Effective: March 30, 2006
Latest Legislation: House Bill 530 - 126th General Assembly
For the purposes of this section, interest shall be computed at a rate per calendar month, rounded to the nearest one-hundredth of one per cent, equal to one-twelfth of the rate per annum prescribed by section 5703.47 of the Revised Code for the calendar year that includes the month for which the interest accrues.
(A) When taxes levied by this chapter or by section 3737.71 of the Revised Code are assessed as the result of a tax return being filed late, the treasurer of state shall add interest to the taxes due. The interest shall accrue from the first day of the month following the last day on which the taxes were required to be paid had the assessment been certified by the date prescribed, to the last day of the month preceding the date on which the assessment was certified, and shall be computed on the basis of the taxes due.
(B) If an assessment has been certified pursuant to this chapter and an amended or final assessment is certified for the same taxpayer and the same tax year, the treasurer of state shall add interest to the deficiency or excess. The interest shall be computed on the excess or deficiency and shall accrue as follows:
(1) On a deficiency, interest shall accrue from the first day of the month following the last day on which the previous assessment was required to be paid to the last day of the month preceding the date on which the amended or final assessment is certified.
(2) On an excess, interest shall be allowed from the first day of the month following the date of payment of the previous assessment to the last day of the month preceding the date on which the amended or final assessment is certified.
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.