130th Ohio General Assembly
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Sub. H. B. No. 149  As Reported by the House Ways and Means Committee
As Reported by the House Ways and Means Committee

126th General Assembly
Regular Session
2005-2006
Sub. H. B. No. 149


Representatives Calvert, Raga, McGregor, J., Evans, C., Latta, Aslanides, Hartnett, Chandler, Oelslager, Gibbs, Seitz, Gilb, Collier, Schaffer, Kilbane, Hagan 



A BILL
To amend sections 5733.01, 5733.98, and 5747.98 and to enact sections 149.307, 5703.75, 5733.47, and 5747.76 of the Revised Code to authorize a nonrefundable tax credit for rehabilitating a historic building.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 5733.01, 5733.98, and 5747.98 be amended and sections 149.307, 5703.75, 5733.47, and 5747.76 of the Revised Code be enacted to read as follows:
Sec. 149.307.  (A) As used in this section:
(1) "Certificate owner" means the owner or qualified lessee of a historic building who is registered with the tax commissioner under section 5703.75 of the Revised Code as the owner of a rehabilitation tax credit certificate issued under this section, or a credit transferee.
(2) "Historic building" means a building, including its structural components, that is located in this state and that is either:
(a) Individually listed on the national register of historic places under 16 U.S.C. 470a, located in a registered historic district, and certified by the state historic preservation officer as being of historic significance to the district; or
(b) Individually listed as a historic landmark designated by a local government certified under 16 U.S.C. 470a(c) and was originally constructed prior to the year nineteen hundred.
(3) "Owner" of a building means a person holding the fee simple interest in the building.
(4) "Qualified lessee" means a person occupying or otherwise holding a historic building under a lease with a term ending not earlier than five years after completion of the rehabilitation for which a rehabilitation tax credit certificate may be issued under this section, determined without regard to any renewal period of the lease.
(5) "Qualified rehabilitation expenditures" means expenditures paid or incurred during the rehabilitation period by an owner or qualified lessee of a historic building to rehabilitate the building, including architectural or engineering fees paid or incurred in connection with the rehabilitation and expenses paid or incurred in the preparation of nomination forms for listing the building on the national register of historic places. "Qualified rehabilitation expenditures" does not include the cost of acquiring a building or expenditures to expand or enlarge a historic building.
(6) "Registered historic district" means a historic district listed in the national register of historic places under 16 U.S.C. 470a, a historic district designated by a local government certified under 16 U.S.C. 470a(c), or a local historic district certified under 36 C.F.R. 67.8 and 67.9.
(7) "Rehabilitation" means the process of returning a building or buildings to a state of utility, through repair or alteration, making possible an efficient use while preserving those portions and features of the building and its site and environment that are significant to its historic, architectural, and cultural values.
(8) "Rehabilitation period" means one of the following:
(a) If the rehabilitation initially was not planned to be completed in stages, a period not to exceed twenty-four months beginning with the month in which physical rehabilitation work begins;
(b) If the rehabilitation initially was planned to be completed in stages, a period not to exceed sixty months beginning with the month in which physical rehabilitation work begins.
(9) "State historic preservation officer" or "officer" means the state historic preservation officer appointed by the governor under 16 U.S.C. 470a.
(10) "Credit transferee" means the person to whom a rehabilitation tax credit certificate is transferred under division (E) of this section.
(B) The owner or qualified lessee of a historic building may apply to the state historic preservation officer for a rehabilitation tax credit certificate. The form and manner of filing such applications shall be prescribed by the state historic preservation officer or the officer's designee. The officer or the officer's designee shall accept and review such applications, and may approve issuance of not more than twenty rehabilitation tax credit certificates each calendar year. The officer or officer's designee shall not issue a tax credit certificate unless the officer or designee determines:
(1) That the building that is the subject of the application is a historic building;
(2) That the rehabilitation satisfies standards prescribed by the United States secretary of the interior under 16 U.S.C. 470, et seq., as amended, and 36 C.F.R. 67.7 or a successor to that section; and
(3) That the expenditures to rehabilitate the building are qualified rehabilitation expenditures and are reported by the applicant to exceed the greater of five thousand dollars or the adjusted basis of the building as it would be determined under subparagraph (c)(1)(C) of section 47 of the Internal Revenue Code excluding the cost of acquiring the building.
