|
|
| To amend section 5747.98 and to enact section 5747.78 | 1 |
| of the Revised Code to authorize a nonrefundable | 2 |
| income tax credit for the purchase or construction | 3 |
| of an accessible home or for the renovation of a | 4 |
| home to improve its accessibility. | 5 |
| Section 1. That section 5747.98 be amended and section | 6 |
| 5747.78 of the Revised Code be enacted to read as follows: | 7 |
| Sec. 5747.78. (A)(1) A nonrefundable credit may be claimed | 8 |
| against the tax imposed by section 5747.02 of the Revised Code by | 9 |
| a taxpayer that renovates the taxpayer's existing residence, | 10 |
| provided that the renovation is designed to improve accessibility | 11 |
| and provide universal visitability in accordance with guidelines | 12 |
| established by the development services agency. The amount of the | 13 |
| credit shall equal fifty per cent of the total cost of the | 14 |
| renovation, not to exceed five thousand dollars for the renovation | 15 |
| of each existing residence. | 16 |
| (2) A nonrefundable credit may be claimed against the tax | 17 |
| imposed by section 5747.02 of the Revised Code by a taxpayer that | 18 |
| purchases or constructs a new residence or by a contractor that | 19 |
| incurs costs in constructing a new residential structure, provided | 20 |
| that the new residence or residential structure includes designs | 21 |
| that will provide accessibility and universal visitability in | 22 |
| accordance with guidelines established by the development services | 23 |
| agency. The amount of the credit shall equal the purchase price of | 24 |
| the new residence or the costs incurred in constructing the new | 25 |
| residence or residential structure, not to exceed five thousand | 26 |
| dollars for the purchase or construction of each new residence or | 27 |
| residential structure. As used in this section, "purchase of a new | 28 |
| residence" means a transaction involving the first sale of a | 29 |
| residence to a purchaser who intends to reside in the residence. | 30 |
| (B) A taxpayer may not claim a credit allowed under this | 31 |
| section for the purchase, construction, or renovation of | 32 |
| residential rental property. | 33 |
| (C)(1) As used in this division: | 34 |
| (a) "Total annual credit limit" means the total amount of all | 35 |
| credits that may be authorized under this section for a calendar | 36 |
| year. The total annual credit limit shall equal three hundred | 37 |
| thousand dollars. | 38 |
| (b) "Transaction-specific credit limit" means the total | 39 |
| amount of all credits that may be authorized under either division | 40 |
| (A)(1) or (2) of this section for a calendar year. The | 41 |
| transaction-specific credit limit for credits authorized under | 42 |
| division (A)(1) of this section shall equal two hundred thousand | 43 |
| dollars. The transaction-specific credit limit for credits | 44 |
| authorized under division (A)(2) of this section shall equal one | 45 |
| hundred thousand dollars. | 46 |
| (2) Eligible taxpayers shall apply for a credit allowed under | 47 |
| this section by submitting an application to the development | 48 |
| services agency. The agency shall prescribe the form of the | 49 |
| application. Upon receipt of an application, the agency shall | 50 |
| approve the application if each of the following apply: | 51 |
| (a) The total annual credit limit and the applicable | 52 |
| transaction-specific credit limit have not been reached for the | 53 |
| calendar year in which the application is received. | 54 |
| (b) The agency has not previously approved a credit | 55 |
| application relating to the same residence. | 56 |
| (c) The credit application does not relate to a transaction | 57 |
| between a taxpayer and a member of the taxpayer's family or | 58 |
| between a pass-through entity and a person that holds, directly or | 59 |
| indirectly, an ownership interest in the entity. As used in this | 60 |
| division, "family" has the same meaning as in section 5747.011 of | 61 |
| the Revised Code. | 62 |
| (D) A taxpayer shall claim a credit authorized under division | 63 |
| (C) of this section in the order required under section 5747.98 of | 64 |
| the Revised Code. Any credit amount in excess of the tax due under | 65 |
| this chapter after allowing for any other nonrefundable credits | 66 |
| that precede the credit in the order specified under that section | 67 |
| may be carried forward for seven taxable years, but the amount of | 68 |
| the excess credit allowed in any such year shall be deducted from | 69 |
| the balance carried forward to the next year. If the taxpayer is a | 70 |
| direct or indirect investor in a pass-through entity that has | 71 |
| engaged in a construction project under this section, the taxpayer | 72 |
| may claim its proportionate or distributive share of the credit | 73 |
| allowed under this section. | 74 |
| Sec. 5747.98. (A) To provide a uniform procedure for | 75 |
| calculating the amount of tax due under section 5747.02 of the | 76 |
| Revised Code, a taxpayer shall claim any credits to which the | 77 |
| taxpayer is entitled in the following order: | 78 |
| (1) The retirement income credit under division (B) of | 79 |
| section 5747.055 of the Revised Code; | 80 |
| (2) The senior citizen credit under division (C) of section | 81 |
| 5747.05 of the Revised Code; | 82 |
| (3) The lump sum distribution credit under division (D) of | 83 |
| section 5747.05 of the Revised Code; | 84 |
| (4) The dependent care credit under section 5747.054 of the | 85 |
| Revised Code; | 86 |
| (5) The lump sum retirement income credit under division (C) | 87 |
