us-oh/stat
Ohio Rev. Code § 5725.34
Tax credit for insurance companies holding rehabilitation tax credit certificate
# (A)
As used in this section, "certificate owner" has the same meaning as in section 149.311 of the Revised Code.
# (B)
There is allowed a credit against the tax imposed by section 5725.18 of the Revised Code for an insurance company subject to that tax that is a certificate owner of a rehabilitation tax credit certificate issued under section 149.311 of the Revised Code. The credit shall equal twenty-five per cent of the dollar amount indicated on the certificate, but the amount of the credit allowed for any company for any year shall not exceed five million dollars. The credit shall be claimed in the calendar year specified in the certificate and in the order required under section 5725.98 of the Revised Code. If the credit exceeds the amount of tax otherwise due in that year, the excess shall be refunded to the company but, if any amount of the credit is refunded, the sum of the amount refunded and the amount applied to reduce the tax otherwise due in that year shall not exceed three million dollars. The company may carry forward any balance of the credit in excess of the amount claimed in that year for not more than five ensuing years, and shall deduct any amount claimed in any such year from the amount claimed in an ensuing year.
# (C)
An insurance company claiming a credit under this section shall retain the rehabilitation tax credit certificate for four years following the end of the year in which the credit was claimed, and shall make the certificate available for inspection by the tax commissioner upon the request of the tax commissioner during that period.
Source: view the official text
In this chapter (35 sections)
- 5725.01 · Financial institution - dealers in intangibles - insurance…
- 5725.02 · Annual report
- 5725.03 · Return of deposits by financial institutions
- 5725.05 · Duty of tax commissioner to fix listing day for deposits -…
- 5725.07 · Assessments by tax commissioner
- 5725.08 · Certificate of assessment of financial institutions -…
- 5725.09 · Tax commissioner to make report if financial institution…
- 5725.10 · Powers and duties of tax commissioner
- 5725.12 · Failure to make return - false statement - forfeiture
- 5725.13 · Taxable property of dealers in intangibles
- 5725.14 · Annual return of resources by dealer in intangibles - gross…
- 5725.15 · Assessment for shares and capital of dealer in intangibles
- 5725.16 · Certificate of assessment of dealers in intangibles;…
- 5725.17 · Failure of dealer in intangibles to make report or pay tax
- 5725.18 · Annual franchise tax on the privilege of being an insurance…
- 5725.19 · Issuance of tax credits by Ohio venture capital authority
- 5725.20 · Certification to treasurer of state by superintendent of…
- 5725.21 · Report of valuation of certificates filed annually by…
- 5725.22 · Treasurer of state to maintain intangible property tax lists…
- 5725.23 · Action to recover delinquent taxes
- 5725.24 · Distribution of taxes collected
- 5725.25 · Tax on real estate of domestic insurance company
- 5725.26 · Tax on real estate of financial institutions and dealers in…
- 5725.31 · Eligible employee training costs tax credit
- 5725.32 · Refundable credit against tax on domestic insurance company
- 5725.33 · New markets tax credit
- 5725.34 · Tax credit for insurance companies holding rehabilitation tax…
- 5725.35 · Transformational mixed use development tax credit
- 5725.36 · State low-income housing tax credit
- 5725.37 · Tax credit for single-family housing development
- 5725.38 · Opportunity zone investment tax credit
- 5725.98 · Order of claims for tax credits and offsets
- 5725.151 · Refundable tax credit for owner of RC 149.311 certificate
- 5725.221 · Interest charged for late filing
- 5725.222 · Application for tax refund by domestic insurance company