) of this section shall be paid, without notice or demand by the tax commissioner, with the return, and shall be charged, collected, and administered in the same manner as estate taxes levied by this chapter. This chapter is generally applicable to, except to the extent it is inconsistent with the nature of, the generation-skipping tax.
(E) If another state levies a generation-skipping tax on a transfer described in division (B) of this section, the tax commissioner may enter into a compromise of the generation-skipping tax levied by division (B) of this section in the manner provided in section 5731.35 of the Revised Code, except that no approval of any probate court is required. If such a compromise agreement is made, no interest and penalties shall accrue for the period prior to the execution of the agreement and for sixty days after its execution.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.19 | Estate Tax on Nonresidents.

Effective:
September 29, 2011
Latest Legislation:
House Bill 153 - 129th General Assembly
(A) A tax is hereby levied upon the transfer of so much of the taxable estate of every person dying on or after July 1, 1968, and before January 1, 2013, who, at the time of death, was not a resident of this state, as consists of real property situated in this state, tangible personal property having an actual situs in this state, and intangible personal property employed in carrying on a business within this state unless exempted from tax under the provisions of section 5731.34 of the Revised Code.
(B) The amount of the tax on such real and tangible personal property shall be determined as follows:
(1) Determine the amount of tax which would be payable under Chapter 5731. of the Revised Code if the decedent had died a resident of this state with all the decedent's property situated or located within this state;
(2) Multiply the tax so determined by a fraction, the denominator of which shall be the value of the gross estate wherever situated and the numerator of which shall be the said gross estate value of the real property situated and the tangible personal property having an actual situs in this state and intangible personal property employed in carrying on a business within this state and not exempted from tax under section 5731.34 of the Revised Code. The product shall be the amount of tax payable to this state.
(C) In addition to the tax levied by division (A) of this section, an additional tax is hereby levied on such real and tangible personal property determined as follows:
(1) Determine the amount of tax which would be payable under division (A) of section 5731.18 of the Revised Code, if the decedent had died a resident of this state with all the decedent's property situated or located within this state;
(2) Multiply the tax so determined by a fraction, the denominator of which shall be the value of the gross estate wherever situated and the numerator of which shall be the said gross estate value of the real property situated and the tangible property having an actual situs in this state and intangible personal property employed in carrying on a business within this state and not exempted from tax under section 5731.34 of the Revised Code. The product so derived shall be credited with the amount of the tax determined under division (B) of this section.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.22 | Failing to File Timely Return or Underpayment Due to Fraud.

Effective:
July 1, 1983
Latest Legislation:
House Bill 291 - 115th General Assembly
If the executor, administrator, or other person required to file a return fails to file the return required by this chapter on the date prescribed therefor, determined with regard to any extension of time for filing, unless it is shown that such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount of tax as finally determined a penalty determined by the tax commissioner, in the amount of five per cent of the amount of that tax if the failure is not for more than one month, or, if the failure is for more than one month, in the amount of five per cent of the amount of that tax plus an additional five per cent for each additional month or fraction of a month during which the failure continues, not exceeding twenty-five per cent in the aggregate. If, due to fraud, there is a failure to file the return or an underpayment of tax due under this chapter, there shall be added to the amount of tax as finally determined a penalty determined by the tax commissioner, in an amount not to exceed ten thousand dollars. The penalties imposed by this section shall be collected at the same time and in the same manner as the tax itself.
The penalties shall be charged against the executor, administrator, or other person having custody or control of any property the transfer of which is subject to estate tax, and such executor, administrator, or other person is personally liable for the penalties. Such penalties shall be divided in the same manner prescribed for the division of the tax in sections 5731.50 and 5731.51 of the Revised Code.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.23 | Tax Due and Payable 9 Months After Date of Death - Interest.