| of section 5747.055 of the Revised Code; | 88 |
| (6) The lump sum retirement income credit under division (D) | 89 |
| of section 5747.055 of the Revised Code; | 90 |
| (7) The lump sum retirement income credit under division (E) | 91 |
| of section 5747.055 of the Revised Code; | 92 |
| (8) The low-income credit under section 5747.056 of the | 93 |
| Revised Code; | 94 |
| (9) The credit for displaced workers who pay for job training | 95 |
| under section 5747.27 of the Revised Code; | 96 |
| (10) The campaign contribution credit under section 5747.29 | 97 |
| of the Revised Code; | 98 |
| (11) The twenty-dollar personal exemption credit under | 99 |
| section 5747.022 of the Revised Code; | 100 |
| (12) The joint filing credit under division (G) of section | 101 |
| 5747.05 of the Revised Code; | 102 |
| (13) The nonresident credit under division (A) of section | 103 |
| 5747.05 of the Revised Code; | 104 |
| (14) The credit for a resident's out-of-state income under | 105 |
| division (B) of section 5747.05 of the Revised Code; | 106 |
| (15) The credit for employers that enter into agreements with | 107 |
| child day-care centers under section 5747.34 of the Revised Code; | 108 |
| (16) The credit for employers that reimburse employee child | 109 |
| care expenses under section 5747.36 of the Revised Code; | 110 |
| (17) The credit for adoption of a minor child under section | 111 |
| 5747.37 of the Revised Code; | 112 |
| (18) The credit for purchases of lights and reflectors under | 113 |
| section 5747.38 of the Revised Code; | 114 |
| (19) The nonrefundable job retention credit under division | 115 |
| (B) of section 5747.058 of the Revised Code; | 116 |
| (20) The credit for selling alternative fuel under section | 117 |
| 5747.77 of the Revised Code; | 118 |
| (21) The second credit for purchases of new manufacturing | 119 |
| machinery and equipment and the credit for using Ohio coal under | 120 |
| section 5747.31 of the Revised Code; | 121 |
| (22) The job training credit under section 5747.39 of the | 122 |
| Revised Code; | 123 |
| (23) The enterprise zone credit under section 5709.66 of the | 124 |
| Revised Code; | 125 |
| (24) The credit for the eligible costs associated with a | 126 |
| voluntary action under section 5747.32 of the Revised Code; | 127 |
| (25) The credit for employers that establish on-site child | 128 |
| day-care centers under section 5747.35 of the Revised Code; | 129 |
| (26) The ethanol plant investment credit under section | 130 |
| 5747.75 of the Revised Code; | 131 |
| (27) The credit for purchases of qualifying grape production | 132 |
| property under section 5747.28 of the Revised Code; | 133 |
| (28) The small business investment credit under section | 134 |
| 5747.81 of the Revised Code; | 135 |
| (29) The credit for research and development and technology | 136 |
| transfer investors under section 5747.33 of the Revised Code; | 137 |
| (30) The enterprise zone credits under section 5709.65 of the | 138 |
| Revised Code; | 139 |
| (31) The research and development credit under section | 140 |
| 5747.331 of the Revised Code; | 141 |
| (32) The credit for rehabilitating a historic building under | 142 |
| section 5747.76 of the Revised Code; | 143 |
| (33) The home accessibility credit under section 5747.78 of | 144 |
| the Revised Code; | 145 |
| (34) The refundable credit for rehabilitating a historic | 146 |
| building under section 5747.76 of the Revised Code; | 147 |
| | 148 |
| credit under division (A) of section 5747.058 of the Revised Code; | 149 |
| | 150 |
| entity granted under section 5747.059 of the Revised Code; | 151 |
| | 152 |
| qualifying pass-through entity granted under division (J) of | 153 |
| section 5747.08 of the Revised Code; | 154 |
| | 155 |
| Revised Code for losses on loans made to the Ohio venture capital | 156 |
| program under sections 150.01 to 150.10 of the Revised Code; | 157 |
| | 158 |
| under section 5747.66 of the Revised Code. | 159 |
| | 160 |
| taxes paid by a pass-through entity granted under section 5747.65 | 161 |
| of the Revised Code. | 162 |
| (B) For any credit, except the refundable credits enumerated | 163 |
| in this section and the credit granted under division (I) of | 164 |
| section 5747.08 of the Revised Code, the amount of the credit for | 165 |
| a taxable year shall not exceed the tax due after allowing for any | 166 |
| other credit that precedes it in the order required under this | 167 |
| section. Any excess amount of a particular credit may be carried | 168 |
| forward if authorized under the section creating that credit. | 169 |
| Nothing in this chapter shall be construed to allow a taxpayer to | 170 |
| claim, directly or indirectly, a credit more than once for a | 171 |
| taxable year. | 172 |
| Section 2. That existing section 5747.98 of the Revised Code | 173 |
| is hereby repealed. | 174 |
| Section 3. The amendment or enactment by this act of | 175 |
| sections 5747.78 and 5747.98 of the Revised Code shall apply to | 176 |
| taxable years beginning on or after January 1, 2013. | 177 |
| Section 4. Section 5747.98 of the Revised Code is presented | 178 |
| in this act as a composite of the section as amended by both Am. | 179 |
| Sub. H.B. 386 and Am. Sub. H.B. 510 of the 129th General Assembly. | 180 |
| The General Assembly, applying the principle stated in division | 181 |
| (B) of section 1.52 of the Revised Code that amendments are to be | 182 |
| harmonized if reasonably capable of simultaneous operation, finds | 183 |
| that the composite is the resulting version of the section in | 184 |
| effect prior to the effective date of the section as presented in | 185 |
| this act. | 186 |