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To amend sections 5725.98, 5726.98, 5729.98, 5747.98, | 1 |
and 5749.11 and to enact sections 122.177, | 2 |
5725.35, 5726.58, 5729.18, 5747.78, 5749.18, and | 3 |
5749.98 of the Revised Code to authorize a | 4 |
nonrefundable credit against the income tax and | 5 |
certain business taxes for the rehabilitation of a | 6 |
vacant industrial site. | 7 |
Section 1. That sections 5725.98, 5726.98, 5729.98, 5747.98, | 8 |
and 5749.11 be amended and sections 122.177, 5725.35, 5726.58, | 9 |
5729.18, 5747.78, 5749.18, and 5749.98 of the Revised Code be | 10 |
enacted to read as follows: | 11 |
Sec. 122.177. (A) As used in this section: | 12 |
(1) "Vacant facility" means a building, a complex of | 13 |
buildings, or the structural remains of a former building or | 14 |
complex of buildings that meet all of the following criteria: | 15 |
(a) The building or buildings were used, or designed and | 16 |
constructed for use, in production, manufacturing, fabrication, | 17 |
assembly, processing, refining, finishing, or warehousing of | 18 |
tangible personal property, including tangible personal property | 19 |
that is or was used for sale to third parties or for use by the | 20 |
owner in the owner's business. | 21 |
(b) The building or buildings were placed into service at | 22 |
least fifteen years before the date of an application submitted | 23 |
under division (B) of this section with respect to the building or | 24 |
buildings. | 25 |
(c) At least seventy-five per cent of the square footage of | 26 |
the building or building complex has not been used to carry on | 27 |
production, manufacturing, assembly, processing, refining, | 28 |
finishing, or warehousing of tangible personal property during the | 29 |
five years immediately preceding the date an application is | 30 |
submitted under division (B) of this section with respect to the | 31 |
building or building complex. | 32 |
For the purposes of this section, a building or vacant | 33 |
facility is considered to have been "placed into service" when at | 34 |
least fifty per cent of the combined square footage of the | 35 |
building or vacant facility has been occupied. | 36 |
(2) "Vacant industrial site" means a vacant facility and the | 37 |
parcel or parcels of real property upon which the vacant facility | 38 |
is located. "Vacant industrial site" shall not include any parcel | 39 |
that is subject to an administrative, civil, or criminal | 40 |
environmental enforcement action or against which delinquent | 41 |
taxes, interest, assessments, and penalties remain unpaid. | 42 |
(3) "Qualified investment" means expenditures for the | 43 |
rehabilitation of a vacant industrial site that has been | 44 |
designated as an industrial recovery site by the development | 45 |
services agency under division (C) of this section. "Qualified | 46 |
investment" shall not include legal expenses, including any | 47 |
expenses incurred by reason of an administrative, civil, or | 48 |
criminal environmental enforcement action brought with respect to | 49 |
the vacant industrial site. | 50 |
(4) "Rehabilitation" means the remodeling, repair, | 51 |
alteration, demolition, or redevelopment of a vacant industrial | 52 |
site for the purpose of putting the site to a better or more | 53 |
efficient use. | 54 |
(B) Upon application by a county or municipal corporation, | 55 |
the director of development services may designate a vacant | 56 |
industrial site located within the municipal corporation or county | 57 |
as an industrial recovery site. A municipal corporation may | 58 |
request such a designation for a site located within the municipal | 59 |
corporation, and a county may request such a designation for a | 60 |
site located within the unincorporated territory of the county. | 61 |
The application shall be in the form prescribed by the | 62 |
director. In addition to any other information required by the | 63 |
director, the application shall include both of the following: | 64 |
(1) A detailed plan for the development and use of the vacant | 65 |
industrial site; | 66 |
(2) A copy of a resolution adopted by the legislative | 67 |
authority of the municipal corporation or the board of county | 68 |
commissioners recommending designation of the site as an | 69 |
industrial recovery site. | 70 |
(C) The director of development services shall review each | 71 |
application submitted under this section. The director shall | 72 |
determine whether, on the date the application was filed, the site | 73 |
described in an application qualifies as a vacant industrial site. | 74 |
If the site so qualifies, the director shall determine whether | 75 |
designation of the site as an industrial recovery site is in the | 76 |
