(B) A credit shall be allowed against the tax imposed by | 27 |
division (A) of this section equal to the lesser of five
hundred | 28 |
dollars or the amount of the tax for persons dying on or after | 29 |
July 1, 1968, but before
January 1, 2001; the lesser of six | 30 |
thousand six hundred dollars or
the
amount of the tax for persons | 31 |
dying
on or after January 1, 2001, but before January 1, 2002; or | 32 |
the
lesser of thirteen thousand nine hundredfifteen thousand five | 33 |
hundred seventy-five dollars or the amount of the tax for
persons | 34 |
dying on or after
January 1, 2002July 1, 2009. In December of | 35 |
each year, beginning in 2010, the tax commissioner shall compute | 36 |
the percentage increase in the consumer price index for all urban | 37 |
consumers (United States city average, all items) prepared by the | 38 |
United States department of labor, bureau of labor statistics, for | 39 |
the twelve-month period ending on the preceding thirtieth day of | 40 |
September, and adjust the credit amount by multiplying the credit | 41 |
amount for the current year by the percentage increase in the | 42 |
consumer price index for that period, adding the resulting product | 43 |
to the credit amount for the current year, and rounding upward to | 44 |
the nearest multiple of five dollars. The resulting amount is the | 45 |
credit amount for the estates of decedents dying in the ensuing | 46 |
calendar year. | 47 |
Sec. 5731.21. (A)(1)(a) Except as provided under division | 54 |
(A)(3) of this section, the executor or administrator, or, if no | 55 |
executor or administrator has been appointed, another
person in | 56 |
possession of property the transfer of which is
subject to estate | 57 |
taxes under section 5731.02 or division (A) of
section 5731.19 of | 58 |
the Revised Code, shall file an estate tax
return, within nine | 59 |
months of the date of the decedent's death,
in the form prescribed | 60 |
by the tax commissioner, in duplicate,
with the probate court of | 61 |
the county. The return shall include
all property the transfer of | 62 |
which is subject to estate taxes,
whether that property is | 63 |
transferred under the last will and
testament of the decedent or | 64 |
otherwise. The time for filing the
return may be extended by the | 65 |
tax commissioner. | 66 |
(v) If applicable, the facta statement that real property | 81 |
not listed
in
the inventory for the decedent's estate, including, | 82 |
but not
limited to, survivorship tenancy property as described in | 83 |
section
5302.17 of the Revised Code or transfer on death property | 84 |
as
described in
sections 5302.22 and 5302.23 of the Revised Code, | 85 |
also is included in the
return. In
this regard, the certificate | 86 |
additionally shall describe that
real property by the same | 87 |
description used in the return; | 88 |
(3) A person
shall not be required to
file a
return under | 98 |
division (A) of this section if the decedent
was a
resident of | 99 |
this state and the
value of the decedent's gross
estate is | 100 |
twenty-five thousand dollars or
less in the case of a
decedent | 101 |
dying on or after July 1, 1968, but
before January 1,
2001; two | 102 |
hundred thousand dollars or less in the
case of a
decedent dying | 103 |
on or after January 1, 2001, but before
January
1,
2002; or three | 104 |
hundred thirty-eight thousand
three hundred
thirty-threethree | 105 |
hundred sixty-six thousand two hundred fifty dollars or less in | 106 |
the
case of a decedent dying on or
after January 1, 2002July 1, | 107 |
2009. In December of each year, beginning in 2010, after the tax | 108 |
commissioner has adjusted the credit amount under division (B) of | 109 |
section 5731.02 of the Revised Code, the commissioner shall | 110 |
compute the taxable estate value upon which the tax imposed by | 111 |
division (A) of that section, before applying the credit, equals | 112 |
the credit amount computed under division (B) of that section. A | 113 |
person is not required to file a return under division (A) of this | 114 |
section if the decedent is a resident of this state, the decedent | 115 |
dies in the following calendar year, and the value of the | 116 |
decedent's gross estate is less than the value computed by the | 117 |
commissioner. | 118 |
(4)(a) Upon receipt of the estate tax return described in | 119 |
division (A)(1)(a) of this section and the accompanying | 120 |
certificate described in division (A)(1)(b) of this section, the | 121 |
probate court promptly shall give notice of the return, by a form | 122 |
prescribed by the tax commissioner, to the county auditor. The | 123 |
auditor then shall make a charge based upon the notice and shall | 124 |
certify a duplicate of the charge to the county treasurer. The | 125 |
treasurer then shall collect, subject to division (A) of section | 126 |
5731.25 of the Revised Code or any other statute extending the | 127 |
