Effective: September 29, 1997
Latest Legislation: House Bill 215 - 122nd General Assembly
(A) As used in this section:
(1) "Partnership" includes a limited liability company if the limited liability company is not treated as a corporation for purposes of this chapter and is not classified as an association taxable as a corporation for federal income tax purposes.
(2) "Partner" includes a member of a limited liability company if the limited liability company is not treated as a corporation for purposes of this chapter and is not classified as an association taxable as a corporation for federal income tax purposes.
(B)(1) A nonrefundable credit is allowed against the tax imposed by section 5733.06 of the Revised Code for a taxpayer that has entered into an agreement with the director of development under section 122.16 of the Revised Code, or for a taxpayer that is a partner in a partnership that has entered into such an agreement. If a taxpayer is a partner in such a partnership, the taxpayer shall be allowed its distributive share of the credit available through the partnership.
(2) If a taxpayer enters into more than one agreement under section 122.16 of the Revised Code, the taxpayer may aggregate the amount of those credits each year.
(3) A taxpayer entitled to the credit allowed under this section shall claim one-fifth of the credit amount for the tax year immediately following the calendar year in which the agreement is entered into, and one-fifth of the credit amount for each of the four succeeding tax years.
(4) A taxpayer shall claim the credit in the order provided under section 5733.98 of the Revised Code. The amount of the credit that a taxpayer may claim each year shall be the amount indicated on the certificate issued by the director of development under section 122.16 of the Revised Code, or the taxpayer's distributive share of that amount if the taxpayer is entitled to the credit through a partnership. The taxpayer shall submit the certificate with the taxpayer's annual report filed under section 5733.02 of the Revised Code. Each tax year, any credit amount in excess of the tax due for that year under section 5733.06 of the Revised Code, after allowing for all other credits preceding the credit in that order, may be carried forward for no more than three tax years.
(5) A taxpayer shall not claim any credit amount remaining, including any amounts carried forward from prior tax years, for any tax year following the calendar year in which any of the following events occur, except as otherwise provided under division (B)(6) of this section:
(a) The taxpayer or partnership through which the taxpayer is entitled to the credit enters into a compliance schedule agreement pursuant to division (B)(3) of section 3746.12 of the Revised Code;
(b) The taxpayer or partnership through which the taxpayer is entitled to the credit has its covenant not to sue revoked pursuant to Chapter 3746. of the Revised Code and rules adopted under that chapter;
(c) The covenant not to sue issued to the taxpayer or partnership through which the taxpayer is entitled to the credit is void pursuant to Chapter 3746. of the Revised Code;
(d) The director of development has determined that the taxpayer, or a partnership through which the taxpayer is entitled to the credit, has permitted the eligible site to be used in such a manner as to cause the relocation of employment positions from elsewhere in this state in violation of the commitment required under division (D) of section 122.16 of the Revised Code.
If a taxpayer claims credits through more than one partnership, division (B)(5) of this section prohibits that taxpayer from claiming a credit through any of those partnerships that has entered into a compliance schedule agreement, has had its covenant not to sue revoked or voided, or has violated the commitment required in division (D) of section 122.16 of the Revised Code. Division (B)(5) of this section does not prohibit such a taxpayer from claiming a credit through a partnership that has not entered into a compliance schedule agreement, has not had its covenant not to sue revoked or voided, or has not violated the commitment required in division (D) of section 122.16 of the Revised Code.
(6) If a taxpayer has been prohibited from claiming the credit or a portion of the credit by reason of division (B)(5)(a) of this section, and the taxpayer, or a partnership in which the taxpayer is a partner, subsequently has returned the property to compliance with applicable standards pursuant to the compliance schedule agreement, the taxpayer may claim the credit for the tax year following the calendar year in which the director of environmental protection has determined that the taxpayer or partnership has returned the property to compliance with applicable standards and for each subsequent tax year for which the taxpayer is otherwise allowed to claim the credit under division (B)(3) of this section.
Structure Ohio Revised Code
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 5733.04 | 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 5733.051 | 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 5733.055 | 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 5733.066 | Surcharge Added to Rates to Fund Recycling and Litter Prevention.
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 5733.21 | 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 5733.32 | Credit for Grape Producing Business Purchasing Qualifying Property.
Section 5733.34 | Credit for Economic Redevelopment of Voluntary Environmental Clean-Up Site.
Section 5733.351 | Credit for Qualified Research Expenses.
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 5733.42 | 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 5733.58 | Nonrefundable Credit Financial Institution Holding a Qualified Equity Investment.