Effective: March 29, 2007
Latest Legislation: House Bill 699 - 126th General Assembly
As used in this section:
(A) "Eligible employee" and "eligible training costs" have the same meanings as in section 5733.42 of the Revised Code.
(B) "Credit period" means the calendar year ending on the thirty-first day of December next preceding the day the annual statement is required to be returned under section 5729.02 of the Revised Code.
There is hereby allowed a nonrefundable credit against the tax imposed under this chapter for a foreign insurance company for which a tax credit certificate is issued under section 5733.42 of the Revised Code. The credit may be claimed for credit periods beginning on or after January 1, 2003, and ending on or before December 31, 2007. The amount of the credit for the credit period beginning on January 1, 2003, shall equal one-half of the average of the eligible training costs paid or incurred by the company during calendar years 1998, 1999, and 2000, not to exceed one thousand dollars for each eligible employee on account of whom eligible training costs were paid or incurred by the company. The amount of the credit for the credit period beginning on January 1, 2004, shall equal one-half of the average of the eligible training costs paid or incurred by the company during calendar years 2002, 2003, and 2004, not to exceed one thousand dollars for each eligible employee on account of whom eligible training costs were paid or incurred by the company. The amount of the credit for the credit period beginning on January 1, 2005, shall equal one-half of the average of the eligible training costs paid or incurred by the company during calendar years 2003, 2004, and 2005, not to exceed one thousand dollars for each eligible employee on account of whom eligible training costs were paid or incurred by the company. The amount of the credit for the credit period beginning on January 1, 2006, shall equal one-half of the average of the eligible training costs paid or incurred by the company during calendar years 2004, 2005, and 2006, not to exceed one thousand dollars for each eligible employee on account of whom eligible training costs were paid or incurred by the company. The amount of the credit for the credit period beginning on January 1, 2007, shall equal one-half of the average of the eligible training costs paid or incurred by the company during calendar years 2005, 2006, and 2007, not to exceed one thousand dollars for each eligible employee on account of whom eligible training costs were paid or incurred by the company.
The credit claimed by a company for each credit period shall not exceed one hundred thousand dollars.
A foreign insurance company shall apply to the director of job and family services for a tax credit certificate in the manner prescribed by division (C) of section 5733.42 of the Revised Code. Divisions (C) to (H) of that section govern the tax credit allowed by this section, except that "credit period" shall be substituted for "tax year with respect to a calendar year" wherever that phrase appears in those divisions and that the company shall be considered a taxpayer for the purposes of those divisions.
A foreign insurance company may carry forward the credit allowed under this section to the extent that the credit exceeds the company's tax due for the credit period. The company may carry the excess credit forward for three credit periods following the credit period for which the credit is first claimed under this section. The credit allowed by this section is in addition to any credit allowed under section 5729.031 of the Revised Code.
The reduction in the tax due under this chapter to the extent of the credit allowed by this section does not increase the amount of the tax otherwise due under section 5729.06 of the Revised Code.
Structure Ohio Revised Code
Chapter 5729 | Foreign Insurance Companies
Section 5729.01 | Return Premiums.
Section 5729.02 | Annual Statements of Foreign Insurance Companies.
Section 5729.03 | Computation and Collection of Tax.
Section 5729.031 | Credit Against Imposed Tax.
Section 5729.032 | Refundable Credit Against Tax on Foreign Insurance Company.
Section 5729.04 | Gross Premiums of Mutual and Stock Insurance Companies.
Section 5729.05 | Payment of Tax - Due Date - Refund.
Section 5729.06 | Retaliatory Tax Rate.
Section 5729.07 | Eligible Employee Training Costs Tax Credit.
Section 5729.08 | Issuance of Tax Credits by Ohio Venture Capital Authority.
Section 5729.09 | Annual Report Required of Chief Officer.
Section 5729.101 | Late Returns - Computation and Accrual of Interest.
Section 5729.102 | Application for Refund - Assessment of Deficiency.
Section 5729.11 | Penalty for Nonpayment of Taxes.
Section 5729.12 | Inspection of Books by Superintendent of Insurance.
Section 5729.13 | Revocation of Right to Do Business.
Section 5729.14 | Right to Deny Admission to Companies Which Violate Laws.
Section 5729.15 | Expenses of Inspection to Be Paid by Company.
Section 5729.17 | Tax Credit for Insurer That Owns a Rehabilitation Tax Credit Certificate.
Section 5729.18 | Transformational Mixed Use Development Tax Credit.
Section 5729.98 | Order of Claims for Tax Credits and Offsets.