time for payment of an estate tax, the tax so charged. | 128 |
(b) Upon receipt of the return and the accompanying | 129 |
certificate, the probate court also shall forward the certificate | 130 |
to the auditor. When satisfied that the estate taxes under
section | 131 |
5731.02 or division (A) of section 5731.19 of the Revised
Code, | 132 |
that are shown to be due in the return, have been paid in
full, | 133 |
the auditor shall stamp the certificate so forwarded to
verify | 134 |
that payment. The auditor then shall return the stamped | 135 |
certificate to the probate court. | 136 |
(b) All persons are entitled to rely on the statements | 143 |
contained in a certificate as described in division (A)(1)(b) of | 144 |
this section if it has been filed in accordance with that | 145 |
division, forwarded to a county auditor and stamped in accordance | 146 |
with division (A)(4) of this section, and placed in the records
of | 147 |
the probate court pertaining to the decedent's estate in | 148 |
accordance with division (A)(5)(a) of this section. The real | 149 |
property referred to in the certificate shall be free of, and may | 150 |
be regarded by all persons as being free of, any lien for estate | 151 |
taxes under section 5731.02 and division (A) of section 5731.19
of | 152 |
the Revised Code. | 153 |
(B) An estate tax return filed under this section, in the | 154 |
form prescribed by the tax commissioner, and showing that no | 155 |
estate tax is due shall result in a determination that no estate | 156 |
tax is due, if the tax commissioner within three months after the | 157 |
receipt of the return by the department of taxation, fails to
file | 158 |
exceptions to the return in the probate court of the county
in | 159 |
which the return was filed. A copy of exceptions to a
return of | 160 |
that nature, when the tax commissioner files them within that | 161 |
period,
shall be sent by ordinary mail to the person who filed the | 162 |
return. The tax commissioner is not bound under this division by
a | 163 |
determination that no estate tax is due, with respect to
property | 164 |
not disclosed in the return. | 165 |
(C) If the executor, administrator, or other person
required | 166 |
to file an estate tax return fails to file it within
nine months | 167 |
of the date of the decedent's death, the tax
commissioner may | 168 |
determine the estate tax in that estate and
issue a certificate of | 169 |
determination in the same manner as is
provided in division (B) of | 170 |
section 5731.27 of the Revised Code.
A certificate of | 171 |
determination of that nature has the same force and effect
as | 172 |
though a return had been filed and a certificate of
determination | 173 |
issued with respect to the return. | 174 |
Sec. 5731.48. (A) If a decedent dies on or after July 1, | 175 |
1989,
and before January 1, 2001,
sixty-four per cent of the
gross | 176 |
amount of taxes levied
and paid
under this chapter shall be for | 177 |
the use of the
municipal
corporation or township in which the tax | 178 |
originates, and shall be
credited as provided in division (A)(1), | 179 |
(2), or
(3) of this section: | 180 |
(B) If a decedent dies on or after January 1, 2001, and | 192 |
before January 1, 2002, seventyand before July 1, 2009, eighty | 193 |
per cent of the
gross amount of taxes levied and paid under this | 194 |
chapter
shall be
for the use of the municipal corporation or | 195 |
township in which the tax
originates and credited as provided in | 196 |
division (A)(1), (2), or (3)
of this section, and
the remainder | 197 |
shall be for the use of the state and credited to the general | 198 |
revenue fund. | 199 |
(C) If a decedent dies on or after January 1, 2002,
eighty | 200 |
July 1, 2009, one hundred per cent of the gross amount of taxes | 201 |
levied and paid
under this chapter, less any deduction from the | 202 |
municipal corporation's or township's share of those taxes for | 203 |
fees or expenses charged under section 5731.47 of the Revised | 204 |
Code,
shall be for the use of the
municipal corporation or | 205 |
township in which the tax originates and
credited as provided in | 206 |
division (A)(1), (2), or (3) of this
section, and the remainder, | 207 |
less any deduction from the state's share of those taxes for fees | 208 |
or expenses charged under section 5731.47 of the Revised Code, | 209 |
shall be for the use of the state and
shall be credited to the | 210 |
general revenue fund. | 211 |
(E) The council, board of trustees, or other legislative | 222 |
authority of a village or township may, by ordinance in the case | 223 |
of a village, or by resolution in the case of a township, provide | 224 |
that whenever there is money in the treasury of the village or | 225 |
township from taxes levied under this chapter, not required for | 226 |
immediate use, that money may be invested in federal, state, | 227 |
