The online versions of legislation provided on this website are not official. Enrolled bills are the final version passed by the Ohio General Assembly and presented to the Governor for signature. The official version of acts signed by the Governor are available from the Secretary of State's Office in the Continental Plaza, 180 East Broad St., Columbus.
|
H. B. No. 284 As IntroducedAs Introduced
130th General Assembly | Regular Session | 2013-2014 |
| |
A BILL
To amend sections 5725.34, 5726.52, 5729.17, and
5747.76 of the Revised Code to increase the
maximum historic rehabilitation tax credit allowed
to a taxpayer, from $5 million to $25 million, and
to limit the amount of such credit that may be
claimed in each year to $5 million.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
Section 1. That sections 5725.34, 5726.52, 5729.17, and
5747.76 of the Revised Code be amended to read as follows:
Sec. 5725.34. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a credit against the tax imposed by
section 5725.18 of the Revised Code for an insurance company
subject to that tax that is a certificate owner of a
rehabilitation tax credit certificate issued under section 149.311
of the Revised Code. The credit shall equal twenty-five per cent
of the dollar amount indicated on the certificate, but the amount
of the credit allowed for any company for any year shall not
exceed five twenty-five million dollars for each certificate. The
credit shall be claimed in the calendar year specified in the
certificate and in the order required under section 5725.98 of the
Revised Code. The amount of the credit claimed by the company in
any year shall not exceed five million dollars. If the credit
exceeds the amount of tax otherwise due in that a year, the excess
shall be refunded to the company but, if any amount of the credit
is refunded, the sum of the amount refunded and the amount applied
to reduce the tax otherwise due in that year shall not exceed
three five million dollars. The company may carry forward any
balance of the credit in excess of the amount claimed in that year
for not more than five ensuing years, and shall deduct any amount
claimed in any such year from the amount claimed in an ensuing
year.
(C) An insurance company claiming a credit under this section
shall retain the rehabilitation tax credit certificate for four
years following the end of the year in which the credit was
claimed, and shall make the certificate available for inspection
by the tax commissioner upon the request of the tax commissioner
during that period.
Sec. 5726.52. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) A taxpayer may claim a refundable credit against the tax
imposed by this chapter for each person included in the annual
report of a taxpayer that is a certificate owner of a
rehabilitation tax credit certificate issued under section 149.311
of the Revised Code. The credit shall equal twenty-five per cent
of the dollar amount indicated on each certificate, but shall not
exceed five twenty-five million dollars for each certificate.
The credit shall be claimed for the calendar year specified
in the certificate and in the order required under section 5726.98
of the Revised Code. The amount of the credit claimed by the
taxpayer in any year shall not exceed five million dollars. If the
credit exceeds the amount of tax otherwise due in that a year, the
excess shall be refunded to the taxpayer, provided that, if any
amount of the credit is refunded, the sum of the amount refunded
and the amount applied to reduce the tax otherwise due in that
year shall not exceed three five million dollars. The taxpayer may
carry forward any balance of the credit in excess of the amount
claimed in that year for not more than five ensuing years, and
shall deduct any amount claimed in any such year from the amount
claimed in an ensuing year. A taxpayer may claim against the tax
imposed by this chapter any unused portion of the credit
authorized under section 5725.151 of the Revised Code, but only to
the extent of the five-year carry forward period authorized by
that section.
(C) A taxpayer claiming a credit under this section shall
retain the rehabilitation tax credit certificate for four years
following the end of the year to which the credit was applied, and
shall make the certificate available for inspection by the tax
commissioner upon the request of the commissioner during that
period.
Sec. 5729.17. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a credit against the tax imposed by
section 5729.03 of the Revised Code for an insurance company
subject to that tax that is a certificate owner of a
rehabilitation tax credit certificate issued under section 149.311
of the Revised Code. The credit shall equal twenty-five per cent
of the dollar amount indicated on the certificate, but the amount
of the credit allowed for any company for any year shall not
exceed five twenty-five million dollars for each certificate. The
credit shall be claimed in the calendar year specified in the
certificate and in the order required under section 5729.98 of the
Revised Code. The amount of the credit claimed by the company in
any year shall not exceed five million dollars. If the credit
exceeds the amount of tax otherwise due in that a year, the excess
shall be refunded to the company but, if any amount of the credit
is refunded, the sum of the amount refunded and the amount applied
to reduce the tax otherwise due in that year shall not exceed
three five million dollars. The company may carry forward any
balance of the credit in excess of the amount claimed in that year
for not more than five ensuing years, and shall deduct any amount
claimed in any such year from the amount claimed in an ensuing
year.
(C) An insurance company claiming a credit under this section
shall retain the rehabilitation tax credit certificate for four
years following the end of the year in which the credit was
claimed, and shall make the certificate available for inspection
by the tax commissioner upon the request of the tax commissioner
during that period.
Sec. 5747.76. (A) As used in this section, "certificate
owner" has the same meaning as in section 149.311 of the Revised
Code.
(B) There is allowed a 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 149.311 of the Revised Code. The credit shall
equal twenty-five per cent of the dollar amount indicated on the
certificate, but the amount of credit allowed for any taxpayer
shall not exceed five twenty-five million dollars for each
certificate. The credit shall be claimed for the taxable year
specified in the certificate and in the order required under
section 5747.98 of the Revised Code.
(C) Nothing in this section limits or disallows pass-through
treatment of the credit if the certificate owner is a pass-through
entity. If the certificate owner is a pass-through entity, the
amount of the credit allowed for the pass-through entity shall not
exceed five twenty-five million dollars for each certificate. If
the certificate owner is a pass-through entity, the credit may be
allocated among the entity's equity owners in proportion to their
ownership interests or in such proportions or amounts as the
equity owners mutually agree.
(D) The amount of the credit claimed by the taxpayer for any
taxable year shall not exceed five million dollars. If the
certificate owner is a pass-through entity, the total amount of
the credit allocated to taxpayers claiming a distributive or
proportionate share of the credit shall not exceed five million
dollars for any taxable year. If the credit allowed for any
taxable year exceeds the tax otherwise due under section 5747.02
of the Revised Code, after allowing for any other credits
preceding the credit in the order prescribed by section 5747.98 of
the Revised Code, the excess shall be refunded to the taxpayer
but, if any amount of the credit is refunded, the sum of the
amount refunded and the amount applied to reduce the tax otherwise
due for that year shall not exceed
three five million dollars or,
if the certificate owner is a pass-through entity, shall not
exceed the taxpayer's distributive or proportionate share, as
allocated under division (C) of this section, of three five
million dollars. The taxpayer may carry forward any balance of the
credit in excess of the amount claimed for that year for not more
than five ensuing taxable years, and shall deduct any amount
claimed for any such year from the amount claimed in an ensuing
year.
(E) A taxpayer claiming a credit under this section shall
retain the rehabilitation tax credit certificate for four years
following the end of the taxable year to which the credit was
applied, and shall make the certificate available for inspection
by the tax commissioner upon the request of the tax commissioner
during that period.
Section 2. That existing sections 5725.34, 5726.52, 5729.17,
and 5747.76 of the Revised Code are hereby repealed.
|
|