To amend sections 718.01 and 718.02 and to enact sections 718.21, 718.22, 718.23, 718.24, 718.25, 718.26, 718.27, 718.28, 718.29, and 718.30 of the Revised Code to prescribe a uniform set of procedures for municipal taxation of electric companies.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Sec. 718.01. (A) As used in this chapter:

(1) "Internal Revenue Code" means the Internal Revenue Code of 1986, 100 Stat. 2085, 26 U.S.C. 1, as amended.

(2) "Schedule C" means internal revenue service schedule C filed by a taxpayer pursuant to the Internal Revenue Code.

(3) "Form 2106" means internal revenue service form 2106 filed by a taxpayer pursuant to the Internal Revenue Code.

(4) "Intangible income" means income of any of the following types: income yield, interest, dividends, or other income arising from the ownership, sale, exchange, or other disposition of intangible property including, but not limited to, investments, deposits, money, or credits as those terms are defined in Chapter 5701. of the Revised Code.

(5) "TAX YEAR" MEANS THE CALENDAR YEAR IN WHICH THE ANNUAL REPORT IS REQUIRED TO BE FILED UNDER SECTION 718.21 OF THE REVISED CODE.

(6) "TAXABLE YEAR" MEANS THE ANNUAL ACCOUNTING PERIOD OF AN ELECTRIC COMPANY OR COMBINED COMPANY THAT ENDS ON THE DAY IMMEDIATELY PRECEDING THE DAY OF COMMENCEMENT OF THE COMPANY'S ANNUAL ACCOUNTING PERIOD THAT INCLUDES THE FIRST DAY OF JANUARY OF THE TAX YEAR.

(7) "ELECTRIC COMPANY" AND "COMBINED COMPANY" HAVE THE SAME MEANINGS AS IN SECTION 5727.01 of the Revised Code.

(B) No municipal corporation with respect to that income that it may tax shall tax such income at other than a uniform rate.

(C) No municipal corporation shall levy a tax on income at a rate in excess of one per cent without having obtained the approval of the excess by a majority of the electors of the municipality voting on the question at a general, primary, or special election. The legislative authority of the municipal corporation shall file with the board of elections at least seventy-five days before the day of the election a copy of the ordinance together with a resolution specifying the date the election is to be held and directing the board of elections to conduct the election. The ballot shall be in the following form: "Shall the Ordinance providing for a ... per cent levy on income for (Brief description of the purpose of the proposed levy) be passed?

FOR THE INCOME TAX

AGAINST THE INCOME TAX"

In the event of an affirmative vote, the proceeds of the levy may be used only for the specified purpose.

(D)(1) Except as otherwise provided in division (D)(2) of this section, no municipal corporation shall exempt from a tax on income, compensation for personal services of individuals over eighteen years of age or the net profit from a business or profession.

(2) The legislative authority of a municipal corporation may, by ordinance or resolution, exempt from a tax on income any compensation arising from the grant, sale, exchange, or other disposition of a stock option; the exercise of a stock option; or the sale, exchange, or other disposition of stock purchased under a stock option.

(E) Nothing in this section shall prevent a municipal corporation from permitting lawful deductions as prescribed by ordinance. If a taxpayer's taxable income includes income against which the taxpayer has taken a deduction for federal income tax purposes as reportable on the taxpayer's form 2106, and against which a like deduction has not been allowed by the municipal corporation, the municipal corporation shall deduct from the taxpayer's taxable income an amount equal to the deduction shown on such form allowable against such income, to the extent not otherwise so allowed as a deduction by the municipal corporation. In the case of a taxpayer who has a net profit from a business or profession that is operated as a sole proprietorship, no municipal corporation may tax or use as the base for determining the amount of the net profit that shall be considered as having a taxable situs in the municipal corporation, a greater amount than the net profit reported by the taxpayer on schedule C filed in reference to the year in question as taxable income from such sole proprietorship, except as otherwise specifically provided by ordinance or regulation.

(F) No municipal corporation shall tax any of the following:

(1) The military pay or allowances of members of the armed forces of the United States and of members of their reserve components, including the Ohio national guard;

(2) The income of religious, fraternal, charitable, scientific, literary, or educational institutions to the extent that such income is derived from tax-exempt real estate, tax-exempt tangible or intangible property, or tax-exempt activities;

(3) Except as otherwise provided in division (G) of this section, intangible income;

(4) Compensation paid under section 3501.28 or 3501.36 of the Revised Code to a person serving as a precinct election official, to the extent that such compensation does not exceed one thousand dollars annually. Such compensation in excess of one thousand dollars may be subjected to taxation by a municipal corporation. A municipal corporation shall not require the payer of such compensation to withhold any tax from that compensation.

(5) Compensation paid to an employee of a transit authority, regional transit authority, or regional transit commission created under Chapter 306. of the Revised Code for operating a transit bus or other motor vehicle for the authority or commission in or through the municipal corporation, unless the bus or vehicle is operated on a regularly scheduled route, the operator is subject to such a tax by reason of residence or domicile in the municipal corporation, or the headquarters of the authority or commission is located within the municipal corporation.

(6) The income of a public utility when that public utility is subject to the tax levied under section 5727.24 or 5727.30 of the Revised Code, except starting January 1, 2002, the income of an electric company or combined company, as defined in section 5727.01 of the Revised Code, may be taxed by a municipal corporation. For a combined company, only the income attributed from the activity of an electric company shall be subject to taxation by a municipal corporation. The income of an electric company or combined company subject to taxation by a municipal corporation shall be computed by taking into account the adjustments provided by division (I)(16) of section 5733.04 of the Revised Code.

(G) Any municipal corporation that taxes any type of intangible income on March 29, 1988, pursuant to Section 3 of Amended Substitute Senate Bill No. 238 of the 116th general assembly, may continue to tax that type of income after 1988 if a majority of the electors of the municipal corporation voting on the question of whether to permit the taxation of that type of intangible income after 1988 vote in favor thereof at an election held on November 8, 1988.

(H) Nothing in this section or section 718.02 of the Revised Code shall authorize the levy of any tax on income that a municipal corporation is not authorized to levy under existing laws or shall require a municipal corporation to allow a deduction from taxable income for losses incurred from a sole proprietorship or partnership.

Sec. 718.02. (A) THIS SECTION DOES NOT APPLY TO ELECTRIC COMPANIES OR COMBINED COMPANIES.

