Ohio Revised Code
Chapter 5733 | Corporation Franchise Tax
Section 5733.061 | Credit Allowed for Investment in Property Used in Refining or Manufacturing.

Effective: June 30, 1997
Latest Legislation: House Bill 215 - 122nd General Assembly
A credit shall be allowed against the tax imposed by section 5733.06 of the Revised Code for each taxable year. The credit shall be claimed in the order required under section 5733.98 of the Revised Code. The credit shall equal the lesser of the amount of tax due under that section after allowing for any other credits that precede the credit under this section in that order or the difference between:
(A) The tangible personal property taxes timely paid in the taxable year that were charged against engines, machinery, tools, and implements owned by the taxpayer, listed for taxation in this state under section 5711.16 of the Revised Code as used or designed to be used in refining or manufacturing, and acquired on or after January 1, 1978; minus
(B) The taxes that would have been charged against such property and paid during such year had it been listed and assessed for taxation at a percentage of its true value for the year it was required to be listed, determined as follows:
(1) For 1984 through 1988, twenty per cent;
(2) For 1989, twenty-one per cent;
(3) For 1990, twenty-two per cent;
(4) For 1991, twenty-three per cent;
(5) For 1992, twenty-four per cent;
(6) For 1993 and thereafter, twenty-five per cent.
The tax commissioner may require a taxpayer to furnish any information necessary to support a claim for credit under this section, and no credit shall be allowed unless such information is provided.
No credit shall be allowed against any taxes paid on property previously required to be listed for taxation in this state by a person other than the taxpayer.
If the sum of the credits to which the taxpayer would otherwise be entitled under this section in any tax year is greater than the tax due under section 5733.06 of the Revised Code for that year after allowing for any other credits that precede the credit under this section in the order required under section 5733.98 of the Revised Code, such excess shall be allowed as a credit in each of the ensuing three tax years that the taxpayer owns the property, but the amount of any excess credit allowed in any such year shall be deducted from the balance carried forward to the ensuing tax year.
(C) A refundable credit, computed under division (D) of this section, is hereby provided for tax year 1994 if all of the following conditions are met:
(1) In a taxable year ending prior to July 1, 1989, the taxpayer acquired property by transfer from a transferor as defined in division (A) of section 5733.053 of the Revised Code;
(2) Such property acquired from the taxpayer's transferor does not qualify for the credit provided by this section for one or more of the tax years 1989, 1990, 1991, 1992, or 1993 solely because the property previously was required to be listed for taxation in this state by a person other than the taxpayer;
(3) If section 5733.053 of the Revised Code had been in effect by the end of the taxable year in which the transfer occurred, division (E)(1) of section 5733.053 of the Revised Code would have allowed the taxpayer the credit provided by this section for the property acquired from the taxpayer's transferor for one or more of the tax years 1989, 1990, 1991, 1992, or 1993.
(D) The credit provided by division (C) of this section shall equal the difference between the following quantities:
(1) The lesser of the tax imposed or the tax paid for each of the tax years 1989, 1990, 1991, 1992, and 1993;
(2) The tax that would have been due for each of such years if both of the following apply:
(a) Division (E)(1) of section 5733.053 of the Revised Code had been in effect prior to the end of the taxable year in which the transfer occurred;
(b) Divisions (C) and (D) of section 5733.053 of the Revised Code had been in effect prior to the end of the taxable year in which the transfer occurred.
Division (D)(2)(b) of this section applies only if the amount described in divisions (C) and (D)(1) of section 5733.053 of the Revised Code for the taxable year ending in 1988 was greater than zero.
In no event shall the credit provided by division (C) of this section be less than zero. If the credit is affected by an adjustment to a report for a prior tax year, or by a report or an adjustment to a report for a subsequent tax year, the taxpayer shall file an amended annual corporation report in the manner prescribed by division (D) of section 5733.067 of the Revised Code.

Structure Ohio Revised Code

Ohio Revised Code

Title 57 | Taxation

Chapter 5733 | Corporation Franchise Tax

Section 5733.01 | Tax Charged Against Corporations.

Section 5733.02 | Annual Taxpayer Report and Remittance - Report on Dissolution or Withdrawal.

Section 5733.021 | Declaration of Estimated Tax Report.

Section 5733.022 | Tax Payment by Electronic Funds Transfer.

Section 5733.03 | Annual Report.

Section 5733.031 | Taxable Year; Method of Accounting; Amended Report; Additional Payment or Application for Refund.

Section 5733.04 | Corporation Franchise Tax Definitions.

Section 5733.041 | Net Income Defined for Tax Years 1984 to 1993.

Section 5733.042 | Computing Net Income of Member of Affiliated Group.

Section 5733.05 | Determination of Value of Issued and Outstanding Stock and Intangible Property - Determination of Net Income of Corporation.

Section 5733.051 | Allocating and Apportioning of Net Income of Corporation.

Section 5733.052 | Combining Net Incomes of Corporations.

Section 5733.053 | Transferee Corporation Subject to Transferor's Tax Liability.

Section 5733.054 | Deduction or Addition Where Portion of Certain Gains or Losses Is Allocated or Apportioned to Ohio.

Section 5733.055 | Deducting Expenses and Costs Paid to Related Member.

Section 5733.056 | Determining Value of Issued and Outstanding Shares of Stock.