best interests of the state. In making that determination, the | 77 |
director shall consider the following factors: | 78 |
(1) The level of distress caused by job losses in the | 79 |
community surrounding the vacant industrial site; | 80 |
(2) The desirability of the intended use of the vacant | 81 |
industrial site, as described in the plan submitted by the | 82 |
municipal corporation or county, and the likelihood that | 83 |
implementation of the plan will improve economic and employment | 84 |
conditions in the surrounding community; | 85 |
(3) Evidence that the residents, businesses, and other | 86 |
private organizations in the surrounding community support | 87 |
designation of the site as an industrial recovery site; | 88 |
(4) Whether the vacant industrial site is located in an | 89 |
enterprise zone created under sections 5709.61 to 5709.69, a joint | 90 |
economic development zone created under section 715.691, or a | 91 |
joint economic development district created under section 715.70 | 92 |
or 715.71 or sections 715.72 to 715.81 of the Revised Code; | 93 |
(5) Whether the vacant industrial site is exempt from | 94 |
property taxation pursuant to a resolution or ordinance adopted | 95 |
under section 5709.40, 5709.41, 5709.73, or 5709.78 of the Revised | 96 |
Code; | 97 |
(6) Evidence of a commitment by private or public entities to | 98 |
provide financial assistance in implementing the plan submitted by | 99 |
the municipal corporation or county; | 100 |
(7) Evidence of efforts by the municipal corporation or | 101 |
county to implement the proposed plan without additional financial | 102 |
assistance from the state; | 103 |
(8) Any other factor the director considers relevant to the | 104 |
determination. | 105 |
Upon consideration of the factors described in this division, | 106 |
the director shall approve or deny the application for | 107 |
designation. The director shall certify the decision to the | 108 |
municipal corporation or county that requested the designation. | 109 |
When the director designates a site as an industrial recovery | 110 |
site, the director shall list the industrial recovery site on the | 111 |
development services agency's web site. | 112 |
(D) The designation of a site as an industrial recovery site | 113 |
is contingent upon the development and use of the site in | 114 |
accordance with the plan submitted by the municipal corporation or | 115 |
county under division (B) of this section. If the director | 116 |
determines that the development of a site has resulted in a | 117 |
violation of this condition, the director shall revoke the | 118 |
industrial recovery site designation. | 119 |
(E)(1) An owner or developer of an industrial recovery site | 120 |
that makes a qualified investment in the site may apply to the | 121 |
director of development services for a tax credit certificate. The | 122 |
director may require owners or developers to include with the | 123 |
application a uniform fee of not more than two thousand five | 124 |
hundred dollars. In addition to any other information required by | 125 |
the director, the application shall state the amount of the | 126 |
qualified investment. | 127 |
The director shall review the application and determine | 128 |
whether all of the following criteria are met: | 129 |
(a) The qualified investment was made for the rehabilitation | 130 |
of property located on an industrial recovery site designated as | 131 |
such by the director pursuant to division (C) of this section. | 132 |
(b) The applicant is the owner or developer of the industrial | 133 |
recovery site. | 134 |
(c) The qualified investment was made in accordance with the | 135 |
development plan submitted by the municipal corporation or county | 136 |
in which the industrial recovery site is located. | 137 |
(d) The applicant made all or part of the qualified | 138 |
investment at least six months before submitting the application. | 139 |
(e) The municipal corporation or county in which the | 140 |
industrial recovery site is located has certified that the | 141 |
rehabilitation of the industrial recovery site is substantially | 142 |
complete. | 143 |
(2) If the director determines that an application meets the | 144 |
criteria in divisions (E)(1)(a) to (d) of this section, the | 145 |
director shall issue a tax credit certificate. The amount of the | 146 |
tax credit certificate shall equal the product obtained by | 147 |
multiplying the applicant's qualified investment by one of the | 148 |
following percentages: | 149 |
(a) Fifteen per cent if the vacant facility that is located | 150 |
on the industrial recovery site was placed into service at least | 151 |
fifteen, but less than thirty, years before the date of the tax | 152 |
