Ohio § 5747.059 Tax credit for Ohio withholding tax paid by one or more qualifying pass-through entities

Ohio Statutes

§ 5747.059 — Tax credit for Ohio withholding tax paid by one or more qualifying pass-through entities

Ohio § 5747.059

Title 57Taxation

Ch. 5747Income Tax

This text of Ohio § 5747.059 (Tax credit for Ohio withholding tax paid by one or more qualifying pass-through entities) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 5747.059 (2026).

Text

(A)This section applies only to reduce a taxpayer's aggregate tax liability under section5747.02of the Revised Code.

(B)There is hereby allowed a refundable credit against a taxpayer's aggregate tax liability under section5747.02of the Revised Code. This credit shall be equal to the taxpayer's proportionate share of the lesser of either the tax due or the tax paid under section5733.41or5747.41of the Revised Code by any qualifying entity as defined in section5733.40of the Revised Code for the qualifying taxable year of the qualifying entity which ends in the taxable year of the taxpayer.

(C)The taxpayer shall claim the credit for the taxpayer's taxable year in which ends the qualifying entity's qualifying taxable year. For purposes of making tax payments under this chapter, taxes equal

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(A) This section applies only to reduce a taxpayer's aggregate tax liability under section5747.02of the Revised Code.

(B) There is hereby allowed a refundable credit against a taxpayer's aggregate tax liability under section5747.02of the Revised Code. This credit shall be equal to the taxpayer's proportionate share of the lesser of either the tax due or the tax paid under section5733.41or5747.41of the Revised Code by any qualifying entity as defined in section5733.40of the Revised Code for the qualifying taxable year of the qualifying entity which ends in the taxable year of the taxpayer.

(C) The taxpayer shall claim the credit for the taxpayer's taxable year in which ends the qualifying entity's qualifying taxable year. For purposes of making tax payments under this chapter, taxes equal to the amount of the credit shall be considered to be paid by the taxpayer to this state on the day that the qualifying entity pays to the tax commissioner the amount due pursuant to section5733.41and sections5747.41to5747.453of the Revised Code with respect to and for the taxpayer.

(D) In claiming the credit and determining the taxpayer's proportionate share of the tax due and the tax paid by any qualifying entity, the taxpayer shall follow the concepts set forth in subchapters J and K of the Internal Revenue Code.

(E) The credit shall be claimed in the order required under section5747.98of the Revised Code. If the amount of the credit under this section exceeds the aggregate amount of tax otherwise due under section5747.02of the Revised Code after deduction of all other credits in that order, the taxpayer is entitled to a refund of the excess.

Last updated September 6, 2023 at 3:51 PM