(A)To provide a uniform procedure for calculating the amount of tax imposed by section5733.06of 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 section5733.058of the Revised Code:
For tax year 2005, the credit for taxes paid by a qualifying pass-through entity allowed under section5733.0611of the Revised Code;
The credit allowed for financial institutions under section5733.45of the Revised Code;
The credit for qualifying affiliated groups under section5733.068of the Revised Code;
The subsidiary corporation credit under section5733.067of the Revised Code;
The credit for recycling and litter prevention donations under section5733.064of the Revised Code;
The credit for em
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(A) To provide a uniform procedure for calculating the amount of tax imposed by section5733.06of 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 section5733.058of the Revised Code:
For tax year 2005, the credit for taxes paid by a qualifying pass-through entity allowed under section5733.0611of the Revised Code;
The credit allowed for financial institutions under section5733.45of the Revised Code;
The credit for qualifying affiliated groups under section5733.068of the Revised Code;
The subsidiary corporation credit under section5733.067of the Revised Code;
The credit for recycling and litter prevention donations under section5733.064of the Revised Code;
The credit for employers that enter into agreements with child day-care centers under section5733.36of the Revised Code;
The credit for employers that reimburse employee child care expenses under section5733.38of the Revised Code;
The nonrefundable job retention credit under division (B) of section5733.0610of the Revised Code;
The second credit for purchases of new manufacturing machinery and equipment under section5733.33of the Revised Code;
The job training credit under section5733.42of the Revised Code;
The credit for qualified research expenses under section5733.351of the Revised Code;
The enterprise zone credit under section5709.66of the Revised Code;
The credit for the eligible costs associated with a voluntary action under section5733.34of the Revised Code;
The credit for employers that establish on-site child day-care centers under section5733.37of the Revised Code;
The credit for purchases of qualifying grape production property under section5733.32of the Revised Code;
The export sales credit under section5733.069of the Revised Code;
The enterprise zone credits under section5709.65of the Revised Code;
The credit for using Ohio coal under section5733.39of the Revised Code;
The credit for purchases of qualified low-income community investments under section5733.58of the Revised Code;
The credit for small telephone companies under section5733.57of the Revised Code;
The credit for eligible nonrecurring 9-1-1 charges under section5733.55of the Revised Code;
For tax year 2005, the credit for providing programs to aid persons with communicative impairments under division (A) of section5733.56of the Revised Code;
The research and development credit under section5733.352of the Revised Code;
For tax years 2006 and subsequent tax years, the credit for taxes paid by a qualifying pass-through entity allowed under section5733.0611of the Revised Code;
The refundable credit for rehabilitating a historic building under section5733.47of the Revised Code;
The refundable jobs creation credit or job retention credit under division (A) of section5733.0610of the Revised Code;
The refundable credit for tax withheld under division (B)(2) of section5747.062of the Revised Code;
The refundable credit under section5733.49of the Revised Code for losses on loans made to the Ohio venture capital program under sections150.01to150.10of the Revised Code;
For tax years 2006, 2007, and 2008, the refundable credit allowable under division (B) of section5733.56of the Revised Code;
The refundable motion picture and broadway theatrical production credit under section5733.59of the Revised Code.
(B) For any credit except the refundable credits enumerated in 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.
The Legislative Service Commission presents the text of this section as a composite of the section as amended by multiple acts of the General Assembly. This presentation recognizes the principle stated inR.C. 1.52(B)that amendments are to be harmonized if reasonably capable of simultaneous operation.
Last updated March 17, 2023 at 1:25 PM