credit certificate application; | 153 |
(b) Twenty per cent if the vacant facility that is located on | 154 |
the industrial recovery site was placed into service at least | 155 |
thirty, but less than forty, years before the date of the tax | 156 |
credit certificate application; | 157 |
(c) Twenty-five per cent if the vacant facility that is | 158 |
located on the industrial recovery site was placed into service | 159 |
forty or more years before the date of the tax credit certificate | 160 |
application. | 161 |
(3) The director shall not issue any tax credit certificate | 162 |
under this section after the last day of the sixtieth month after | 163 |
the effective date of the enactment of this section. | 164 |
(F) The owner of a tax credit certificate issued under this | 165 |
section may assign the certificate to any other person. The | 166 |
assignee shall provide written notice of the assignment to the tax | 167 |
commissioner and the director of development services, in such | 168 |
form as the tax commissioner prescribes, before the certificate | 169 |
that was assigned is applied against a tax. The assignor may not | 170 |
use the certificate to claim a credit to the extent that the | 171 |
certificate was assigned to the assignee. The assignee may use the | 172 |
certificate to claim a credit only to the extent that the assignor | 173 |
has not claimed a credit on the basis of that certificate. | 174 |
(G) On or before the first day of April each year, the | 175 |
director shall submit to the governor, the president of the | 176 |
senate, and the speaker of the house of representatives a report | 177 |
on the tax credit program established under this section. The | 178 |
report shall include information on the status of the | 179 |
rehabilitation of each industrial recovery site designated under | 180 |
this section. The director shall not be required to submit an | 181 |
annual report after the sixth year after the year in which this | 182 |
section becomes effective. | 183 |
(H) The director shall adopt any rules necessary to | 184 |
administer this section. Such rules shall include criteria for | 185 |
when a municipal corporation or county may certify that the | 186 |
rehabilitation of an industrial recovery site is substantially | 187 |
complete under division (E)(1) of this section. | 188 |
Sec. 5725.35. A nonrefundable credit is allowed against the | 189 |
tax imposed under section 5725.18 of the Revised Code for an | 190 |
insurance company that holds a tax credit certificate issued under | 191 |
section 122.177 of the Revised Code. The credit shall equal the | 192 |
dollar amount indicated on the certificate. The credit shall be | 193 |
claimed in the calendar year specified on the certificate and in | 194 |
the order required under section 5725.98 of the Revised Code. If | 195 |
the amount of the credit exceeds the amount of tax otherwise due | 196 |
under section 5725.18 of the Revised Code for the calendar year, | 197 |
after allowing for any credits preceding the credit in the order | 198 |
prescribed by section 5725.98 of the Revised Code, the insurance | 199 |
company may carry forward the excess amount to subsequent calendar | 200 |
years. The insurance company shall deduct the amount of the excess | 201 |
credit allowed in any such year from the balance carried forward | 202 |
to the next calendar year. | 203 |
The insurance company shall make the tax credit certificate | 204 |
available for inspection by the tax commissioner upon the request | 205 |
of the tax commissioner. | 206 |
Sec. 5725.98. (A) To provide a uniform procedure for | 207 |
calculating the amount of tax imposed by section 5725.18 of the | 208 |
Revised Code that is due under this chapter, a taxpayer shall | 209 |
claim any credits and offsets against tax liability to which it is | 210 |
entitled in the following order: | 211 |
(1) The credit for an insurance company or insurance company | 212 |
group under section 5729.031 of the Revised Code; | 213 |
(2) The credit for eligible employee training costs under | 214 |
section 5725.31 of the Revised Code; | 215 |
(3) The credit for purchasers of qualified low-income | 216 |
community investments under section 5725.33 of the Revised Code; | 217 |
(4) The nonrefundable job retention credit under division | 218 |
(B)(1) of section 122.171 of the Revised Code; | 219 |
(5) The nonrefundable credit for rehabilitating a vacant | 220 |
industrial site under section 5725.35 of the Revised Code; | 221 |
(6) The offset of assessments by the Ohio life and health | 222 |
insurance guaranty association permitted by section 3956.20 of the | 223 |
Revised Code; | 224 |
| 225 |
building under section 5725.34 of the Revised Code. | 226 |
| 227 |
division (B)(2) or (3) of section 122.171 of the Revised Code; | 228 |