(A) In the taxation of income which THAT is subject to municipal income taxes, if the books and records of a taxpayer conducting a business or profession both within and without the boundaries of a municipal corporation shall disclose with reasonable accuracy what portion of its net profit is attributable to that part of the business or profession conducted within the boundaries of the municipal corporation, then only such portion shall be considered as having a taxable situs in such municipal corporation for purposes of municipal income taxation. In the absence of such records, net profit from a business or profession conducted both within and without the boundaries of a municipal corporation shall be considered as having a taxable situs in such municipal corporation for purposes of municipal income taxation in the same proportion as the average ratio of:

(1) The average net book value of the real and tangible personal property owned or used by the taxpayer in the business or profession in such municipal corporation during the taxable period to the average net book value of all of the real and tangible personal property owned or used by the taxpayer in the business or profession during the same period, wherever situated.

As used in the preceding paragraph, real property shall include property rented or leased by the taxpayer and the value of such property shall be determined by multiplying the annual rental thereon by eight;

(2) Wages, salaries, and other compensation paid during the taxable period to persons employed in the business or profession for services performed in such municipal corporation to wages, salaries, and other compensation paid during the same period to persons employed in the business or profession, wherever their services are performed;

(3) Gross receipts of the business or profession from sales made and services performed during the taxable period in such municipal corporation to gross receipts of the business or profession during the same period from sales and services, wherever made or performed.

In the event that the foregoing allocation formula does not produce an equitable result, another basis may, under uniform regulations, be substituted so as to produce such result.

(B) As used in division (A) of this section, "sales made in a municipal corporation" mean:

(1) All sales of tangible personal property which is delivered within such municipal corporation regardless of where title passes if shipped or delivered from a stock of goods within such municipal corporation;

(2) All sales of tangible personal property which is delivered within such municipal corporation regardless of where title passes even though transported from a point outside such municipal corporation if the taxpayer is regularly engaged through its own employees in the solicitation or promotion of sales within such municipal corporation and the sales result from such solicitation or promotion;

(3) All sales of tangible personal property which is shipped from a place within such municipal corporation to purchasers outside such municipal corporation regardless of where title passes if the taxpayer is not, through its own employees, regularly engaged in the solicitation or promotion of sales at the place where delivery is made.

Sec. 718.21. (A) AS USED IN THIS SECTION:

(1) "NET INCOME" MEANS NET INCOME AS DETERMINED UNDER SECTION 5733.04 OF THE REVISED CODE FOR THE TAXABLE YEAR ENDING BEFORE THE FIRST DAY OF JANUARY OF THE TAX YEAR AND AS ALLOCATED AND APPORTIONED TO THIS STATE UNDER SECTIONS 5733.05 AND 5733.051, AND SUBJECT TO SECTIONS 5733.052, 5733.053, AND 5733.057, 5733.058, 5733.059, AND 5733.0510 of the Revised Code.

(2) "PROPERTY FACTOR" MEANS, WITH RESPECT TO A MUNICIPAL CORPORATION AND AN ELECTRIC COMPANY OR COMBINED COMPANY, THE QUOTIENT OBTAINED BY DIVIDING (a) THE COST OF THE COMPANY'S REAL AND TANGIBLE PERSONAL PROPERTY USED TO GENERATE, TRANSMIT, OR DISTRIBUTE ELECTRICITY AND SITUATED IN THE MUNICIPAL CORPORATION BY (b) THE COST OF THE COMPANY'S REAL AND TANGIBLE PERSONAL PROPERTY SITUATED IN THIS STATE. IF A COMPANY RENTS OR LEASES REAL OR TANGIBLE PERSONAL PROPERTY IN THIS STATE AND USES THE PROPERTY TO GENERATE, TRANSMIT, OR DISTRIBUTE ELECTRICITY, THE COST OF THE PROPERTY SHALL BE DETERMINED FOR THE PURPOSES OF THIS SECTION BY MULTIPLYING THE NET ANNUAL RENTAL ON THE PROPERTY BY EIGHT. "NET ANNUAL RENTAL RATE" MEANS THE ANNUAL RENTAL RATE PAID BY THE COMPANY LESS ANY ANNUAL RENTAL RATE RECEIVED BY THE COMPANY FROM SUBRENTALS.

(3) "PAYROLL FACTOR" MEANS, WITH RESPECT TO A MUNICIPAL CORPORATION AND AN ELECTRIC COMPANY OR COMBINED COMPANY, THE QUOTIENT OBTAINED BY DIVIDING (a) THE TOTAL AMOUNT OF COMPENSATION PAID BY THE COMPANY TO EMPLOYEES FOR PERSONAL SERVICES RENDERED IN THE GENERATION, TRANSMISSION, OR DISTRIBUTION OF ELECTRICITY IN THE MUNICIPAL CORPORATION DURING THE TAXABLE YEAR BY (b) THE TOTAL AMOUNT OF COMPENSATION PAID BY THAT COMPANY IN THIS STATE DURING THE TAXABLE YEAR. "COMPENSATION" MEANS ANY FORM OF REMUNERATION PAID TO AN EMPLOYEE FOR PERSONAL SERVICES.

(B) THE INCOME OF AN ELECTRIC COMPANY OR COMBINED COMPANY SUBJECT TO TAXATION BY A MUNICIPAL CORPORATION SHALL BE DETERMINED BY MULTIPLYING THE COMPANY'S NET INCOME BY A FRACTION, THE NUMERATOR OF WHICH IS THE SUM OF (1) THE PROPERTY FACTOR MULTIPLIED BY FIFTY AND (2) THE PAYROLL FACTOR MULTIPLIED BY FIFTY, AND THE DENOMINATOR OF WHICH IS ONE HUNDRED; PROVIDED THAT THE DENOMINATOR SHALL BE REDUCED BY FIFTY IF THE PAYROLL FACTOR IS ZERO AND BY FIFTY IF THE PROPERTY FACTOR IS ZERO.

UPON DETERMINING THE APPORTIONMENT OF AN ELECTRIC OR COMBINED COMPANY'S NET INCOME, THE TAX COMMISSIONER SHALL SEND A CERTIFICATE OF APPORTIONMENT, BY ORDINARY MAIL, TO THE COMPANY AND TO EACH MUNICIPAL CORPORATION TO WHICH THE NET INCOME IS APPORTIONED.