(4) That the building, once rehabilitated, is intended to be held as income-producing property for which depreciation, or amortization in lieu of depreciation, is allowable under the Internal Revenue Code.
The state historic preservation officer or the officer's designee may prescribe criteria in addition to those specified in divisions (B)(1), (2), and (3) of this section for the purpose of ranking applications in the priority in which tax credit certificates shall be issued within the limitation on the number of certificates that may be issued each year.
An applicant shall demonstrate to the satisfaction of the state historic preservation officer or the officer's designee that the rehabilitation satisfies the standards described in division (B)(2) of this section before the applicant begins physical rehabilitation work. Before physical rehabilitation work begins, the applicant shall cause the building to be appraised to determine the building's fair market value, and shall submit a copy of the appraisal with the application for the tax credit certificate. A rehabilitation tax credit certificate for a historic building shall not be issued before rehabilitation of the building is completed. Upon the request of the state historic preservation officer or the officer's designee, the applicant shall provide documentation of qualified rehabilitation expenditures.
(C) Rehabilitation tax credit certificates shall be in a form to be devised by the state historic preservation officer or the officer's designee with the advice of the tax commissioner, shall identify the applicant and the building that is the subject of the application, shall show the amount of the qualified rehabilitation expenditures the applicant claims to have paid or incurred, and shall bear a unique registration number. Issuance of a certificate represents a finding by the officer or the officer's designee of the matters described in divisions (B)(1), (2), and (3) of this section only; issuance of a certificate does not represent a verification or certification by the officer or the officer's designee of the amount of qualified rehabilitation expenditures for which a tax credit may be claimed. The amount of qualified rehabilitation expenditures for which a tax credit may be claimed is subject to inspection and examination by the tax commissioner or employees of the commissioner under section 5703.19 of the Revised Code and any other applicable provision of law. Upon the issuance of a certificate, the state historic preservation officer or designee shall certify to the tax commissioner, in the form and manner requested by the tax commissioner, the name of the person to whom the certificate was issued, the dollar amount of qualified rehabilitation expenditures shown on the certificate, the registration number of the certificate, the fair market value of the building that is the subject of the certificate as indicated in the appraisal conducted pursuant to division (B) of this section, and any other information required by the tax commissioner.
(D) The state historic preservation officer may fix and collect a reasonable fee payable at the time an application for a rehabilitation tax credit certificate is filed. Proceeds from the fee shall be used exclusively to defray the expenses incurred by the historic preservation office in administering this section.
(E) The person to whom a rehabilitation tax credit certificate is issued may sell or otherwise transfer the certificate to another person for consideration or otherwise. Within thirty days after the transfer, the transferee shall notify the tax commissioner, in writing, of the transfer, and shall indicate on the notice the registration number of the certificate, the name and mailing address of the credit transferee, and any other information required by the tax commissioner. For good cause shown, the tax commissioner may extend the time for filing the notice.
The transfer of a certificate does not affect the right of the tax commissioner to examine the books and records of the owner or qualified lessee to whom the certificate was originally issued for the purpose of verifying or confirming qualified rehabilitation expenditures.
A transferee of a certificate may not transfer the certificate to any other person.
Sec. 5703.75. For the purpose of sections 5733.47 and 5747.76 of the Revised Code, the tax commissioner shall compile and maintain a register of rehabilitation tax credit certificates issued under section 149.307 of the Revised Code. The register shall record, according to the registration number of each certificate issued, the name of the person to which the certificate is issued and the dollar amount of qualified rehabilitation expenditures the person claims to have paid or incurred. If a rehabilitation tax credit certificate was transferred to a credit transferee and the credit transferee notified the tax commissioner of the transfer as required under division (E) of section 143.307 of the Revised Code, the tax commissioner shall make a notation of the transfer on the register and shall record the name and address of the credit transferee in the register as the new certificate owner.
Within one year after a rehabilitation tax credit certificate is issued, the tax commissioner shall cause the building that is the subject of the certificate to be appraised to compute the amount, if any, by which the current estimated fair market value of the building exceeds its fair market value as estimated in the appraisal conducted pursuant to division (B) of section 149.307 of the Revised Code. On or before the last day of March each year beginning with the year after the first tax credit certificates are issued under section 149.307 of the Revised Code, the tax commissioner shall prepare a report showing the extent of such increases in appraised fair market values of buildings for which the tax commissioner caused an appraisal to be conducted under this section in the preceding year, and shall submit copies of the report to the president of the senate and the speaker of the house of representatives.