| 229 |
section 5725.32 of the Revised Code; | 230 |
| 231 |
Revised Code for losses on loans made under the Ohio venture | 232 |
capital program under sections 150.01 to 150.10 of the Revised | 233 |
Code. | 234 |
(B) For any credit except the refundable credits enumerated | 235 |
in this section, the amount of the credit for a taxable year shall | 236 |
not exceed the tax due after allowing for any other credit that | 237 |
precedes it in the order required under this section. Any excess | 238 |
amount of a particular credit may be carried forward if authorized | 239 |
under the section creating that credit. Nothing in this chapter | 240 |
shall be construed to allow a taxpayer to claim, directly or | 241 |
indirectly, a credit more than once for a taxable year. | 242 |
Sec. 5726.58. A nonrefundable credit is allowed against the | 243 |
tax imposed under section 5726.02 of the Revised Code for a | 244 |
financial institution that holds a tax credit certificate issued | 245 |
under section 122.177 of the Revised Code. The credit shall equal | 246 |
the dollar amount indicated on the certificate. The credit shall | 247 |
be claimed in the tax year specified on the certificate and in the | 248 |
order required by section 5726.98 of the Revised Code. If the | 249 |
amount of the credit exceeds the amount of tax otherwise due under | 250 |
section 5726.02 of the Revised Code for the tax year, after | 251 |
allowing for any credits preceding the credit in the order | 252 |
prescribed by section 5726.98 of the Revised Code, the financial | 253 |
institution may carry forward the excess amount to subsequent tax | 254 |
years. The financial institution shall deduct the amount of the | 255 |
excess credit allowed in any such year from the balance carried | 256 |
forward to the next tax year. | 257 |
The financial institution shall make the tax credit | 258 |
certificate available for inspection by the tax commissioner upon | 259 |
the request of the tax commissioner. | 260 |
Sec. 5726.98. (A) To provide a uniform procedure for | 261 |
calculating the amount of tax due under section 5726.02 of the | 262 |
Revised Code, a taxpayer shall claim any credits to which the | 263 |
taxpayer is entitled under this chapter in the following order: | 264 |
(1) The bank organization assessment credit under section | 265 |
5726.51 of the Revised Code; | 266 |
(2) The nonrefundable job retention credit under division (B) | 267 |
of section 5726.50 of the Revised Code; | 268 |
(3) The nonrefundable credit for purchases of qualified | 269 |
low-income community investments under section 5726.54 of the | 270 |
Revised Code; | 271 |
(4) The nonrefundable credit for qualified research expenses | 272 |
under section 5726.56 of the Revised Code; | 273 |
(5) The nonrefundable credit for qualifying dealer in | 274 |
intangibles taxes under section 5726.57 of the Revised Code | 275 |
(6) The nonrefundable credit for rehabilitating a vacant | 276 |
industrial site under section 5726.58 of the Revised Code; | 277 |
(7) The refundable credit for rehabilitating an historic | 278 |
building under section 5726.52 of the Revised Code; | 279 |
| 280 |
under division (A) of section 5726.50 of the Revised Code; | 281 |
| 282 |
Revised Code for losses on loans made under the Ohio venture | 283 |
capital program under sections 150.01 to 150.10 of the Revised | 284 |
Code; | 285 |
| 286 |
section 5726.55 of the Revised Code. | 287 |
(B) For any credit except the refundable credits enumerated | 288 |
in this section, the amount of the credit for a taxable year shall | 289 |
not exceed the tax due after allowing for any other credit that | 290 |
precedes it in the order required under this section. Any excess | 291 |
amount of a particular credit may be carried forward if authorized | 292 |
under the section creating that credit. Nothing in this chapter | 293 |
shall be construed to allow a taxpayer to claim, directly or | 294 |
indirectly, a credit more than once for a taxable year. | 295 |
Sec. 5729.18. A nonrefundable credit is allowed against the | 296 |
tax imposed under section 5729.03 of the Revised Code for an | 297 |
insurance company that holds a tax credit certificate issued under | 298 |
section 122.177 of the Revised Code. The credit shall equal the | 299 |
dollar amount indicated on the certificate. The credit shall be | 300 |
claimed in the calendar year specified on the certificate and in | 301 |
the order required by section 5729.98 of the Revised Code. If the | 302 |
amount of the credit exceeds the amount of tax otherwise due under | 303 |
section 5729.03 of the Revised Code for the calendar year, after | 304 |
allowing for any credits preceding the credit in the order | 305 |