(C) EACH ELECTRIC COMPANY OR COMBINED COMPANY THE INCOME OF WHICH IS SUBJECT TO TAXATION BY A MUNICIPAL CORPORATION IN THIS STATE SHALL FILE AN ANNUAL REPORT WITH THE TREASURER OF STATE, IN THE FORM PRESCRIBED BY THE TAX COMMISSIONER, BETWEEN THE FIRST DAY OF MARCH AND THE THIRTY-FIRST DAY OF MAY. IF THE ELECTRIC COMPANY OR COMBINED COMPANY OBTAINS AN EXTENSION, PURSUANT TO SECTION 5733.13 of the Revised Code, FOR FILING THE REPORT REQUIRED BY SECTION 5733.02 of the Revised Code, THE LAST DAY FOR FILING THE ANNUAL REPORT REQUIRED BY THIS SECTION SHALL BE EXTENDED FOR A LIKE PERIOD.

THE ANNUAL REPORT SHALL INCLUDE STATEMENTS OF THE FOLLOWING FACTS AS OF THE FIRST DAY OF THE COMPANY'S ANNUAL ACCOUNTING PERIOD THAT INCLUDES THE FIRST DAY OF JANUARY OF THE TAX YEAR:

(1) THE NAME OF THE COMPANY;

(2) THE NAME OF THE STATE OR COUNTRY UNDER THE LAWS OF WHICH IT IS INCORPORATED;

(3) THE LOCATION OF ITS PRINCIPAL OFFICE IN THIS STATE AND, IN THE CASE OF A COMPANY INCORPORATED UNDER THE LAWS OF ANOTHER STATE, THE PRINCIPAL PLACE OF BUSINESS IN THIS STATE AND THE NAME AND ADDRESS OF THE OFFICER OR AGENT OF THE COMPANY IN CHARGE OF THE BUSINESS CONDUCTED IN THIS STATE;

(4) THE NAMES OF THE PRESIDENT, SECRETARY, TREASURER, AND STATUTORY AGENT IN THIS STATE, WITH THE POST-OFFICE ADDRESS OF EACH;

(5) THE DATE OF THE BEGINNING OF THE COMPANY'S ANNUAL ACCOUNTING PERIOD THAT INCLUDES THE FIRST DAY OF JANUARY OF THE TAX YEAR;

(6) THE MUNICIPAL CORPORATIONS IN THIS STATE IN WHICH THE COMPANY CONDUCTS BUSINESS;

(7) THE COMPANY'S NET INCOME DURING THE COMPANY'S TAXABLE YEAR;

(8) ANY OTHER INFORMATION THE TAX COMMISSIONER REQUIRES FOR THE PROPER ADMINISTRATION OF THIS SECTION.

REPORTS FILED WITH THE TAX COMMISSIONER BY AN ELECTRIC COMPANY OR COMBINED COMPANY UNDER THIS SECTION ARE OPEN TO INSPECTION DURING NORMAL BUSINESS HOURS BY OFFICERS OR AGENTS OF A MUNICIPAL CORPORATION IN WHICH THE COMPANY CONDUCTS BUSINESS.

(D)(1) EACH ELECTRIC COMPANY OR COMBINED COMPANY SUBJECT TO A MUNICIPAL INCOME TAX SHALL REMIT WITH THE ANNUAL REPORT THE TAXES SHOWN TO BE DUE ON THE REPORT, LESS THE AMOUNT PAID DURING THE YEAR ON A DECLARATION OF ESTIMATED TAX REPORT FILED UNDER SECTION 718.22 OF THE REVISED CODE. THE REMITTANCE SHALL BE MADE PAYABLE TO THE TREASURER OF STATE. UPON RECEIPT OF THE REPORT AND REMITTANCE, THE TREASURER OF STATE SHALL SHOW ON THE REPORT THE DATE IT WAS FILED AND THE AMOUNT OF PAYMENT REMITTED. THE TREASURER OF STATE SHALL, WITHOUT UNNECESSARY DELAY, TRANSMIT ALL REPORTS TO THE TAX COMMISSIONER.

(2) THE TREASURER OF STATE SHALL CREDIT EACH REMITTANCE TO THE MUNICIPAL INCOME TAX FUND, WHICH IS HEREBY CREATED IN THE STATE TREASURY, EXCEPT THAT ONE AND ONE-HALF PER CENT OF THE REMITTANCE SHALL BE CREDITED TO THE MUNICIPAL INCOME TAX ADMINISTRATIVE FUND, WHICH IS HEREBY CREATED IN THE STATE TREASURY. MONEY TO THE CREDIT OF THE MUNICIPAL INCOME TAX ADMINISTRATIVE FUND SHALL BE USED SOLELY TO DEFRAY THE TAX COMMISSIONER'S EXPENSES IN ADMINISTERING THIS SECTION AND SECTIONS 718.22 TO 718.30 OF THE REVISED CODE. ANY MONEY NOT NECESSARY TO DEFRAY SUCH EXPENSES SHALL BE TRANSFERRED TO THE MUNICIPAL INCOME TAX FUND. ALL INVESTMENT EARNINGS ON MONEY IN THE MUNICIPAL INCOME TAX FUND SHALL BE APPORTIONED BY THE TAX COMMISSIONER AMONG MUNICIPAL CORPORATIONS IN THE PROPORTIONS AND AT THE TIMES THE MUNICIPAL CORPORATIONS ARE ENTITLED TO RECEIVE PAYMENTS FROM THE FUND UNDER DIVISION (D)(3) OF THIS SECTION.

(3) UPON RECEIPT OF AN ANNUAL REPORT, THE TAX COMMISSIONER SHALL DETERMINE THE PORTION OF THE COMPANY'S NET INCOME TO BE APPORTIONED TO EACH MUNICIPAL CORPORATION AND MULTIPLY THAT PORTION BY THE RATE AT WHICH THE MUNICIPAL CORPORATION'S INCOME TAX IS IMPOSED, AS CERTIFIED UNDER DIVISION (E) OF THIS SECTION. THE TAX COMMISSIONER SHALL CERTIFY THE RESULTING TAX FOR EACH MUNICIPAL CORPORATION TO THE DIRECTOR OF BUDGET AND MANAGEMENT, WHO SHALL PROVIDE FOR PAYMENT OF THAT AMOUNT TO THE MUNICIPAL CORPORATION FROM THE MUNICIPAL INCOME TAX FUND CREATED UNDER THIS SECTION.