Effective:
June 30, 2005
Latest Legislation:
House Bill 66 - 126th General Assembly
Subject to division (A) of section 5731.25 of the Revised Code or any other statute extending the time for payment of an estate tax, the tax levied by section 5731.02 and division (A) of section 5731.19 of the Revised Code shall, without notice or demand by the tax commissioner, be due and payable by the person liable for it, at the expiration of nine months from the date of the decedent's death, to the treasurer of the county. If any amount of tax levied by section 5731.02 or division (A) of section 5731.19 of the Revised Code is not paid on or before nine months from the date of the decedent's death, interest on such amount shall be paid for the period from such date to the date paid, computed at the federal short-term rate determined by the tax commissioner under section 5703.47 of the Revised Code. Interest at the same rate shall be paid on any amount of tax determined to be due by way of deficiency from nine months from the date of the decedent's death to the date of payment thereof. Such interest shall be charged and collected in the same manner as the tax.
Interest computed at the federal short-term rate determined by the tax commissioner under section 5703.47 of the Revised Code shall be allowed and paid upon any overpayment of tax levied by section 5731.02 or division (A) of section 5731.19 of the Revised Code from nine months from the date of the decedent's death or the date of payment of the tax, whichever is later, to the date such overpayment is repaid.
At any time after nine months from the date of the decedent's death, payment of an estimated deficiency may be made and shall be credited against any deficiency of tax finally determined. Interest on any deficiency ultimately determined to be due shall be charged only upon the unpaid portion thereof.
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.24 | Due Date for Additional Tax Return and Payment.

Effective:
September 30, 2021
Latest Legislation:
House Bill 110 - 134th General Assembly
Except as provided in division (D) of section 5731.21 of the Revised Code, if an additional tax prescribed by section 5731.18 of the Revised Code is due, the executor, administrator, or other person required to file the estate tax return, within sixty days after the date of the final determination of the federal estate tax liability, shall file an additional tax return, in the form prescribed by the tax commissioner, in the same manner as is prescribed for the filing of the estate tax return. Subject to division (A) of section 5731.25 of the Revised Code or any other statute extending the time for payment of an estate tax, the additional tax shall be paid, without notice or demand by the tax commissioner, with the return, and shall be charged and collected in the same manner as the estate tax, except that no interest shall accrue until sixty days after the date of the final determination of the federal estate tax liability.
Last updated August 4, 2021 at 3:37 PM
2023 Ohio Revised Code › Title 57 | Taxation › Chapter 5731 | Estate Tax › Section 5731.26 | Tax Commissioner - Powers and Duties.

Effective:
July 1, 1983
Latest Legislation:
House Bill 291 - 115th General Assembly
(A) The tax commissioner shall promptly determine the correctness of the return with respect to the includibility of property, the fair market value or, if applicable, the actual qualified use value of the assets included in the gross estate, the allowance of the credit against the tax and deductions, and all other matters necessary to determine the correct amount of the tax. For this purpose, he may issue subpoenas, compel the attendance of witnesses and the production of books and papers, examine the witnesses under oath concerning any relevant matter, and require the submission of affidavits and forms which he may deem necessary to determine the correct amount of the tax.
The tax commissioner may designate an employee or employees of the county auditor or of the probate court of any county, with the consent of the county auditor or of the probate judge of that county, as his agent or agents to assist him in accepting filings of returns in the county, in determining the correctness of the returns filed in the county, and in complying with this chapter. The employee or employees so designated shall have all of the powers granted to the tax commissioner for these purposes.
(B) The tax commissioner shall give notice to the person filing the return of any adjustments which he proposes to make, and, at the request of the person, shall set a time for an administrative conference on the notice in the county or, by agreement of the person filing the return and the tax commissioner, in Columbus. At the conclusion of such conference, or if the conference is waived by the person filing the return, the tax commissioner shall proceed with the final determination of the tax liability as provided in section 5731.27 of the Revised Code.
(C) At or before the time of the administrative conference, the person filing the return and the tax commissioner may agree in writing to have the correctness of the return as to any item determined in accordance with the final determination of such item for federal estate tax purposes. If such agreement is made, the person filing the return shall, within sixty days after the final determination of the federal estate tax liability, furnish to the tax commissioner such information as may be required to determine the tax in accordance with such agreement, and the tax commissioner shall make his final determination of tax liability in the same manner as is provided in section 5731.27 of the Revised Code.