2023 Ohio Revised Code
Title 57 | Taxation
Chapter 5703 | Department of Taxation
Section 5703.48 | Report Describing Effect of Tax Expenditures, Property Tax Exemptions on General Revenue Fund.

Effective: April 3, 2023

Latest Legislation: House Bill 66 - 134th General Assembly

(A) As used in this section:

(1) "Tax expenditure" means a tax provision in the Revised Code that exempts, either in whole or in part, certain persons, income, goods, services, or property from the effect of taxes levied by the state, including, but not limited to, tax deductions, exemptions, deferrals, exclusions, allowances, credits, reimbursements, and preferential tax rates, provided all of the following apply to the provision:

(a) The provision reduces, or has the potential to reduce, revenue to the general revenue fund;

(b) The persons, income, goods, services, or property exempted by the provision would have been part of a defined tax base;

(c) The persons, income, goods, services, or property exempted by the provision are not subject to an alternate tax levied by the state;

(d) The provision is subject to modification or repeal by an act of the general assembly.

(2) "Property tax exemption" means a provision in the Revised Code that exempts or authorizes a subdivision to exempt from taxation all or a portion of the value of real property, as reported on forms otherwise prescribed by the tax commissioner and as categorized by the tax commissioner for purposes of this section as:

(a) Charitable and public worship;

(b) Public and educational;

(c) Local economic development;

(d) Other exemptions.

(B) The department of taxation shall prepare and submit to the governor not later than the first day of November in each even-numbered year a report containing certain information about tax expenditures and property tax exemptions. The report shall contain each of the following:

(1) A description of each existing tax expenditure and property tax exemption;

(2) In comparative form, a detailed estimate of the approximate amount of revenue not available to the state general revenue fund in each fiscal year of the current and ensuing fiscal bienniums as a result of the operation of each tax expenditure;

(3) The aggregate true value of real property exempted in this state for the preceding tax year as the result of the operation of each property tax exemption;

(4) The amount of revenue paid from the general revenue fund in the preceding calendar year to reimburse subdivisions for each property tax exemption for which such reimbursement is required.

The report shall be prepared in such a manner as to facilitate the inclusion of the information provided by the report in the governor's budget.

Last updated March 21, 2023 at 3:05 PM