(E)(1) ON OR BEFORE THE FIRST DAY OF JANUARY EACH YEAR, EACH MUNICIPAL CORPORATION THAT IMPOSES A MUNICIPAL INCOME TAX SHALL CERTIFY TO THE TAX COMMISSIONER THE RATE OF ITS INCOME TAX FOR THE YEAR THAT BEGINS ON THAT DAY AND SHALL CERTIFY THE RATE RESULTING FROM ANY CHANGE IN THE RATE OCCURRING AFTER THE INITIAL CERTIFICATION.

(2) IF ANY MUNICIPAL CORPORATION FAILS TO CERTIFY THE RATE OF ITS INCOME TAX AS REQUIRED BY THIS SECTION, THE TAX COMMISSIONER SHALL NOTIFY THE DIRECTOR OF BUDGET AND MANAGEMENT, WHO, UPON SUCH NOTIFICATION, SHALL WITHHOLD FROM THE PAYMENT TO BE MADE UNDER DIVISION (D) OF THIS SECTION FIFTY PER CENT OF THE AMOUNT OF THE PAYMENT OTHERWISE DUE THE MUNICIPAL CORPORATION UNTIL THE MUNICIPAL CORPORATION CERTIFIES THE RATE TO THE TAX COMMISSIONER.

(F) NO MUNICIPAL CORPORATION SHALL REQUIRE AN ELECTRIC COMPANY OR COMBINED COMPANY REQUIRED TO FILE A REPORT UNDER DIVISION (C) OF THIS SECTION TO FILE ANY TAX RETURN OR REPORT.

Sec. 718.22. (A) EACH ELECTRIC COMPANY OR COMBINED COMPANY THAT DOES NOT IN THE MONTH OF MARCH FILE THE REPORT AND MAKE THE PAYMENT REQUIRED BY SECTION 718.21 OF THE REVISED CODE SHALL MAKE AND FILE A DECLARATION OF ESTIMATED TAX REPORT FOR THE YEAR.

THE DECLARATION OF ESTIMATED TAX REPORT SHALL BE FILED WITH THE TREASURER OF STATE ON OR BEFORE THE LAST DAY OF MARCH IN SUCH FORM AS PRESCRIBED BY THE TAX COMMISSIONER AND SHALL REFLECT AN ESTIMATE OF THE TOTAL AMOUNT OF MUNICIPAL INCOME TAXES DUE FOR THE YEAR AS DETERMINED UNDER SECTION 718.21 of the Revised Code.

(B) AN ELECTRIC COMPANY OR COMBINED COMPANY REQUIRED TO FILE A DECLARATION OF ESTIMATED TAX REPORT SHALL MAKE REMITTANCE OF SUCH ESTIMATED TAX TO THE TREASURER OF STATE AS FOLLOWS:

(1) ONE-THIRD OF THE ESTIMATED TAX AT THE TIME OF FILING THE DECLARATION OF ESTIMATED TAX REPORT;

(2) TWO-THIRDS OF THE ESTIMATED TAX ON OR BEFORE THE LAST DAY OF MAY, UNLESS THE REPORT AND PAYMENT REQUIRED BY SECTION 718.21 OF THE REVISED CODE IS FILED AND PAID ON OR BEFORE THE LAST DAY OF MAY.

(C) REMITTANCE OF THE ESTIMATED TAX SHALL BE MADE IN THE FORM PRESCRIBED BY THE TREASURER OF STATE. THE TREASURER OF STATE SHALL CREDIT ALL PAYMENTS OF ESTIMATED TAX AS PROVIDED IN DIVISION (D) OF SECTION 718.21 OF THE REVISED CODE, SHALL SHOW ON ALL REPORTS THE DATE EACH WAS FILED AND THE AMOUNT OF PAYMENT REMITTED, AND SHALL, WITHOUT UNNECESSARY DELAY, TRANSMIT ALL REPORTS FILED UNDER THIS SECTION TO THE TAX COMMISSIONER.

Sec. 718.23. (A) IF ANY ELECTRIC COMPANY OR COMBINED COMPANY REQUIRED TO FILE A REPORT UNDER SECTION 718.21 OR 718.22 of the Revised Code FAILS TO FILE THE REPORT WITHIN THE TIME PRESCRIBED, FILES AN INCORRECT REPORT, OR FAILS TO REMIT THE FULL AMOUNT OF THE TAX DUE FOR THE PERIOD COVERED BY THE REPORT, THE TAX COMMISSIONER MAY MAKE AN ASSESSMENT AGAINST THE COMPANY FOR ANY DEFICIENCY FOR THE PERIOD FOR WHICH THE REPORT OR TAX IS DUE, BASED UPON ANY INFORMATION IN THE COMMISSIONER'S POSSESSION.

THE TAX COMMISSIONER SHALL NOT MAKE OR ISSUE AN ASSESSMENT AGAINST ELECTRIC COMPANY OR COMBINED COMPANY MORE THAN THREE YEARS AFTER THE LATER OF THE FINAL DATE THE REPORT SUBJECT TO ASSESSMENT WAS REQUIRED TO BE FILED OR THE DATE THE REPORT WAS FILED. SUCH TIME LIMIT MAY BE EXTENDED IF BOTH THE COMPANY AND THE COMMISSIONER CONSENT IN WRITING TO THE EXTENSION. ANY SUCH EXTENSION SHALL EXTEND THE THREE-YEAR TIME LIMIT IN SECTION 718.28 OF THE REVISED CODE FOR THE SAME PERIOD OF TIME. THERE SHALL BE NO BAR OR LIMIT TO AN ASSESSMENT AGAINST A COMPANY THAT FAILS TO FILE A REPORT SUBJECT TO ASSESSMENT AS REQUIRED BY SECTION 718.21 OR 718.22 of the Revised Code, OR THAT FILES A FRAUDULENT REPORT. THE COMMISSIONER SHALL GIVE THE COMPANY ASSESSED WRITTEN NOTICE OF THE ASSESSMENT BY PERSONAL SERVICE OR CERTIFIED MAIL.

(B) UNLESS THE COMPANY TO WHICH THE NOTICE OF ASSESSMENT IS DIRECTED FILES WITH THE COMMISSIONER WITHIN THIRTY DAYS AFTER SERVICE THEREOF, EITHER PERSONALLY OR BY CERTIFIED MAIL, A PETITION FOR REASSESSMENT IN WRITING, SIGNED BY THE AUTHORIZED AGENT OF THE COMPANY ASSESSED HAVING KNOWLEDGE OF THE FACTS, AND MAKES PAYMENT OF THE PORTION OF THE ASSESSMENT REQUIRED BY DIVISION (E) OF THIS SECTION, THE ASSESSMENT SHALL BECOME FINAL, AND THE AMOUNT OF THE ASSESSMENT SHALL BE DUE AND PAYABLE FROM THE COMPANY ASSESSED TO THE TREASURER OF STATE. THE PETITION SHALL INDICATE THE COMPANY'S OBJECTIONS, BUT ADDITIONAL OBJECTIONS MAY BE RAISED IN WRITING IF RECEIVED PRIOR TO THE DATE SHOWN ON THE FINAL DETERMINATION BY THE COMMISSIONER.

