2006 Ohio Revised Code - 5725.98. Order of claiming credits; excess amount may be carried forward; credit to be claimed only once in tax year.

§ 5725.98. Order of claiming credits; excess amount may be carried forward; credit to be claimed only once in tax year.
 

(A)  To provide a uniform procedure for calculating the amount of tax imposed by section 5725.18 of the Revised Code that is due under this chapter, a taxpayer shall claim any credits and offsets against tax liability to which it is entitled in the following order: 

(1) The credit for an insurance company or insurance company group under section 5729.031 [5729.03.1] of the Revised Code. 

(2) The credit for eligible employee training costs under section 5725.31 of the Revised Code. 

(3) The offset of assessments by the Ohio life and health insurance guaranty association permitted by section 3956.20 of the Revised Code. 

(4) The refundable credit for Ohio job creation under section 5725.32 of the Revised Code. 

(5) The refundable credit under section 5729.08 of the Revised Code for losses on loans made under the Ohio venture capital program under sections 150.01 to 150.10 of the Revised Code. 

(B)  For any credit except the credits enumerated in divisions (A)(4) and (5) of this section, the amount of the credit for a taxable 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. Nothing in this chapter shall be construed to allow a taxpayer to claim, directly or indirectly, a credit more than once for a taxable year. 
 

HISTORY: 151 v H 530, § 101.01, eff. 3-30-06; 151 v S 321, § 101.01, eff. 6-6-06.
 

The effective date is set by § 509.03 of 151 v S 321. 

The effective date is set by § 818.03 of 151 v H 530. 

 

Effect of Amendments

151 v S 321, effective June 6, 2006, deleted (A)(3), pertaining to a credit for losses on loans, and redesignated the remaining subdivisions accordingly; in present (A)(5), inserted "refundable", and deleted "if the taxpayer elected a refundable credit under section 150.07 of the Revised Code" from the end; and corrected internal references. 
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