Sec. 5733.01.  (A) The tax provided by this chapter for domestic corporations shall be the amount charged against each corporation organized for profit under the laws of this state and each nonprofit corporation organized pursuant to Chapter 1729. of the Revised Code, except as provided in sections 5733.09 and 5733.10 of the Revised Code, for the privilege of exercising its franchise during the calendar year in which that amount is payable, and the tax provided by this chapter for foreign corporations shall be the amount charged against each corporation organized for profit and each nonprofit corporation organized or operating in the same or similar manner as nonprofit corporations organized under Chapter 1729. of the Revised Code, under the laws of any state or country other than this state, except as provided in sections 5733.09 and 5733.10 of the Revised Code, for the privilege of doing business in this state, owning or using a part or all of its capital or property in this state, holding a certificate of compliance with the laws of this state authorizing it to do business in this state, or otherwise having nexus in or with this state under the Constitution of the United States, during the calendar year in which that amount is payable.
(B) A corporation is subject to the tax imposed by section 5733.06 of the Revised Code for each calendar year that it is so organized, doing business, owning or using a part or all of its capital or property, holding a certificate of compliance, or otherwise having nexus in or with this state under the Constitution of the United States, on the first day of January of that calendar year.
(C) Any corporation subject to this chapter that is not subject to the federal income tax shall file its returns and compute its tax liability as required by this chapter in the same manner as if that corporation were subject to the federal income tax.
(D) For purposes of this chapter, a federally chartered financial institution shall be deemed to be organized under the laws of the state within which its principal office is located.
(E) For purposes of this chapter, any person, as defined in section 5701.01 of the Revised Code, shall be treated as a corporation if the person is classified for federal income tax purposes as an association taxable as a corporation, and an equity interest in the person shall be treated as capital stock of the person.
(F) For the purposes of this chapter, "disregarded entity" has the same meaning as in division (D) of section 5745.01 of the Revised Code.
(1) A person's interest in a disregarded entity, whether held directly or indirectly, shall be treated as the person's ownership of the assets and liabilities of the disregarded entity, and the income, including gain or loss, shall be included in the person's net income under this chapter.
(2) Any sale, exchange, or other disposition of the person's interest in the disregarded entity, whether held directly or indirectly, shall be treated as a sale, exchange, or other disposition of the person's share of the disregarded entity's underlying assets or liabilities, and the gain or loss from such sale, exchange, or disposition shall be included in the person's net income under this chapter.
(3) The disregarded entity's payroll, property, and sales factors shall be included in the person's factors.
(G) The tax a corporation is required to pay under this chapter shall be as follows:
(1)(a) For financial institutions, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or the difference between all taxes charged the financial institution under this chapter, without regard to division (G)(2) of this section, less any credits allowable against such tax.
(b) A corporation satisfying the description in division (E)(5), (6), (7), (8), or (10) of section 5751.01 of the Revised Code that is not a financial institution, insurance company, or dealer in intangibles is subject to the taxes imposed under this chapter as a corporation and not subject to tax as a financial institution, and shall pay the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or the difference between all the taxes charged under this chapter, without regard to division (G)(2) of this section, less any credits allowable against such tax.