UNLESS THE PETITIONER WAIVES A HEARING, THE COMMISSIONER SHALL ASSIGN A TIME AND PLACE FOR THE HEARING ON THE PETITION AND NOTIFY THE PETITIONER OF THE TIME AND PLACE OF THE HEARING BY PERSONAL SERVICE OR CERTIFIED MAIL, BUT THE COMMISSIONER MAY CONTINUE THE HEARING FROM TIME TO TIME IF NECESSARY.

THE COMMISSIONER MAY MAKE SUCH CORRECTION TO THE ASSESSMENT AS THE COMMISSIONER FINDS PROPER. THE COMMISSIONER SHALL SERVE A COPY OF THE FINAL DETERMINATION ON THE PETITIONER BY PERSONAL SERVICE OR BY CERTIFIED MAIL, AND THE COMMISSIONER'S DECISION IN THE MATTER SHALL BE FINAL, SUBJECT TO APPEAL AS PROVIDED IN SECTION 5717.02 OF THE REVISED CODE. ONLY OBJECTIONS DECIDED ON THE MERITS BY THE BOARD OF TAX APPEALS OR A COURT SHALL BE GIVEN COLLATERAL ESTOPPEL OR RES JUDICATA EFFECT IN CONSIDERING AN APPLICATION FOR REFUND OF AMOUNTS PAID PURSUANT TO THE ASSESSMENT.

(C) AFTER AN ASSESSMENT BECOMES FINAL, IF ANY PORTION OF THE ASSESSMENT REMAINS UNPAID, INCLUDING ACCRUED INTEREST, A CERTIFIED COPY OF THE COMMISSIONER'S ENTRY MAKING THE ASSESSMENT FINAL MAY BE FILED IN THE OFFICE OF THE CLERK OF THE COURT OF COMMON PLEAS IN THE COUNTY IN WHICH THE COMPANY HAS AN OFFICE OR PLACE OF BUSINESS IN THIS STATE, THE COUNTY IN WHICH THE COMPANY'S STATUTORY AGENT IS LOCATED, OR FRANKLIN COUNTY.

IMMEDIATELY UPON THE FILING OF THE ENTRY, THE CLERK SHALL ENTER A JUDGMENT AGAINST THE COMPANY ASSESSED IN THE AMOUNT SHOWN ON THE ENTRY. THE JUDGMENT MAY BE FILED BY THE CLERK IN A LOOSE-LEAF BOOK ENTITLED "SPECIAL JUDGMENTS FOR MUNICIPAL INCOME TAXES," AND SHALL HAVE THE SAME EFFECT AS OTHER JUDGMENTS. EXECUTION SHALL ISSUE UPON THE JUDGMENT UPON THE REQUEST OF THE TAX COMMISSIONER, AND ALL LAWS APPLICABLE TO SALES ON EXECUTION SHALL APPLY TO SALES MADE UNDER THE JUDGMENT.

THE PORTION OF AN ASSESSMENT NOT PAID WITHIN THIRTY DAYS AFTER THE DAY THE ASSESSMENT WAS ISSUED SHALL BEAR INTEREST AT THE RATE PER ANNUM PRESCRIBED BY SECTION 5703.47 OF THE REVISED CODE FROM THE DAY THE TAX COMMISSIONER ISSUES THE ASSESSMENT UNTIL THE ASSESSMENT IS PAID. INTEREST SHALL BE PAID IN THE SAME MANNER AS THE TAX AND MAY BE COLLECTED BY ISSUING AN ASSESSMENT UNDER THIS SECTION.

(D) ALL MONEY COLLECTED UNDER THIS SECTION SHALL BE CREDITED AS PRESCRIBED BY DIVISION (D) OF SECTION 718.21 of the Revised Code.

(E) THE PORTION OF AN ASSESSMENT WHICH MUST BE PAID UPON THE FILING OF A PETITION FOR REASSESSMENT SHALL BE AS FOLLOWS:

(1) IF THE SOLE ITEM OBJECTED TO IS THE ASSESSED PENALTY OR INTEREST, FULL PAYMENT OF THE ASSESSMENT INCLUDING PENALTY AND INTEREST IS REQUIRED.

(2) IF THE COMPANY THAT IS ASSESSED FAILED TO FILE, PRIOR TO THE DATE OF ISSUANCE OF THE ASSESSMENT, THE ANNUAL REPORT REQUIRED BY SECTION 718.21 OF THE REVISED CODE, FULL PAYMENT OF THE ASSESSMENT INCLUDING PENALTY AND INTEREST IS REQUIRED.

(3) IF THE COMPANY THAT IS ASSESSED FILED, PRIOR TO THE DATE OF ISSUANCE OF THE ASSESSMENT, THE ANNUAL REPORT REQUIRED BY SECTION 718.21 OF THE REVISED CODE, AND A BALANCE OF THE TAXES SHOWN DUE ON THE REPORTS AS COMPUTED ON THE REPORTS REMAINS UNPAID, PAYMENT OF ONLY THAT PORTION OF THE ASSESSMENT REPRESENTING THE UNPAID BALANCE IS REQUIRED.

(4) IF NONE OF THE CONDITIONS SPECIFIED IN DIVISIONS (E)(1) TO (3) OF THIS SECTION APPLY, NO PAYMENT IS REQUIRED.

(F) NOTWITHSTANDING THE FACT THAT A PETITION FOR REASSESSMENT IS PENDING, THE COMPANY MAY PAY ALL OR A PORTION OF THE ASSESSMENT THAT IS THE SUBJECT OF THE PETITION. THE ACCEPTANCE OF A PAYMENT BY THE TREASURER OF STATE DOES NOT PREJUDICE ANY CLAIM FOR REFUND UPON FINAL DETERMINATION OF THE PETITION.