prescribed by section 5729.98 of the Revised Code, the insurance | 306 |
company may carry forward the excess amount to subsequent calendar | 307 |
years. The insurance company shall deduct the amount of the excess | 308 |
credit allowed in any such year from the balance carried forward | 309 |
to the next calendar year. | 310 |
The insurance company shall make the tax credit certificate | 311 |
available for inspection by the tax commissioner upon the request | 312 |
of the tax commissioner. | 313 |
Sec. 5729.98. (A) To provide a uniform procedure for | 314 |
calculating the amount of tax due under this chapter, a taxpayer | 315 |
shall claim any credits and offsets against tax liability to which | 316 |
it is entitled in the following order: | 317 |
(1) The credit for an insurance company or insurance company | 318 |
group under section 5729.031 of the Revised Code; | 319 |
(2) The credit for eligible employee training costs under | 320 |
section 5729.07 of the Revised Code; | 321 |
(3) The credit for purchases of qualified low-income | 322 |
community investments under section 5729.16 of the Revised Code; | 323 |
(4) The nonrefundable job retention credit under division | 324 |
(B)(1) of section 122.171 of the Revised Code; | 325 |
(5) The nonrefundable credit for rehabilitating a vacant | 326 |
industrial site under section 5729.18 of the Revised Code; | 327 |
(6) The offset of assessments by the Ohio life and health | 328 |
insurance guaranty association against tax liability permitted by | 329 |
section 3956.20 of the Revised Code; | 330 |
| 331 |
building under section 5729.17 of the Revised Code. | 332 |
| 333 |
division (B)(2) or (3) of section 122.171 of the Revised Code; | 334 |
| 335 |
section 5729.032 of the Revised Code; | 336 |
| 337 |
Revised Code for losses on loans made under the Ohio venture | 338 |
capital program under sections 150.01 to 150.10 of the Revised | 339 |
Code. | 340 |
(B) For any credit except the refundable credits enumerated | 341 |
in this section, the amount of the credit for a taxable year shall | 342 |
not exceed the tax due after allowing for any other credit that | 343 |
precedes it in the order required under this section. Any excess | 344 |
amount of a particular credit may be carried forward if authorized | 345 |
under the section creating that credit. Nothing in this chapter | 346 |
shall be construed to allow a taxpayer to claim, directly or | 347 |
indirectly, a credit more than once for a taxable year. | 348 |
Sec. 5747.78. (A) A nonrefundable credit is allowed against | 349 |
the tax imposed by section 5747.02 of the Revised Code for a | 350 |
taxpayer that holds a tax credit certificate issued under section | 351 |
122.177 of the Revised Code. The credit shall equal the dollar | 352 |
amount indicated on the certificate. The credit shall be claimed | 353 |
in the taxable year specified on the certificate and in the order | 354 |
required under section 5747.98 of the Revised Code. If the amount | 355 |
of the credit exceeds the amount of tax otherwise due under | 356 |
section 5747.02 of the Revised Code for the taxable year, after | 357 |
allowing for any credits preceding the credit in the order | 358 |
prescribed by section 5747.98 of the Revised Code, the taxpayer | 359 |
may carry forward the excess amount to subsequent taxable years. | 360 |
The taxpayer shall deduct the amount of the excess credit allowed | 361 |
in any such year from the balance carried forward to the next | 362 |
taxable year. | 363 |
(B) Nothing in this section limits or disallows pass-through | 364 |
treatment of the credit if the person issued the tax credit | 365 |
certificate under section 122.177 of the Revised Code is a | 366 |
pass-through entity. If the certificate is issued to a | 367 |
pass-through entity, the credit may be allocated among the | 368 |
entity's equity owners in proportion to their ownership interests | 369 |
or in such proportions or amounts as the equity owners mutually | 370 |
agree. | 371 |
(C) A credit may not be claimed under this section if a | 372 |
credit is or was claimed under any other section of the Revised | 373 |
Code on the basis of the same tax certificate issued under section | 374 |
122.177 of the Revised Code. | 375 |
(D) The taxpayer shall make the tax credit certificate | 376 |
available for inspection by the tax commissioner upon the request | 377 |
of the tax commissioner. | 378 |
Sec. 5747.98. (A) To provide a uniform procedure for | 379 |
calculating the amount of tax due under section 5747.02 of the | 380 |
Revised Code, a taxpayer shall claim any credits to which the | 381 |
taxpayer is entitled in the following order: | 382 |
(1) The retirement income credit under division (B) of | 383 |
section 5747.055 of the Revised Code; | 384 |