(2) For all corporations other than those persons described in division (G)(1)(a) or (b) of this section, the amount under division (G)(2)(a) of this section applicable to the tax year specified less the amount under division (G)(2)(b) of this section:
(a)(i) For tax year 2005, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or the difference between all taxes charged the corporation under this chapter and any credits allowable against such tax;
(ii) For tax year 2006, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or four-fifths of the difference between all taxes charged the corporation under this chapter and any credits allowable against such tax except the qualifying pass-through entity tax credit described in division (A)(30)(31) and the refundable credits described in divisions (A)(31), (32), and(32), (33), and (34) of section 5733.98 of the Revised Code;
(iii) For tax year 2007, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or three-fifths of the difference between all taxes charged the corporation under this chapter and any credits allowable against such tax except the qualifying pass-through entity tax credit described in division (A)(30)(31) and the refundable credits described in divisions (A)(31), (32), and(32), (33), and (34) of section 5733.98 of the Revised Code;
(iv) For tax year 2008, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or two-fifths of the difference between all taxes charged the corporation under this chapter and any credits allowable against such tax except the qualifying pass-through entity tax credit described in division (A)(30)(31) and the refundable credits described in divisions (A)(31), (32), and(32), (33), and (34) of section 5733.98 of the Revised Code;
(v) For tax year 2009, the greater of the minimum payment required under division (E) of section 5733.06 of the Revised Code or one-fifth of the difference between all taxes charged the corporation under this chapter and any credits allowable against such tax except the qualifying pass-through entity tax credit described in division (A)(30)(31) and the refundable credits described in divisions (A)(31), (32), and(32), (33), and (34) of section 5733.98 of the Revised Code;
(vi) For tax year 2010 and each tax year thereafter, no tax.
(b) A corporation shall subtract from the amount calculated under division (G)(2)(a)(ii), (iii), (iv), or (v) of this section any qualifying pass-through entity tax credit described in division (A)(30)(31) and any refundable credits described in divisions (A)(31), (32), and(32), (33), and (34) of section 5733.98 of the Revised Code to which the corporation is entitled. Any unused qualifying pass-through entity tax credit is not refundable.
(c) For the purposes of computing the amount of a credit that may be carried forward to a subsequent tax year under division (G)(2) of this section, a credit is utilized against the tax for a tax year to the extent the credit applies against the tax for that tax year, even if the difference is then multiplied by the applicable fraction under division (G)(2)(a) of this section.
(3) Nothing in division (G) of this section eliminates or reduces the tax imposed by section 5733.41 of the Revised Code on a qualifying pass-through entity.
Sec. 5733.47. (A) As used in this section, "certificate owner" and "qualified rehabilitation expenditures" have the same meanings as in section 149.307 of the Revised Code.
(B) There is hereby allowed a nonrefundable credit against the tax imposed under section 5733.06 of the Revised Code for a taxpayer that is the certificate owner of a rehabilitation tax credit certificate issued under section 149.307 of the Revised Code. The credit equals twenty-five per cent of the dollar amount of the taxpayer's qualified rehabilitation expenditures indicated in the tax commissioner's register maintained under section 5703.75 of the Revised Code. The credit shall be claimed in the order prescribed in section 5733.98 of the Revised Code. If the amount of the credit exceeds the amount of tax otherwise due under section 5733.06 of the Revised Code after deducting any other credits preceding the credit allowed by this section in that order, the excess may be carried forward and deducted from the tax otherwise due for ten subsequent tax years following the tax year for which the credit is claimed under this section.
Credits allowed under this section may be claimed beginning with tax year 2007. The total amount of credits claimed under this section by a taxpayer for the same historic building shall not exceed two hundred fifty thousand dollars.
A taxpayer claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the last tax year to which the credit, including any carried-forward amount, is applied, and shall make the certificate available for inspection by the tax commissioner upon the commissioner's request during that period.