IF UPON FINAL DETERMINATION OF THE PETITION AN ERROR IN THE ASSESSMENT IS CORRECTED BY THE COMMISSIONER, UPON PETITION SO FILED OR PURSUANT TO A DECISION OF THE BOARD OF TAX APPEALS OR ANY COURT TO WHICH THE DETERMINATION OR DECISION HAS BEEN APPEALED, SO THAT THE AMOUNT DUE FROM THE COMPANY UNDER THE CORRECTED ASSESSMENT IS LESS THAN THE PORTION PAID, THERE SHALL BE ISSUED TO THE COMPANY, ITS ASSIGNS, OR LEGAL REPRESENTATIVE A REFUND IN THE AMOUNT OF THE OVERPAYMENT AS PROVIDED BY SECTION 781.28 OF THE REVISED CODE, WITH INTEREST ON THAT AMOUNT AS PROVIDED BY SECTION 718.24 OF THE REVISED CODE.

Sec. 718.24. (A) IF THE TAX REQUIRED TO BE PAID UNDER SECTION 718.21 OF THE REVISED CODE, OR ANY PORTION OF THAT TAX, WHETHER DETERMINED BY THE TAX COMMISSIONER OR THE TAXPAYER, IS NOT PAID ON OR BEFORE THE DATE PRESCRIBED FOR ITS PAYMENT, INTEREST SHALL BE ASSESSED, COLLECTED, AND PAID, IN THE SAME MANNER AS THE TAX, UPON SUCH UNPAID AMOUNT AT THE RATE PER ANNUM PRESCRIBED BY SECTION 5703.47 OF THE REVISED CODE FROM THE DATE PRESCRIBED FOR ITS PAYMENT UNTIL IT IS PAID OR UNTIL THE DAY AN ASSESSMENT IS ISSUED UNDER SECTION 718.23 OF THE REVISED CODE, WHICHEVER OCCURS FIRST.

(B) INTEREST SHALL BE ALLOWED AND PAID AT THE RATE PER ANNUM PRESCRIBED BY SECTION 5703.47 OF THE REVISED CODE UPON AMOUNTS REFUNDED WITH RESPECT TO THE TAX REQUIRED TO BE PAID UNDER SECTION 718.21 OF THE REVISED CODE. THE INTEREST SHALL RUN FROM WHICHEVER OF THE FOLLOWING DATES IS THE LATEST UNTIL THE DATE THE REFUND IS PAID: THE DATE OF THE ILLEGAL, ERRONEOUS, OR EXCESSIVE PAYMENT; THE NINETIETH DAY AFTER THE FINAL DATE THE ANNUAL REPORT UNDER SECTION 718.21 OF THE REVISED CODE WAS REQUIRED TO BE FILED; OR THE NINETIETH DAY AFTER THE DATE THAT REPORT WAS FILED.

Sec. 718.25. (A) IN ADDITION TO ANY OTHER PENALTY IMPOSED BY A MUNICIPAL CORPORATION, THE FOLLOWING PENALTIES SHALL APPLY:

(1) IF AN ELECTRIC COMPANY OR COMBINED COMPANY REQUIRED TO FILE THE REPORT REQUIRED BY SECTION 718.21 OR 718.22 of the Revised Code FAILS TO MAKE AND FILE THE REPORT WITHIN THE TIME PRESCRIBED, INCLUDING ANY EXTENSIONS OF TIME GRANTED BY THE TAX COMMISSIONER, A PENALTY SHALL BE IMPOSED EQUAL TO THE GREATER OF FIFTY DOLLARS PER MONTH OR FRACTION OF A MONTH, NOT TO EXCEED FIVE HUNDRED DOLLARS, OR FIVE PER CENT PER MONTH OR FRACTION OF A MONTH, NOT TO EXCEED FIFTY PER CENT, OF THE TAX REQUIRED TO BE SHOWN ON THE REPORT, FOR EACH MONTH OR FRACTION OF A MONTH ELAPSING BETWEEN THE DUE DATE, INCLUDING EXTENSIONS OF THE DUE DATE, AND THE DAY ON WHICH THE REPORT IS FILED.

(2) IF AN ELECTRIC OR COMBINED COMPANY FAILS TO PAY ANY AMOUNT OF ESTIMATED TAX REQUIRED TO BE PAID UNDER SECTION 718.22 OF THE REVISED CODE BY THE DATES PRESCRIBED FOR PAYMENT, A PENALTY SHALL BE IMPOSED EQUAL TO TWICE THE INTEREST CHARGED UNDER DIVISION (A) OF SECTION 718.26 OF THE REVISED CODE FOR THE DELINQUENT PAYMENT.

(3) IF AN ELECTRIC COMPANY OR COMBINED COMPANY FILES WHAT PURPORTS TO BE A REPORT REQUIRED BY SECTION 718.21 OR 718.22 of the Revised Code THAT DOES NOT CONTAIN INFORMATION UPON WHICH THE SUBSTANTIAL CORRECTNESS OF THE REPORT MAY BE JUDGED OR CONTAINS INFORMATION THAT ON ITS FACE INDICATES THAT THE REPORT IS SUBSTANTIALLY INCORRECT, AND THE FILING OF THE REPORT IN THAT MANNER IS DUE TO A POSITION THAT IS FRIVOLOUS OR A DESIRE THAT IS APPARENT FROM THE REPORT TO DELAY OR IMPEDE THE ADMINISTRATION OF SECTIONS 718.21 TO 718.30 of the Revised Code, A PENALTY OF FIVE HUNDRED DOLLARS SHALL BE IMPOSED.

(4) IF AN ELECTRIC COMPANY OR COMBINED COMPANY MAKES A FRAUDULENT ATTEMPT TO EVADE THE REPORTING OR PAYMENT OF THE TAX REQUIRED TO BE SHOWN ON ANY REPORT REQUIRED UNDER SECTION 718.21 OR 718.22 of the Revised Code, A PENALTY SHALL BE IMPOSED EQUAL TO THE GREATER OF ONE THOUSAND DOLLARS OR ONE HUNDRED PER CENT OF THE TAX REQUIRED TO BE SHOWN ON THE REPORT.