(2) The senior citizen credit under division (C) of section | 385 |
5747.05 of the Revised Code; | 386 |
(3) The lump sum distribution credit under division (D) of | 387 |
section 5747.05 of the Revised Code; | 388 |
(4) The dependent care credit under section 5747.054 of the | 389 |
Revised Code; | 390 |
(5) The lump sum retirement income credit under division (C) | 391 |
of section 5747.055 of the Revised Code; | 392 |
(6) The lump sum retirement income credit under division (D) | 393 |
of section 5747.055 of the Revised Code; | 394 |
(7) The lump sum retirement income credit under division (E) | 395 |
of section 5747.055 of the Revised Code; | 396 |
(8) The low-income credit under section 5747.056 of the | 397 |
Revised Code; | 398 |
(9) The credit for displaced workers who pay for job training | 399 |
under section 5747.27 of the Revised Code; | 400 |
(10) The campaign contribution credit under section 5747.29 | 401 |
of the Revised Code; | 402 |
(11) The twenty-dollar personal exemption credit under | 403 |
section 5747.022 of the Revised Code; | 404 |
(12) The joint filing credit under division (G) of section | 405 |
5747.05 of the Revised Code; | 406 |
(13) The nonresident credit under division (A) of section | 407 |
5747.05 of the Revised Code; | 408 |
(14) The credit for a resident's out-of-state income under | 409 |
division (B) of section 5747.05 of the Revised Code; | 410 |
(15) The credit for employers that enter into agreements with | 411 |
child day-care centers under section 5747.34 of the Revised Code; | 412 |
(16) The credit for employers that reimburse employee child | 413 |
care expenses under section 5747.36 of the Revised Code; | 414 |
(17) The credit for adoption of a minor child under section | 415 |
5747.37 of the Revised Code; | 416 |
(18) The credit for purchases of lights and reflectors under | 417 |
section 5747.38 of the Revised Code; | 418 |
(19) The nonrefundable job retention credit under division | 419 |
(B) of section 5747.058 of the Revised Code; | 420 |
(20) The credit for selling alternative fuel under section | 421 |
5747.77 of the Revised Code; | 422 |
(21) The second credit for purchases of new manufacturing | 423 |
machinery and equipment and the credit for using Ohio coal under | 424 |
section 5747.31 of the Revised Code; | 425 |
(22) The job training credit under section 5747.39 of the | 426 |
Revised Code; | 427 |
(23) The enterprise zone credit under section 5709.66 of the | 428 |
Revised Code; | 429 |
(24) The credit for the eligible costs associated with a | 430 |
voluntary action under section 5747.32 of the Revised Code; | 431 |
(25) The credit for employers that establish on-site child | 432 |
day-care centers under section 5747.35 of the Revised Code; | 433 |
(26) The ethanol plant investment credit under section | 434 |
5747.75 of the Revised Code; | 435 |
(27) The credit for purchases of qualifying grape production | 436 |
property under section 5747.28 of the Revised Code; | 437 |
(28) The small business investment credit under section | 438 |
5747.81 of the Revised Code; | 439 |
(29) The credit for research and development and technology | 440 |
transfer investors under section 5747.33 of the Revised Code; | 441 |
(30) The enterprise zone credits under section 5709.65 of the | 442 |
Revised Code; | 443 |
(31) The research and development credit under section | 444 |
5747.331 of the Revised Code; | 445 |
(32) The credit for rehabilitating a vacant industrial site | 446 |
under section 5747.78 of the Revised Code; | 447 |
(33) The credit for rehabilitating a historic building under | 448 |
section 5747.76 of the Revised Code; | 449 |
| 450 |
building under section 5747.76 of the Revised Code; | 451 |
| 452 |
credit under division (A) of section 5747.058 of the Revised Code; | 453 |
| 454 |
entity granted under section 5747.059 of the Revised Code; | 455 |
| 456 |
qualifying pass-through entity granted under division (J) of | 457 |
section 5747.08 of the Revised Code; | 458 |
| 459 |
Revised Code for losses on loans made to the Ohio venture capital | 460 |
program under sections 150.01 to 150.10 of the Revised Code; | 461 |
| 462 |
under section 5747.66 of the Revised Code | 463 |
| 464 |
taxes paid by a pass-through entity granted under section 5747.65 | 465 |
of the Revised Code. | 466 |
(B) For any credit, except the refundable credits enumerated | 467 |
in this section and the credit granted under division (I) of | 468 |
section 5747.08 of the Revised Code, the amount of the credit for | 469 |
a taxable year shall not exceed the tax due after allowing for any | 470 |
other credit that precedes it in the order required under this | 471 |
section. Any excess amount of a particular credit may be carried | 472 |
forward if authorized under the section creating that credit. | 473 |
