Effective: March 27, 2013
Latest Legislation: House Bill 510 - 129th General Assembly
(A) As used in this section, "Ohio-qualified real estate investment trust" means a real estate investment trust that is traded on a public stock exchange and that was traded on a public stock exchange on January 1, 2012.
(B) For the purpose of computing the total Ohio equity capital under division (C) of section 5726.04 of the Revised Code for a financial institution the total equity capital of which includes investments in an Ohio-qualified real estate investment trust, the following amounts shall be subtracted for the tax year specified:
(1) For tax year 2014, eighty per cent of the institution's investment in an Ohio-qualified real estate investment trust as of January 1, 2012;
(2) For tax year 2015, sixty per cent of the institution's investment in an Ohio-qualified real estate investment trust as of January 1, 2012;
(3) For tax year 2016, forty per cent of the institution's investment in an Ohio-qualified real estate investment trust as of January 1, 2012;
(4) For tax year 2017, twenty per cent of the institution's investment in an Ohio-qualified real estate investment trust as of January 1, 2012.
For tax years after tax year 2017, no deduction is allowed for an investment in an Ohio-qualified real estate investment trust.
(C) For the purpose of computing the apportionment factor under section 5726.05 of the Revised Code for a financial institution the total equity capital of which includes investments in an Ohio-qualified real estate investment trust, the following amounts shall be subtracted from both the numerator and denominator of the apportionment factor fraction for the tax year specified:
(1) For tax year 2014, eighty per cent of the gross receipts from an Ohio-qualified real estate investment trust;
(2) For tax year 2015, sixty per cent of the gross receipts from an Ohio-qualified real estate investment trust;
(3) For tax year 2016, forty per cent of the gross receipts from an Ohio-qualified real estate investment trust;
(4) For tax year 2017, twenty per cent of the gross receipts from an Ohio-qualified real estate investment trust.
For tax years after tax year 2017, no deduction is allowed from the apportionment factor fraction for gross receipts from an Ohio-qualified real estate investment trust.
Structure Ohio Revised Code
Chapter 5726 | Financial Institutions Tax
Section 5726.01 | Definitions.
Section 5726.02 | Financial Institution Tax; Purpose; Amount.
Section 5726.03 | Report; Remittance.
Section 5726.04 | Amount of Tax.
Section 5726.041 | Computing Total Ohio Equity Capital.
Section 5726.05 | Apportionment Factor.
Section 5726.06 | Estimated Tax Reports.
Section 5726.07 | Underpayment of Estimated Taxes.
Section 5726.10 | Enforcement of Chapter.
Section 5726.20 | Assessments.
Section 5726.31 | Application of Refund to Debt to the State.
Section 5726.32 | Interest on Unpaid Taxes.
Section 5726.33 | Interest or Penalty on Qualifying Refund Overpayment.
Section 5726.36 | Notification of Changes in Ownership or Applicability of Chapter.
Section 5726.40 | Cancellation of Authority to to Business in Ohio.
Section 5726.41 | Penalty for Continuing After Cancellation.
Section 5726.42 | Reinstatement.
Section 5726.43 | Quo Warranto Action.
Section 5726.50 | Tax Credits for Job Creation.
Section 5726.52 | Tax Credit for Historic Building Rehabilitation.
Section 5726.53 | Tax Credit for Venture Capital Loan Loss.
Section 5726.54 | New Markets Tax Credit.
Section 5726.55 | Motion Picture Production Tax Credit.
Section 5726.56 | Research and Development Tax Credit.
Section 5726.57 | Nonrefundable Credit for Qualifying Dealers in Intangibles.