(3) The tax commissioner may enter into an agreement with the | 24 |
taxing authorities of any state or of the District of Columbia | 25 |
that imposes an income tax to provide that compensation paid in | 26 |
this state to a nonresident taxpayer shall not be subject to the | 27 |
tax levied in section 5747.02 of the Revised Code so long as | 28 |
compensation paid in such other state or in the District of | 29 |
Columbia to a resident taxpayer shall likewise not be subject to | 30 |
the income tax of such other state or of the District of Columbia. | 31 |
(1) The amount of tax otherwise due under section 5747.02 of | 33 |
the Revised Code on such portion of the adjusted gross income of a | 34 |
resident taxpayer that in another state or in the District of | 35 |
Columbia is subjected to an income tax. The credit provided under | 36 |
division (B)(1) of this section shall not exceed the portion of | 37 |
the total tax due under section 5747.02 of the Revised Code that | 38 |
the amount of the resident taxpayer's adjusted gross income | 39 |
subjected to an income tax in the other state or in the District | 40 |
of Columbia bears to the total adjusted gross income of the | 41 |
resident taxpayer derived from all sources everywhere. | 42 |
(a) In the case of an underpayment, the report shall be | 58 |
accompanied by payment of any additional tax due as a result of | 59 |
the reduction in credit together with interest on the additional | 60 |
tax and is a return subject to assessment under section 5747.13 of | 61 |
the Revised Code solely for the purpose of assessing any | 62 |
additional tax due under this division, together with any | 63 |
applicable penalty and interest. It shall not reopen the | 64 |
computation of the taxpayer's tax liability under this chapter | 65 |
from a previously filed return no longer subject to assessment | 66 |
except to the extent that such liability is affected by an | 67 |
adjustment to the credit allowed by division (B) of this section. | 68 |
(b) In the case of an overpayment, an application for refund | 69 |
may be filed under this division within the sixty-day period | 70 |
prescribed for filing the report even if it is beyond the period | 71 |
prescribed in section 5747.11 of the Revised Code if it otherwise | 72 |
conforms to the requirements of such section. An application filed | 73 |
under this division shall only claim refund of overpayments | 74 |
resulting from an adjustment to the credit allowed by division (B) | 75 |
of this section unless it is also filed within the time prescribed | 76 |
in section 5747.11 of the Revised Code. It shall not reopen the | 77 |
computation of the taxpayer's tax liability except to the extent | 78 |
that such liability is affected by an adjustment to the credit | 79 |
allowed by division (B) of this section. | 80 |
(D) A taxpayer sixty-five years of age or older during the | 91 |
taxable year who has received a lump-sum distribution from a | 92 |
pension, retirement, or profit-sharing plan in the taxable year | 93 |
may elect to receive a credit under this division in lieu of the | 94 |
credit to which the taxpayer is entitled under division (C) of | 95 |
this section. A taxpayer making such election shall receive a | 96 |
credit for the taxable year equal to fifty dollars times the | 97 |
taxpayer's expected remaining life as shown by annuity tables | 98 |
issued under the provisions of the Internal Revenue Code and in | 99 |
effect for the calendar year which includes the last day of the | 100 |
taxable year. A taxpayer making an election under this division is | 101 |
not entitled to the credit authorized under division (C) of this | 102 |
section in subsequent taxable years except that if such election | 103 |
was made prior to July 1, 1983, the taxpayer is entitled to | 104 |
one-half the credit authorized under such division in subsequent | 105 |
taxable years but may not make another election under this | 106 |
division. | 107 |
(E) A taxpayer who is not sixty-five years of age or older | 108 |
during the taxable year who has received a lump-sum distribution | 109 |
from a pension, retirement, or profit-sharing plan in a taxable | 110 |
year ending on or before July 31, 1991, may elect to take a credit | 111 |
against the tax otherwise due under this chapter for such year | 112 |
equal to fifty dollars times the expected remaining life of a | 113 |
taxpayer sixty-five years of age as shown by annuity tables issued | 114 |
under the provisions of the Internal Revenue Code and in effect | 115 |
for the calendar year which includes the last day of the taxable | 116 |
year. A taxpayer making an election under this division is not | 117 |
entitled to a credit under division (C) or (D) of this section in | 118 |
any subsequent year except that if such election was made prior to | 119 |
July 1, 1983, the taxpayer is entitled to one-half the credit | 120 |
authorized under division (C) of this section in subsequent years | 121 |
but may not make another election under this division. No taxpayer | 122 |
may make an election under this division for a taxable year ending | 123 |
on or after August 1, 1991. | 124 |
(G)(1) On a joint return filed by a husband and wife, each of | 128 |
whom had adjusted gross income of at least five hundred dollars, | 129 |
exclusive of interest, dividends and distributions, royalties, | 130 |
rent, and capital gains, a nonrefundable credit equal to the | 131 |
percentage shown in the table contained in this division of the | 132 |
amount of tax duedifference of the amount of tax shown to be due | 133 |
on the joint return minus the husband's and wife's minimum | 134 |
combined amount of tax, after allowing for any other credit that | 135 |
precedes the credit under this division in the order required | 136 |
under section 5747.98 of the Revised Code. | 137 |
(a) "Minimum combined amount of tax" means the sum of the tax | 151 |
that would be due on the husband's and wife's returns if the | 152 |
husband and wife filed separate returns, notwithstanding division | 153 |
(E) of section 5747.08 of the Revised Code, if the husband and | 154 |
wife made all adjustments and claimed all credits to which the | 155 |
husband and wife would be required or allowed to make or claim on | 156 |
each separate return. For the purpose of calculating "minimum | 157 |
combined amount of tax," adjustments or credits that could be | 158 |
taken or claimed by either the husband or wife on the husband's or | 159 |
wife's separate return shall be claimed by each spouse in a manner | 160 |
that would result in the least combined tax due. | 161 |
(J) The credit allowed under division (A) of this section | 179 |
shall be calculated based upon the amount of tax due under section | 180 |
5747.02 of the Revised Code after subtracting any other credits | 181 |
that precede the credit under that division in the order required | 182 |
under section 5747.98 of the Revised Code. The credit allowed | 183 |
under division (B) of this section shall be calculated based upon | 184 |
the amount of tax due under section 5747.02 of the Revised Code | 185 |
after subtracting any other credits that precede the credit under | 186 |
that division in the order required under section 5747.98 of the | 187 |
Revised Code. | 188 |