2006 Ohio Revised Code - [718.12.1] 718.121.Credit for tax paid to first municipal corporation.

[§ 718.12.1] § 718.121. Credit for tax paid to first municipal corporation.
 

(A)  Except as provided in division (B) of this section, if tax or withholding is paid to a municipal corporation on income or wages, and if a second municipal corporation imposes a tax on that income or wages after the time period allowed for a refund of the tax or withholding paid to the first municipal corporation, the second municipal corporation shall allow a nonrefundable credit, against the tax or withholding the second municipality claims is due with respect to such income or wages, equal to the tax or withholding paid to the first municipal corporation with respect to such income or wages. 

(B)  If the tax rate in the second municipal corporation is less than the tax rate in the first municipal corporation, then the credit described in division (A) of this section shall be calculated using the tax rate in effect in the second municipal corporation. 

(C)  Nothing in this section permits any credit carryforward. 
 

HISTORY: 150 v H 95, § 1, eff. 6-26-03.
 

The provisions of § 156, H.B. 95 (150 v  - ), read as follows: 

SECTION 156. (A) The amendment, repeal and reenactment, or enactment by this act of sections 718.01, 718.02, 718.03, 718.05, 718.051, and 718.121 of the Revised Code apply to taxable years beginning on or after January 1, 2004. 

The effective date is set by section 183 of H.B. 95 (150 v  - ).