Effective: February 15, 2016
Latest Legislation: Senate Bill 208 - 131st General Assembly
(A) As used in this section, "certificate owner" has the same meaning as in section 149.311 of the Revised Code.
(B) There is allowed a credit against a taxpayer's aggregate tax liability under section 5747.02 of the Revised Code for a taxpayer that is the certificate owner of a rehabilitation tax credit certificate issued under section 149.311 of the Revised Code. The credit shall equal twenty-five per cent of the dollar amount indicated on the certificate, but the amount of credit allowed for any taxpayer shall not exceed five million dollars. The credit shall be claimed for the taxable year specified in the certificate and in the order required under section 5747.98 of the Revised Code.
(C) Nothing in this section limits or disallows pass-through treatment of the credit if the certificate owner is a pass-through entity. If the certificate owner is a pass-through entity, the amount of the credit allowed for the pass-through entity shall not exceed five million dollars. If the certificate owner is a pass-through entity, the credit may be allocated among the entity's equity owners in proportion to their ownership interests or in such proportions or amounts as the equity owners mutually agree.
(D) If the credit allowed for any taxable year exceeds the aggregate amount of tax otherwise due under section 5747.02 of the Revised Code, after allowing for any other credits preceding the credit in the order prescribed by section 5747.98 of the Revised Code, the excess shall be refunded to the taxpayer but, if any amount of the credit is refunded, the sum of the amount refunded and the amount applied to reduce the aggregate amount of tax otherwise due for that year shall not exceed three million dollars or, if the certificate owner is a pass-through entity, shall not exceed the taxpayer's distributive or proportionate share, as allocated under division (C) of this section, of three million dollars. The taxpayer may carry forward any balance of the credit in excess of the amount claimed for that year for not more than five ensuing taxable years, and shall deduct any amount claimed for any such year from the amount claimed in an ensuing year.
(E) A taxpayer claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the taxable year to which the credit was applied, and shall make the certificate available for inspection by the tax commissioner upon the request of the tax commissioner during that period.
Structure Ohio Revised Code
Section 5747.01 | Definitions.
Section 5747.011 | Gain or Loss Included in Trust's Ohio Taxable Income.
Section 5747.012 | Tax Treatment of Qualifying Investment Income From Pass-Through Entity.
Section 5747.013 | Calculating a Trust's Modified Ohio Taxable Income.
Section 5747.021 | School District Income Tax.
Section 5747.022 | Tax Credits for Exemptions.
Section 5747.024 | Military Pay Not Included in Adjusted Gross Income.
Section 5747.025 | Personal Exemptions.
Section 5747.026 | Extensions for Filing and Payment by Members Called to Active Duty.
Section 5747.03 | Distributing Income Tax Revenue.
Section 5747.031 | Separate Reporting of Business and Nonbusiness Income Tax Revenues.
Section 5747.04 | Attributing Tax Receipts to County.
Section 5747.05 | Tax Credits.
Section 5747.054 | Tax Credit Based on Federal Dependent Care Credit.
Section 5747.055 | Tax Credit for Retirement Income.
Section 5747.057 | Tax Credit for Career-Technical Education Program Employees.
Section 5747.058 | Tax Credits to Foster Job Creation or Retention.
Section 5747.06 | Employer's Duty to Withhold Tax.
Section 5747.061 | Withholding Tax From Wages of Nonresident Employees.
Section 5747.062 | Withholding Tax From State Lottery Winnings.
Section 5747.063 | Withholding From Casino and Sports Gaming Winnings.
Section 5747.064 | Withholding From Video Lottery and Sports Gaming Winnings.
Section 5747.07 | Employers to File Return and Pay Withholding.
Section 5747.071 | Withholding Tax From Retirement Benefits.
Section 5747.072 | Employers Remitting Taxes by Electronic Funds Transfer.
Section 5747.08 | Filing Income Tax Return.
Section 5747.082 | Use of Electronic Filing by Tax Preparers.
Section 5747.083 | Report or Payment of Use Tax on Personal Income Tax Return.
