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 5725.18 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 5725.98 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.
Structure Ohio Revised Code
Chapter 5725 | Financial Institutions; Dealers in Intangibles; Insurance Companies
Section 5725.01 | Financial Institution - Dealers in Intangibles - Insurance Company Definitions.
Section 5725.02 | Annual Report.
Section 5725.03 | Return of Deposits by Financial Institutions.
Section 5725.05 | Duty of Tax Commissioner to Fix Listing Day for Deposits - Notice.
Section 5725.07 | Assessments by Tax Commissioner.
Section 5725.08 | Certificate of Assessment of Financial Institutions - Certificate of Abatement.
Section 5725.09 | Tax Commissioner to Make Report if Financial Institution Fails to Do So.
Section 5725.10 | Powers and Duties of Tax Commissioner.
Section 5725.12 | Failure to Make Return - False Statement - Forfeiture.
Section 5725.13 | Taxable Property of Dealers in Intangibles.
Section 5725.15 | Assessment for Shares and Capital of Dealer in Intangibles.
Section 5725.151 | Refundable Tax Credit for Owner of Rc 149.311 Certificate.
Section 5725.16 | Certificate of Assessment of Dealers in Intangibles; Collection of Taxes.
Section 5725.17 | Failure of Dealer in Intangibles to Make Report or Pay Tax.
Section 5725.18 | Annual Franchise Tax on the Privilege of Being an Insurance Company.
Section 5725.19 | Issuance of Tax Credits by Ohio Venture Capital Authority.
Section 5725.20 | Certification to Treasurer of State by Superintendent of Insurance.
Section 5725.221 | Interest Charged for Late Filing.
Section 5725.222 | Application for Tax Refund by Domestic Insurance Company.
Section 5725.23 | Action to Recover Delinquent Taxes.
Section 5725.24 | Distribution of Taxes Collected.
Section 5725.25 | Tax on Real Estate of Domestic Insurance Company.
Section 5725.26 | Tax on Real Estate of Financial Institutions and Dealers in Intangibles.
Section 5725.31 | Eligible Employee Training Costs Tax Credit.
Section 5725.32 | Refundable Credit Against Tax on Domestic Insurance Company.
Section 5725.33 | New Markets Tax Credit.
Section 5725.34 | Tax Credit for Insurance Companies Holding Rehabilitation Tax Credit Certificate.
Section 5725.35 | Transformational Mixed Use Development Tax Credit.
Section 5725.98 | Order of Claims for Tax Credits and Offsets.