Section 5733.057 | Ownership Interest in Pass-Through Entity.

Section 5733.058 | Adjusting for Equity Investment in an Exempted Investment.

Section 5733.059 | Allocating Sales of Electric Transmission and Distribution Services.

Section 5733.0510 | Reducing Net Income for Qualifying Assets.

Section 5733.0511 | Net Income for Qualifying Telephone Company Taxpayer.

Section 5733.06 | Computing Tax.

Section 5733.061 | Credit Allowed for Investment in Property Used in Refining or Manufacturing.

Section 5733.064 | Credit for Recycling and Litter Prevention Program Donations.

Section 5733.065 | Additional Tax on Corporations for Privilege of Manufacturing or Selling Litter Stream Products in State.

Section 5733.066 | Surcharge Added to Rates to Fund Recycling and Litter Prevention.

Section 5733.067 | Credit Concerning Subsidiaries; Amended Report; Additional Payment or Application for Refund.

Section 5733.068 | Credit Allowed to Member of Qualifying Affiliated Group.

Section 5733.069 | Credit Allowed for Increase in Export Sales.

Section 5733.0610 | Credit for Ohio Job Creation.

Section 5733.0611 | Credit Relating to Tax on Qualifying Pass-Through Entities.

Section 5733.07 | Powers and Duties of Tax Commissioner.

Section 5733.09 | Exempted Companies.

Section 5733.10 | Exemption of Municipal Corporations.

Section 5733.11 | Failing to File or Remit - Filing Incorrect Report.

Section 5733.12 | Crediting of Payments to Funds - Filing of Refund Application.

Section 5733.121 | Applying Refund in Partial Satisfaction of Debt.

Section 5733.13 | Extension of Time to File Report.

Section 5733.14 | Monthly Report by Secretary of State - Access to Records of County Auditors.

Section 5733.16 | Organization of Domestic and Foreign Corporations.

Section 5733.17 | Duty to Make Reports or Pay Taxes on Dissolution or Retirement.

Section 5733.20 | Cancellation of Articles of Incorporation or Certificate of Authority for Failure to Report or Pay Taxes.

Section 5733.21 | Prohibition Against Doing Business After Cancellation of Articles or Certificate.

Section 5733.22 | Reinstatement of Corporation.

Section 5733.23 | Petition for Judgment for Taxes - Injunction - Procedure - Evidence.

Section 5733.24 | Quo Warranto Proceedings.

Section 5733.26 | Interest on Unpaid Tax or Refund.

Section 5733.261 | Qualifying Refund Overpayment - Liability for Interest or Penalty.

Section 5733.27 | Affidavit Denying Unlawful Political Contributions.

Section 5733.28 | Failing to File Complying Report or Pay Tax.

Section 5733.29 | Underpayment of Estimated Tax.

Section 5733.31 | Credit for Purchasing New Manufacturing Machinery or Equipment - 18 Month Look Back.

Section 5733.311 | Credit for Purchasing New Manufacturing Machinery or Equipment - 7 Month Look Back.

Section 5733.32 | Credit for Grape Producing Business Purchasing Qualifying Property.

Section 5733.33 | Credit for Purchasing New Manufacturing Machinery or Equipment - Installation Before 12-31-2006.

Section 5733.34 | Credit for Economic Redevelopment of Voluntary Environmental Clean-Up Site.

Section 5733.351 | Credit for Qualified Research Expenses.

Section 5733.352 | Nonrefundable Credit Equal to Borrower's Qualified Research and Development Loan Payments.

Section 5733.36 | Credit for Providing Day-Care for Children of Employees.

Section 5733.37 | Credit for Establishing Day-Care Center for Children of Employees.

Section 5733.38 | Credit for Reimbursement of Employee Day-Care Expenses.

Section 5733.39 | Credit for Use of Ohio Coal in Coal-Fired Electric Generating Unit.

Section 5733.40 | Qualified Pass-Through Entity Definitions.

Section 5733.401 | Investment in Pass-Through Entities.

Section 5733.402 | Exemption for Pass-Through Entity Distributing Income and Gain to Investing Entity.

Section 5733.41 | Tax on Qualifying Pass-Through Entity Having at Least One Qualifying Investor That Is Not Individual.

Section 5733.42 | Credit for Eligible Employee Training Costs.

Section 5733.45 | Credit Concerning Qualifying Dealer in Intangibles.

Section 5733.47 | Refundable Franchise Tax Credit for Owner of Rc 149.311 Certificate.

Section 5733.49 | Issuance of Tax Credits by Ohio Venture Capital Authority.

Section 5733.55 | Nonrefundable Credit Equal to Amount of Eligible Nonrecurring 9-1-1 Charges.

Section 5733.56 | Nonrefundable Credit Equal to Cost Incurred by Company for Providing Telephone Service Program.

Section 5733.57 | Nonrefundable Credit Equal to Product Obtained by Multiplying Applicable Percentage by Applicable Amount.

Section 5733.58 | Nonrefundable Credit Financial Institution Holding a Qualified Equity Investment.

Section 5733.59 | Credit Against Tax for Any Corporation That Is the Certificate Owner of a Tax Credit Certificate.

Section 5733.98 | Order of Claiming Credits.

Section 5733.99 | Penalty.