(5) IF ANY PERSON MAKES A FALSE OR FRAUDULENT CLAIM FOR A REFUND UNDER SECTION 718.28 of the Revised Code, A PENALTY SHALL BE IMPOSED EQUAL TO THE GREATER OF ONE THOUSAND DOLLARS OR ONE HUNDRED PER CENT OF THE CLAIM. THE PENALTY IMPOSED UNDER DIVISION (A)(5) OF THIS SECTION, ANY REFUND ISSUED ON THE CLAIM, AND INTEREST ON ANY REFUND FROM THE DATE OF THE REFUND, MAY BE ASSESSED UNDER SECTION 718.22 OF THE REVISED CODE WITHOUT REGARD TO ANY TIME LIMITATION FOR THE ASSESSMENT IMPOSED BY DIVISION (A) OF SECTION 718.23 OF THE REVISED CODE.

(B) FOR THE PURPOSES OF THIS SECTION, THE TAX REQUIRED TO BE SHOWN ON THE REPORT SHALL BE REDUCED BY THE AMOUNT OF ANY PART OF THE TAX PAID ON OR BEFORE THE DATE, INCLUDING EXTENSIONS OF THE DATE, PRESCRIBED FOR FILING THE REPORT.

(C) EACH PENALTY IMPOSED UNDER THIS SECTION SHALL BE IN ADDITION TO ANY OTHER PENALTY PROVIDED IN THIS SECTION. ALL OR PART OF ANY PENALTY IMPOSED UNDER THIS SECTION SHALL BE ABATED BY THE COMMISSIONER IF THE TAXPAYER SHOWS THAT THE FAILURE TO COMPLY WITH SECTIONS 718.21 TO 718.30 of the Revised Code IS DUE TO REASONABLE CAUSE AND NOT WILLFUL NEGLECT.

Sec. 718.26. (A) IN CASE OF ANY UNDERPAYMENT OF THE ESTIMATED TAX REQUIRED UNDER SECTION 718.22 of the Revised Code, THERE SHALL BE ADDED TO THE TAX AN AMOUNT DETERMINED AT THE RATE PER ANNUM PRESCRIBED BY SECTION 5703.47 OF THE REVISED CODE UPON THE AMOUNT OF UNDERPAYMENT FOR THE PERIOD OF UNDERPAYMENT.

(B) THE AMOUNT OF THE UNDERPAYMENT SHALL BE THE EXCESS OF DIVISION (B)(1) OVER DIVISION (B)(2) OF THIS SECTION:

(1) THE AMOUNT OF THE ESTIMATED TAX PAYMENT THAT WOULD BE REQUIRED TO BE PAID IF THE TOTAL ESTIMATED TAX WERE EQUAL TO THE TOTAL TAX SHOWN TO BE DUE ON THE REPORT REQUIRED TO BE FILED, OR IF NO REPORT WAS FILED, THE TAX FOR SUCH YEAR;

(2) THE AMOUNT, IF ANY, OF THE ESTIMATED TAX PAID ON OR BEFORE THE LAST DAY PRESCRIBED FOR SUCH PAYMENT.

(C) THE PERIOD OF THE UNDERPAYMENT SHALL RUN FROM THE DATE THE ESTIMATED TAX PAYMENT WAS REQUIRED TO BE MADE TO THE DATE ON WHICH SUCH PAYMENT IS MADE. FOR PURPOSES OF THIS SECTION, A PAYMENT OF ESTIMATED TAX ON ANY PAYMENT DATE SHALL BE CONSIDERED A PAYMENT OF ANY PREVIOUS UNDERPAYMENT ONLY TO THE EXTENT SUCH PAYMENT EXCEEDS THE AMOUNT OF THE PAYMENT PRESENTLY DUE.

Sec. 718.27. EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, IF ANY REPORT, CLAIM, STATEMENT, OR OTHER DOCUMENT REQUIRED TO BE FILED, OR ANY PAYMENT REQUIRED TO BE MADE, WITHIN A PRESCRIBED PERIOD OR ON OR BEFORE A PRESCRIBED DATE UNDER SECTION 718.21 OR 718.22 of the Revised Code IS, AFTER SUCH PERIOD OR SUCH DATE, DELIVERED BY UNITED STATES MAIL TO THE AGENCY, OFFICER, OR OFFICE WITH WHICH SUCH REPORT, CLAIM, STATEMENT, OR OTHER DOCUMENT IS REQUIRED TO BE FILED, OR TO WHICH SUCH PAYMENT IS REQUIRED TO BE MADE, THE DATE OF THE POSTMARK STAMPED ON THE COVER IN WHICH SUCH REPORT, CLAIM, STATEMENT, OR OTHER DOCUMENT, OR PAYMENT IS MAILED SHALL BE DEEMED THE DATE OF DELIVERY OR THE DATE OF PAYMENT.

"THE DATE OF THE POSTMARK" MEANS, IN THE EVENT THERE IS MORE THAN ONE DATE ON THE COVER, THE EARLIEST DATE IMPRINTED ON THE COVER BY THE POST OFFICE.

Sec. 718.28.AN APPLICATION TO REFUND TO AN ELECTRIC COMPANY OR COMBINED COMPANY THE AMOUNT OF TAXES OVERPAID, PAID ILLEGALLY OR ERRONEOUSLY, OR PAID ON ANY ILLEGAL, ERRONEOUS, OR EXCESSIVE ASSESSMENT, WITH INTEREST ON THAT AMOUNT AS PROVIDED BY SECTION 718.24 OF THE REVISED CODE, SHALL BE FILED WITH THE TAX COMMISSIONER WITHIN THREE YEARS AFTER THE DATE OF THE ILLEGAL, ERRONEOUS, OR EXCESSIVE PAYMENT OF THE TAX, OR WITHIN ANY ADDITIONAL PERIOD ALLOWED BY DIVISION (A) OF SECTION 718.23 OF THE REVISED CODE. THE APPLICATION SHALL BE FILED IN THE FORM PRESCRIBED BY THE TAX COMMISSIONER.

UPON THE FILING OF A REFUND APPLICATION, THE TAX COMMISSIONER SHALL DETERMINE THE AMOUNT OF REFUND DUE AND CERTIFY THE AMOUNT OF THE REFUND TO THE DIRECTOR OF BUDGET AND MANAGEMENT AND TREASURER OF STATE FOR PAYMENT FROM THE MUNICIPAL INCOME TAX FUND CREATED UNDER SECTION 718.21 OF THE REVISED CODE. THE REFUND SHALL BE APPORTIONED AMONG THE MUNICIPAL CORPORATIONS IN THE PROPORTIONS IN WHICH THE TAX WAS APPORTIONED UNDER DIVISION (B) OF SECTION 718.21 OF THE REVISED CODE, AND THE PROPORTIONATE SHARES DEDUCTED FROM THE RESPECTIVE AMOUNTS SUBSEQUENTLY DUE EACH MUNICIPAL CORPORATION FROM THE MUNICIPAL INCOME TAX FUND UNDER DIVISION (D) OF SECTION 718.21 OF THE REVISED CODE.