county, or municipal bonds, upon which there has been no default | 228 |
of the principal during the preceding five years. | 229 |
Sec. 5731.55. (A) Unless an ordinance or resolution | 230 |
previously adopted under this section has been repealed by | 231 |
initiative petition under section 5731.56 of the Revised Code, the | 232 |
legislative authority of a municipal corporation may adopt an | 233 |
ordinance or resolution, or the board of township trustees of a | 234 |
township may adopt a resolution, exempting estate property in the | 235 |
municipal corporation or township from the taxes levied under this | 236 |
chapter. If the ordinance or resolution is adopted, the exemption | 237 |
shall take effect as provided in the ordinance or resolution but | 238 |
not before the first day of the first month that begins after the | 239 |
ordinance or resolution is adopted. | 240 |
(B)(1) An ordinance or resolution exempting estate property | 241 |
in the municipal corporation from the taxes levied under this | 242 |
chapter may be proposed by an initiative petition in accordance | 243 |
with sections 731.28 and 731.31 to 731.40 of the Revised Code | 244 |
except that, if the ordinance or resolution is adopted, the | 245 |
exemption shall take effect as provided in the ordinance or | 246 |
resolution but not before the first day of the first month that | 247 |
begins after the ordinance or resolution is adopted. | 248 |
(D) If a resolution or ordinance is adopted under this | 275 |
section, the legislative authority or board of township trustees | 276 |
shall provide written notice of the adoption of the resolution or | 277 |
ordinance to the tax commissioner within ten days after the date | 278 |
of the adoption. The tax commissioner shall keep a record of all | 279 |
municipal corporations and townships that have provided such a | 280 |
notice, shall make the record available for public inspection, and | 281 |
shall publish it in a manner convenient to the tax commissioner. | 282 |
Sec. 5731.56. (A) If the legislative authority of a municipal | 283 |
corporation or the board of township trustees of a township have | 284 |
adopted a resolution or ordinance under division (A) of section | 285 |
5731.55 of the Revised Code exempting estate property in the | 286 |
municipal corporation or township from the taxes levied under this | 287 |
chapter, the legislative authority or board of township trustees | 288 |
may adopt a resolution or ordinance repealing the exemption. If | 289 |
such a resolution or ordinance is adopted, the transfer of estate | 290 |
property in the municipal corporation or township shall not be | 291 |
exempted from the taxes levied under this chapter effective on the | 292 |
date specified in the resolution or ordinance, but that date shall | 293 |
not be earlier than the first day of the first month that begins | 294 |
after the resolution or ordinance is adopted. | 295 |
(B)(1) A resolution or ordinance repealing the exemption of | 296 |
estate property from taxation enacted for a municipal corporation | 297 |
under section 5731.55 of the Revised Code may be proposed by | 298 |
initiative petition. The initiative petition shall be proposed in | 299 |
accordance with sections 731.28 and 731.31 to 731.40 of the | 300 |
Revised Code except that, if the resolution or ordinance is | 301 |
adopted, the repeal of the exemption shall take effect as provided | 302 |
in the resolution or ordinance, but not before the first day of | 303 |
the first month that begins after the resolution or ordinance is | 304 |
adopted. | 305 |
(2) A resolution repealing the exemption of estate property | 306 |
from taxation enacted for a township under section 5731.55 of the | 307 |
Revised Code may be proposed by initiative petition. The | 308 |
initiative petition shall be proposed under the same circumstances | 309 |
and in the same manner as provided by sections 731.28 and 731.31 | 310 |
to 731.40 of the Revised Code for municipal corporations, except | 311 |
as provided in division (B)(2)(a) and (b) of section 5731.55 of | 312 |
the Revised Code. If the resolution is adopted, the repeal of the | 313 |
exemption shall take effect as provided in the resolution, but not | 314 |
before the first day of the first month that begins after the | 315 |
resolution is adopted. | 316 |
(D) If a resolution or ordinance is adopted under this | 323 |
section, the legislative authority or board of township trustees | 324 |
shall provide written notice of the adoption of the resolution or | 325 |
ordinance to the tax commissioner within ten days after the date | 326 |
of the adoption. The tax commissioner shall remove the municipal | 327 |
corporation or township from the record of municipal corporations | 328 |
and townships that have adopted resolutions or ordinances under | 329 |
section 5731.55 of the Revised Code. | 330 |