Ohio § 5747.77 Beginning farmer tax credits

Ohio Statutes

§ 5747.77 — Beginning farmer tax credits

Ohio § 5747.77

Title 57Taxation

Ch. 5747Income Tax

This text of Ohio § 5747.77 (Beginning farmer tax credits) 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. § 5747.77 (2026).

Text

(A)There is hereby allowed a nonrefundable credit against a taxpayer's aggregate liability under section5747.02of the Revised Code for a taxpayer that is issued a credit certificate under division (D) of section901.61of the Revised Code. The credit shall be claimed for the taxable year during which the certificate is issued. The credit shall be claimed in the order required under section5747.98of the Revised Code. If a credit exceeds the aggregate amount of tax otherwise due for a taxable year, the excess may be carried forward and applied against the tax due for not more than seven succeeding taxable years, provided that the amount applied to the tax due for any taxable year shall be subtracted from the amount available to carry forward to succeeding years.

(B)There is hereby allowed

Free access — add to your briefcase to read the full text and ask questions with AI

(A) There is hereby allowed a nonrefundable credit against a taxpayer's aggregate liability under section5747.02of the Revised Code for a taxpayer that is issued a credit certificate under division (D) of section901.61of the Revised Code. The credit shall be claimed for the taxable year during which the certificate is issued.

The credit shall be claimed in the order required under section5747.98of the Revised Code. If a credit exceeds the aggregate amount of tax otherwise due for a taxable year, the excess may be carried forward and applied against the tax due for not more than seven succeeding taxable years, provided that the amount applied to the tax due for any taxable year shall be subtracted from the amount available to carry forward to succeeding years.

(B) There is hereby allowed a nonrefundable credit against a taxpayer's aggregate liability under section5747.02of the Revised Code for a taxpayer that is issued a credit certificate under division (E) of section901.61of the Revised Code. The credit shall be claimed for the taxable year during which the certificate is issued.

The credit shall be claimed in the order required under section5747.98of the Revised Code. If a credit exceeds the aggregate amount of tax otherwise due for the taxable year, the excess may be carried forward and applied against the tax due for not more than three succeeding taxable years, provided that the amount applied to the tax due for any taxable year shall be subtracted from the amount available to carry forward to succeeding years.

Last updated May 11, 2022 at 2:52 PM