Section 5747.09 | Declaration of Estimated Taxes.
Section 5747.10 | Amended Returns.
Section 5747.11 | Refunds - Interest.
Section 5747.112 | Paying Refund of School District Income Taxes.
Section 5747.113 | Income Tax Refund Contribution System.
Section 5747.12 | Applying Refund to Satisfy Debt to State.
Section 5747.121 | Collecting Child Support From Refunds.
Section 5747.122 | Collecting Overpayments of Public Assistance From Refunds.
Section 5747.123 | Collecting Overpaid Child Support From Refunds.
Section 5747.13 | Liability of Employer for Failure to File Return or Collect or Remit Tax.
Section 5747.132 | Eliminating Interest or Penalty on Qualifying Refund Overpayment.
Section 5747.14 | Imposing Jeopardy Assessments.
Section 5747.15 | Failure to File or Remit Tax - Filing Frivolous, Dilatory or Fraudulent Claim.
Section 5747.16 | Secretary of State Agent for Service of Process on Nonresidents.
Section 5747.17 | Maintaining Records.
Section 5747.18 | Powers of Tax Commissioner.
Section 5747.19 | Filing Incomplete, False, and Fraudulent Returns.
Section 5747.20 | Allocating Nonbusiness Income or Deduction.
Section 5747.21 | Apportioning Business Income or Deduction.
Section 5747.22 | Apportioning and Allocating Income and Deductions of Pass-Through Entities.
Section 5747.221 | Items of Income and Deductions Not to Be Allocated or Apportioned to Ohio.
Section 5747.23 | Taxing Trust Income.
Section 5747.24 | Presumption of Domicile.
Section 5747.26 | Lead Abatement Tax Credit.
Section 5747.29 | Political Campaign Contribution Tax Credit.
Section 5747.30 | Exemption for Nonresident Pass-Through Entities as to Commercial Printing.
Section 5747.37 | Credit for Legally Adopted Minor Child.
Section 5747.38 | Pass-Through Entity Income Tax.
Section 5747.39 | Pass-Through Entity Owner Credit.
Section 5747.40 | Definitions Relating to Qualified Pass-Through Entities.
Section 5747.42 | Filing Annual Return.
Section 5747.43 | Filing Estimated Tax Return and Making Estimated Payments.
Section 5747.44 | Tax Payment by Electronic Funds Transfer.
Section 5747.46 | Library and Local Government Support Fund Definitions.
Section 5747.48 | Distribution of County Library and Local Government Support Fund.
Section 5747.49 | Prohibiting Later Performance of Duties.
Section 5747.501 | Estimating and Certifying Amount for Distribution Into Local Government Fund.
Section 5747.502 | Reports on Fines Resulting From Traffic Law Photo-Monitoring Devices.
Section 5747.503 | Payments to County Undivided Local Government Funds of Supplement for Townships.
Section 5747.51 | Allocating Local Government Fund to County Undivided Local Government Funds.
Section 5747.52 | Calculating Subdivision Share of Undivided Local Government Fund.
Section 5747.54 | Failure to Certify Percentage Share of the Undivided Local Government Fund.
Section 5747.55 | Appealing County Budget Commission Action.
Section 5747.60 | Delegating Investigation Powers of Tax Commissioner.
Section 5747.70 | Deductions for Contributions to College Savings Programs.
Section 5747.71 | Earned Income Tax Credit.
Section 5747.72 | Credit for Home Instruction Expenses.
Section 5747.73 | Credit for Donations to Scholarship Organizations.
Section 5747.75 | Credit for Dependents Who Attend Nonchartered Nonpublic School.
Section 5747.76 | Refundable Income Tax Credit for Owner of Rc 149.311 Certificate.
Section 5747.77 | Beginning Farmer Tax Credits.
Section 5747.78 | Deductions for Amounts Contributed to Able Savings Account.
Section 5747.79 | Deduction for Capital Gains From Sale of Business.
Section 5747.80 | Issuance of Tax Credits by Ohio Venture Capital Authority.
Section 5747.81 | Tax Credit for Holders of Small Business Investment Certificate.