Sec. 718.29.THE FISCAL OFFICER OF ANY MUNICIPAL CORPORATION IN WHICH AN ELECTRIC COMPANY OR COMBINED COMPANY CONDUCTS BUSINESS MAY REQUEST A REVIEW AND REDETERMINATION OF THE TAX COMMISSIONER'S APPORTIONMENT OF THE COMPANY'S NET INCOME BY FILING A PETITION WITH THE TAX COMMISSIONER NOT LATER THAN THIRTY DAYS AFTER THE TAX COMMISSIONER ISSUES THE CERTIFICATE OF APPORTIONMENT PURSUANT TO DIVISION (B) OF SECTION 718.21 of the Revised Code. THE PETITION SHALL BE FILED EITHER PERSONALLY OR BY CERTIFIED MAIL. THE PETITION SHALL INDICATE THE OBJECTIONS OF THE MUNICIPAL CORPORATION AND SHALL BE ACCOMPANIED BY A CERTIFIED COPY OF A RESOLUTION OF THE LEGISLATIVE AUTHORITY OF THE MUNICIPAL CORPORATION AUTHORIZING THE FISCAL OFFICER TO FILE THE PETITION.

UPON RECEIVING SUCH A PETITION, THE TAX COMMISSIONER SHALL ASSIGN A TIME AND PLACE FOR A HEARING ON THE PETITION AND SHALL NOTIFY THE PETITIONER OF THE TIME AND PLACE OF THE HEARING BY ORDINARY MAIL. THE TAX COMMISSIONER MAY CONTINUE THE HEARING FROM TIME TO TIME AS NECESSARY. THE TAX COMMISSIONER SHALL MAKE ANY CORRECTION TO THE CERTIFICATE OF APPORTIONMENT THAT THE COMMISSIONER FINDS PROPER, AND, IF THE CERTIFICATE IS CORRECTED, THE TAX COMMISSIONER SHALL ISSUE A CORRECTED CERTIFICATE OF APPORTIONMENT BY CERTIFIED MAIL TO THE PETITIONER, TO EACH OTHER MUNICIPAL CORPORATION AFFECTED BY THE CORRECTION OF THE APPORTIONMENT, AND TO THE COMPANY. THE TAX COMMISSIONER'S DECISION ON THE MATTER IS FINAL, SUBJECT TO APPEAL AS PROVIDED IN SECTION 5717.02 of the Revised Code.

Sec. 718.30. IF ANY OF THE FACTS, FIGURES, COMPUTATIONS, OR ATTACHMENTS REQUIRED IN THE REPORT OF AN ELECTRIC COMPANY OR COMBINED COMPANY TO DETERMINE THE TAX DUE A MUNICIPAL CORPORATION MUST BE ALTERED AS THE RESULT OF AN ADJUSTMENT TO THE COMPANY'S FEDERAL INCOME TAX RETURN OR CORPORATION FRANCHISE TAX REPORT FILED PURSUANT TO SECTION 5733.02 of the Revised Code, WHETHER THE ADJUSTMENT IS INITIATED BY THE COMPANY, THE INTERNAL REVENUE SERVICE, OR THE TAX COMMISSIONER, AND SUCH ALTERATION AFFECTS THE COMPANY'S TAX LIABILITY TO A MUNICIPAL CORPORATION, THE COMPANY SHALL FILE AN AMENDED REPORT WITH THE TAX COMMISSIONER IN SUCH FORM AS THE COMMISSIONER REQUIRES. THE AMENDED REPORT SHALL BE FILED NOT LATER THAN ONE YEAR AFTER THE ADJUSTMENT HAS BEEN AGREED TO OR FINALLY DETERMINED.

(A) IN THE CASE OF AN UNDERPAYMENT, THE AMENDED REPORT SHALL BE ACCOMPANIED BY PAYMENT OF AN ADDITIONAL TAX AND INTEREST DUE AND IS A REPORT SUBJECT TO ASSESSMENT UNDER SECTION 718.23 of the Revised Code FOR THE PURPOSE OF ASSESSING ANY ADDITIONAL TAX DUE UNDER THIS DIVISION, TOGETHER WITH ANY APPLICABLE PENALTY AND INTEREST. IT SHALL NOT REOPEN THOSE FACTS, FIGURES, COMPUTATIONS, OR ATTACHMENTS FROM A PREVIOUSLY FILED REPORT NO LONGER SUBJECT TO ASSESSMENT THAT ARE NOT AFFECTED, EITHER DIRECTLY OR INDIRECTLY, BY THE ADJUSTMENT TO THE COMPANY'S FEDERAL INCOME TAX RETURN OR CORPORATION FRANCHISE TAX REPORT.

(B) IN THE CASE OF AN OVERPAYMENT, AN APPLICATION FOR REFUND MAY BE FILED UNDER SECTION 718.28 of the Revised Code WITHIN THE ONE-YEAR PERIOD PRESCRIBED FOR FILING THE AMENDED REPORT EVEN IF IT IS FILED BEYOND THE PERIOD PRESCRIBED BY THAT SECTION, IF IT OTHERWISE CONFORMS TO THE REQUIREMENTS OF SUCH SECTION. AN APPLICATION FILED UNDER THIS DIVISION SHALL CLAIM REFUND OF OVERPAYMENTS RESULTING FROM ALTERATIONS TO ONLY THOSE FACTS, FIGURES, COMPUTATIONS, OR ATTACHMENTS REQUIRED IN THE COMPANY'S REPORT THAT ARE AFFECTED, EITHER DIRECTLY OR INDIRECTLY, BY THE ADJUSTMENT TO THE COMPANY'S FEDERAL INCOME TAX RETURN OR CORPORATION FRANCHISE TAX REPORT UNLESS IT IS ALSO FILED WITHIN THE TIME PRESCRIBED BY SECTION 718.28 of the Revised Code. IT SHALL NOT REOPEN THOSE FACTS, FIGURES, COMPUTATIONS, OR ATTACHMENTS THAT ARE NOT AFFECTED, EITHER DIRECTLY OR INDIRECTLY, BY THE ADJUSTMENT TO THE COMPANY'S FEDERAL INCOME TAX RETURN OR CORPORATION FRANCHISE TAX REPORT.