Sec. 5733.98.  (A) To provide a uniform procedure for calculating the amount of tax imposed by section 5733.06 of the Revised Code that is due under this chapter, a taxpayer shall claim any credits to which it is entitled in the following order, except as otherwise provided in section 5733.058 of the Revised Code:
(1) For tax year 2005, the credit for taxes paid by a qualifying pass-through entity allowed under section 5733.0611 of the Revised Code;
(2) The credit allowed for financial institutions under section 5733.45 of the Revised Code;
(3) The credit for qualifying affiliated groups under section 5733.068 of the Revised Code;
(4) The subsidiary corporation credit under section 5733.067 of the Revised Code;
(5) The savings and loan assessment credit under section 5733.063 of the Revised Code;
(6) The credit for recycling and litter prevention donations under section 5733.064 of the Revised Code;
(7) The credit for employers that enter into agreements with child day-care centers under section 5733.36 of the Revised Code;
(8) The credit for employers that reimburse employee child care expenses under section 5733.38 of the Revised Code;
(9) The credit for maintaining railroad active grade crossing warning devices under section 5733.43 of the Revised Code;
(10) The credit for purchases of lights and reflectors under section 5733.44 of the Revised Code;
(11) The job retention credit under division (B) of section 5733.0610 of the Revised Code;
(12) The credit for losses on loans made under the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code if the taxpayer elected a nonrefundable credit under section 150.07 of the Revised Code;
(13) The credit for purchases of new manufacturing machinery and equipment under section 5733.31 or section 5733.311 of the Revised Code;
(14) The second credit for purchases of new manufacturing machinery and equipment under section 5733.33 of the Revised Code;
(15) The job training credit under section 5733.42 of the Revised Code;
(16) The credit for qualified research expenses under section 5733.351 of the Revised Code;
(17) The enterprise zone credit under section 5709.66 of the Revised Code;
(18) The credit for the eligible costs associated with a voluntary action under section 5733.34 of the Revised Code;
(19) The credit for employers that establish on-site child day-care centers under section 5733.37 of the Revised Code;
(20) The ethanol plant investment credit under section 5733.46 of the Revised Code;
(21) The credit for purchases of qualifying grape production property under section 5733.32 of the Revised Code;
(22) The export sales credit under section 5733.069 of the Revised Code;
(23) The credit for research and development and technology transfer investors under section 5733.35 of the Revised Code;
(24) The enterprise zone credits under section 5709.65 of the Revised Code;
(25) The credit for using Ohio coal under section 5733.39 of the Revised Code;
(26) The credit for small telephone companies under section 5733.57 of the Revised Code;
(27) The credit for eligible nonrecurring 9-1-1 charges under section 5733.55 of the Revised Code;
(28) The credit for providing programs to aid the communicatively impaired under section 5733.56 of the Revised Code;
(29) The credit for rehabilitating historic buildings under section 5933.47 of the Revised Code;
(30) The research and development credit under section 5733.352 of the Revised Code;
(30)(31) For tax years 2006 and subsequent tax years, the credit for taxes paid by a qualifying pass-through entity allowed under section 5733.0611 of the Revised Code;
(31)(32) The refundable jobs creation credit under division (A) of section 5733.0610 of the Revised Code;
(32)(33) The refundable credit for tax withheld under division (B)(2) of section 5747.062 of the Revised Code;
(33)(34) The credit for losses on loans made to the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code if the taxpayer elected a refundable credit under section 150.07 of the Revised Code.
(B) For any credit except the credits enumerated in divisions (A)(31), (32), and (33), and (34) of this section, the amount of the credit for a tax year shall not exceed the tax due after allowing for any other credit that precedes it in the order required under this section. Any excess amount of a particular credit may be carried forward if authorized under the section creating that credit.
Sec. 5747.76. (A) As used in this section, "certificate owner" and "qualified rehabilitation expenditures" have the same meanings as in section 149.307 of the Revised Code.
(B) There is hereby allowed a nonrefundable credit against the tax imposed under section 5747.02 of the Revised Code for a taxpayer that is the certificate owner of a rehabilitation tax credit certificate issued under section 149.307 of the Revised Code. The credit equals twenty-five per cent of the dollar amount of the taxpayer's qualified rehabilitation expenditures indicated in the tax commissioner's register maintained under section 5703.75 of the Revised Code. The credit shall be claimed in the order prescribed in section 5747.98 of the Revised Code. If the amount of the credit exceeds the amount of tax otherwise due under section 5747.02 of the Revised Code after deducting any other credits preceding the credit allowed by this section in that order, the excess may be carried forward and deducted from the tax otherwise due for ten subsequent taxable years following the tax year for which the credit is claimed under this section.
Nothing in this section limits or disallows pass-through treatment of the credit if the certificate owner is a pass-through entity.
The credit may be claimed for taxable years beginning on or after January 1, 2007. The total amount of credits claimed under this section by a taxpayer for the same historic building for all taxable years shall not exceed two hundred fifty thousand dollars.
A taxpayer claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the last taxable year to which the credit, including any carried-forward amount, is applied, and shall make the certificate available for inspection by the tax commissioner upon the commissioner's request during that period.
