2006 Ohio Revised Code - 5725.24. Use and distribution of funds.

§ 5725.24. Use and distribution of funds.
 

(A)  As used in this section, "qualifying dealer" means a dealer in intangibles that is a qualifying dealer in intangibles as defined in section 5733.45 of the Revised Code or a member of a qualifying controlled group, as defined in section 5733.04 of the Revised Code, of which an insurance company also is a member on the first day of January of the year in and for which the tax imposed by section 5707.03 of the Revised Code is required to be paid by the dealer. 

(B)  The taxes levied by section 5725.18 of the Revised Code and collected pursuant to this chapter shall be paid into the state treasury to the credit of the general revenue fund. 

(C)  The taxes levied by section 5707.03 of the Revised Code on the value of shares in and capital employed by dealers in intangibles other than those that are qualifying dealers shall be for the use of the general revenue fund of the state and the local government funds of the several counties in which the taxes originate as provided in this division. 
 

On or before the first day of each month on which there is money in the state treasury for disbursement under this division, the tax commissioner shall provide for payment to the county treasurer of each county of five-eighths of the amount of the taxes collected on account of shares in and capital employed by dealers in intangibles other than those that are qualifying dealers, representing capital employed in the county. The balance of the money received and credited on account of taxes assessed on shares in and capital employed by such dealers in intangibles shall be credited to the general revenue fund. 
 

For the purpose of this division, such taxes are deemed to originate in the counties in which such dealers in intangibles have their offices. 
 

Money received into the treasury of a county pursuant to this section shall be credited to the undivided local government fund of the county and shall be distributed by the budget commission as provided by law. 

(D)  All of the taxes levied under section 5707.03 of the Revised Code on the value of the shares in and capital employed by dealers in intangibles that are qualifying dealers shall be paid into the state treasury to the credit of the general revenue fund. 
 

HISTORY: GC § 5414-19; 115 v 582; 116 v PtII, 202; 118 v 48; 122 v 375; Bureau of Code Revision, 10-1-53; 126 v PtII, (12) or 127 v 1254 (Eff 10-8-56); 134 v H 475 (Eff 12-20-71); 135 v H 1338 (Eff 10-2-74); 139 v H 694 (Eff 1-1-83); 141 v H 201 (Eff 7-1-85); 142 v H 171 (Eff 7-1-87); 149 v H 405. Eff 12-13-2001.