Nothing in this chapter shall be construed to allow a taxpayer to | 474 |
claim, directly or indirectly, a credit more than once for a | 475 |
taxable year. | 476 |
Sec. 5749.11. (A) There is hereby allowed a nonrefundable | 477 |
credit against the taxes imposed under division (A)(8) of section | 478 |
5749.02 of the Revised Code for any severer to which a reclamation | 479 |
tax credit certificate is issued under section 1513.171 of the | 480 |
Revised Code. The credit shall be claimed in the amount shown on | 481 |
the certificate. The credit shall be claimed by deducting the | 482 |
amount of the credit from the amount of the first tax payment due | 483 |
under section 5749.06 of the Revised Code after the certificate is | 484 |
issued. | 485 |
If the amount of the credit shown on a certificate exceeds | 486 |
the amount of the tax otherwise due with that first payment, the | 487 |
excess shall be claimed against the amount of tax otherwise due on | 488 |
succeeding payment dates until the entire credit amount has been | 489 |
deducted. The total amount of credit claimed against payments | 490 |
shall not exceed the total amount of credit shown on the | 491 |
certificate. | 492 |
The severer shall claim the credit in the order required by | 493 |
section 5749.98 of the Revised Code. | 494 |
(B) A severer claiming a credit under this section shall | 495 |
retain a reclamation tax credit certificate for not less than four | 496 |
years following the date of the last tax payment against which the | 497 |
credit allowed under that certificate was applied. Severers shall | 498 |
make tax credit certificates available for inspection by the tax | 499 |
commissioner upon the tax commissioner's request. | 500 |
Sec. 5749.18. A nonrefundable credit is allowed against the | 501 |
tax imposed under section 5749.02 of the Revised Code for a | 502 |
severer that holds a tax credit certificate issued under section | 503 |
122.177 of the Revised Code. The credit shall equal the dollar | 504 |
amount indicated on the certificate. The credit shall be claimed | 505 |
by deducting the amount of the credit from the amount of the first | 506 |
tax payment due under section 5749.06 of the Revised Code after | 507 |
the certificate is issued. If the amount of the credit shown on a | 508 |
certificate exceeds the amount of the tax otherwise due with that | 509 |
first payment, the excess shall be claimed against the amount of | 510 |
tax otherwise due on succeeding payment dates until the entire | 511 |
credit amount has been deducted. The total amount of credit | 512 |
claimed against payments shall not exceed the total amount of | 513 |
credit shown on the certificate. | 514 |
The severer shall claim the credit in the order required by | 515 |
section 5749.98 of the Revised Code. | 516 |
The severer shall make the tax credit certificate available | 517 |
for inspection by the tax commissioner upon the request of the tax | 518 |
commissioner. | 519 |
Sec. 5749.98. (A) To provide a uniform procedure for | 520 |
calculating the amount of tax imposed by section 5749.02 of the | 521 |
Revised Code that is due under this chapter, a taxpayer shall | 522 |
claim any credits to which it is entitled in the following order: | 523 |
(1) The nonrefundable credit for the reclamation of land or | 524 |
water resources under section 5749.11 of the Revised Code; | 525 |
(2) The nonrefundable credit for rehabilitating a vacant | 526 |
industrial site under section 5749.18 of the Revised Code. | 527 |
(B) For any credit, the amount of the credit for a tax period | 528 |
shall not exceed the tax due after allowing for any other credit | 529 |
that precedes it in the order required under this section. Any | 530 |
excess amount of a particular credit may be carried forward if | 531 |
authorized under the section creating that credit. Nothing in this | 532 |
chapter shall be construed to allow a taxpayer to claim, directly | 533 |
or indirectly, a credit more than once for a single tax period. | 534 |
Section 2. That existing sections 5725.98, 5726.98, 5729.98, | 535 |
5747.98, and 5749.11 of the Revised Code are hereby repealed. | 536 |
Section 3. Section 5747.98 of the Revised Code is presented | 537 |
in this act as a composite of the section as amended by both Am. | 538 |
Sub. H.B. 386 and Am. Sub. H.B. 510 of the 129th General Assembly. | 539 |
The General Assembly, applying the principle stated in division | 540 |
(B) of section 1.52 of the Revised Code that amendments are to be | 541 |
harmonized if reasonably capable of simultaneous operation, finds | 542 |
that the composite is the resulting version of the section in | 543 |
effect prior to the effective date of the section as presented in | 544 |
this act. | 545 |