Sec. 5747.98.  (A) To provide a uniform procedure for calculating the amount of tax due under section 5747.02 of the Revised Code, a taxpayer shall claim any credits to which the taxpayer is entitled in the following order:
(1) The retirement income credit under division (B) of section 5747.055 of the Revised Code;
(2) The senior citizen credit under division (C) of section 5747.05 of the Revised Code;
(3) The lump sum distribution credit under division (D) of section 5747.05 of the Revised Code;
(4) The dependent care credit under section 5747.054 of the Revised Code;
(5) The lump sum retirement income credit under division (C) of section 5747.055 of the Revised Code;
(6) The lump sum retirement income credit under division (D) of section 5747.055 of the Revised Code;
(7) The lump sum retirement income credit under division (E) of section 5747.055 of the Revised Code;
(8) The low-income credit under section 5747.056 of the Revised Code;
(9) The credit for displaced workers who pay for job training under section 5747.27 of the Revised Code;
(10) The campaign contribution credit under section 5747.29 of the Revised Code;
(11) The twenty-dollar personal exemption credit under section 5747.022 of the Revised Code;
(12) The joint filing credit under division (G) of section 5747.05 of the Revised Code;
(13) The nonresident credit under division (A) of section 5747.05 of the Revised Code;
(14) The credit for a resident's out-of-state income under division (B) of section 5747.05 of the Revised Code;
(15) The credit for employers that enter into agreements with child day-care centers under section 5747.34 of the Revised Code;
(16) The credit for employers that reimburse employee child care expenses under section 5747.36 of the Revised Code;
(17) The credit for adoption of a minor child under section 5747.37 of the Revised Code;
(18) The credit for purchases of lights and reflectors under section 5747.38 of the Revised Code;
(19) The job retention credit under division (B) of section 5747.058 of the Revised Code;
(20) The credit for losses on loans made under the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code if the taxpayer elected a nonrefundable credit under section 150.07 of the Revised Code;
(21) The credit for purchases of new manufacturing machinery and equipment under section 5747.26 or section 5747.261 of the Revised Code;
(22) The second credit for purchases of new manufacturing machinery and equipment and the credit for using Ohio coal under section 5747.31 of the Revised Code;
(23) The job training credit under section 5747.39 of the Revised Code;
(24) The enterprise zone credit under section 5709.66 of the Revised Code;
(25) The credit for the eligible costs associated with a voluntary action under section 5747.32 of the Revised Code;
(26) The credit for employers that establish on-site child day-care centers under section 5747.35 of the Revised Code;
(27) The ethanol plant investment credit under section 5747.75 of the Revised Code;
(28) The credit for purchases of qualifying grape production property under section 5747.28 of the Revised Code;
(29) The export sales credit under section 5747.057 of the Revised Code;
(30) The credit for research and development and technology transfer investors under section 5747.33 of the Revised Code;
(31) The credit for rehabilitating historic buildings under section 5747.76 of the Revised Code;
(32) The enterprise zone credits under section 5709.65 of the Revised Code;
(32)(33) The research and development credit under section 5747.331 of the Revised Code;
(33)(34) The refundable jobs creation credit under division (A) of section 5747.058 of the Revised Code;
(34)(35) The refundable credit for taxes paid by a qualifying entity granted under section 5747.059 of the Revised Code;
(35)(36) The refundable credits for taxes paid by a qualifying pass-through entity granted under division (J) of section 5747.08 of the Revised Code;
(36)(37) The refundable credit for tax withheld under division (B)(1) of section 5747.062 of the Revised Code;
(37)(38) The credit for losses on loans made to the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code if the taxpayer elected a refundable credit under section 150.07 of the Revised Code.
(B) For any credit, except the credits enumerated in divisions (A)(33)(34) to (37)(38) of this section and the credit granted under division (I) of section 5747.08 of the Revised Code, the amount of the credit for a taxable year shall not exceed the tax due after allowing for any other credit that precedes it in the order required under this section. Any excess amount of a particular credit may be carried forward if authorized under the section creating that credit. Nothing in this chapter shall be construed to allow a taxpayer to claim, directly or indirectly, a credit more than once for a taxable year.
Section 2. That existing sections 5733.01, 5733.98, and 5747.98 of the Revised Code are hereby repealed.
Section 3.  Applications to the State Historic Preservation Officer for a rehabilitation tax credit certificate under section 149.307 of the Revised Code may be filed on or after the first day of the sixth month after the month in which this act takes effect.
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