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S. B. No. 47 As IntroducedAs Introduced
129th General Assembly | Regular Session | 2011-2012 |
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A BILL
To amend section 5751.98 and to enact section 5751.54
of the Revised Code to authorize a commercial
activity tax credit for underserved community
grocery stores.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That section 5751.98 be amended and section
5751.54 of the Revised Code be enacted to read as follows:
Sec. 5751.54. (A) As used in this section "underserved
community grocery" means a retail facility that is classified as a
"supermarket and other grocery (except convenience) store" under
the North American industry classification system and that is
located in a census tract with below-average density of
supermarkets and groceries or containing households a majority of
which are low-income households.
(B) For tax periods beginning on or after January 1, 2011, a
nonrefundable credit may be claimed under this chapter equal to
ten per cent of the tax imposed under this chapter on the taxable
gross receipts of an underserved community grocery. The taxpayer
shall claim the credit in the order required under section 5751.98
of the Revised Code.
Sec. 5751.98. (A) To provide a uniform procedure for
calculating the amount of tax due under this chapter, a taxpayer
shall claim any credits to which it is entitled in the following
order:
(1) The nonrefundable jobs retention credit under division
(B) of section 5751.50 of the Revised Code;
(2) The nonrefundable credit for qualified research expenses
under division (B) of section 5751.51 of the Revised Code;
(3) The nonrefundable credit for a borrower's qualified
research and development loan payments under division (B) of
section 5751.52 of the Revised Code;
(4) The nonrefundable credit for calendar years 2010 to 2029
for unused net operating losses under division (B) of section
5751.53 of the Revised Code;
(5) The nonrefundable credit for underserved community
groceries under section 5751.54 of the Revised Code;
(6) The refundable credit for calendar year 2030 for unused
net operating losses under division (C) of section 5751.53 of the
Revised Code;
(6)(7) The refundable jobs creation credit under division (A)
of section 5751.50 of the Revised Code.
(B) For any credit except the credit refundable credits
enumerated in division (A)(4) of this section, the amount of the
credit for a tax period 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 the credit.
Section 2. That existing section 5751.98 of the Revised Code
is hereby repealed.
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