Bill Title: To grant an income tax credit to individuals who earn degrees in science, technology, engineering, or math-based fields of study and to authorize municipal corporations to grant a credit to individuals qualifying for the state credit.
Spectrum: Slight Partisan Bill (Republican 26-17)
Status: (Introduced - Dead) 2009-04-08 - To Ways & Means
[HB123 Detail]Download: Ohio-2009-HB123-Introduced.html
As Introduced
| 128th General Assembly | | Regular Session | | 2009-2010 |
| |
Representatives Goyal, Mandel
Cosponsors:
Representatives Adams, J., Amstutz, Bacon, Baker, Blair, Blessing, Boose, Boyd, Brown, Bubp, Burke, Combs, Derickson, Domenick, Dyer, Evans, Fende, Grossman, Hall, Harris, Hite, Huffman, Jordan, Luckie, Maag, McClain, Mecklenborg, Morgan, Newcomb, Okey, Pillich, Pryor, Schneider, Snitchler, Stautberg, Stebelton, Ujvagi, Williams, S., Winburn, Yuko, Zehringer
A BILL
| To amend sections 5747.08 and 5747.98 and to enact
| 1 |
|
sections 718.17, 3333.51, and 5747.81 of the | 2 |
|
Revised Code
to grant an income tax credit to | 3 |
|
individuals who
earn degrees in science, | 4 |
|
technology, engineering,
or math-based fields of | 5 |
|
study and to authorize municipal corporations to | 6 |
|
grant a credit to individuals qualifying for the | 7 |
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
| Section 1. That sections 5747.08 and 5747.98 be amended and
| 9 |
|
sections 718.17, 3333.51, and 5747.81 of the Revised Code be | 10 |
|
enacted to
read as follows:
| 11 |
| Sec. 718.17. The legislative authority of a municipal | 12 |
|
corporation, by ordinance, may grant a credit against a tax | 13 |
|
imposed on income to an individual who is subject to the tax and | 14 |
|
who qualifies for a credit authorized under section 3333.51 of the | 15 |
|
Revised Code. The legislative authority may establish credit | 16 |
|
amounts and limits, refundability attributes, carry-forward | 17 |
|
periods, deferral periods and procedures, and recapture penalties | 18 |
|
other than as prescribed in sections 3333.51 and 5747.81 of the | 19 |
|
Revised Code. | 20 |
| Sec. 3333.51. (A) As used in this section: | 21 |
| (1) "Approved field of study" means a field of study in
the
| 22 |
|
natural sciences, technology, engineering, or mathematics that the
| 23 |
|
Ohio
board of regents determines is associated with job creation
| 24 |
|
and
retention in Ohio. | 25 |
| (2) "Institution of higher education" means all of the
| 26 |
|
following: | 27 |
| (a) An institution of higher education, as defined in section
| 28 |
|
3345.12 of the Revised Code; | 29 |
| (b) An institution authorized by the Ohio board of regents
| 30 |
|
under Chapter 1713. of the Revised Code to grant degrees and that
| 31 |
|
is accredited by the appropriate regional and
professional
| 32 |
|
accrediting associations within whose jurisdiction it
falls; | 33 |
| (c) Private career schools holding program authorizations
| 34 |
|
issued by the state board of career colleges and schools under
| 35 |
|
division (C) of section 3332.05 of the Revised Code; | 36 |
| (d) Private institutions exempt from regulation under Chapter
| 37 |
|
3332. of the Revised Code as prescribed in section 3333.046 of the
| 38 |
|
Revised Code; | 39 |
| (e) Any institution located outside Ohio designated as an
| 40 |
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"institution of higher education" by the Ohio board of regents for
| 41 |
|
purposes of this section. | 42 |
| (B)(1) For the purpose of developing and maintaining a highly
| 43 |
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qualified workforce and thereby to improve the economic welfare of
| 44 |
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all Ohioans, an individual who graduates on or after the effective
| 45 |
|
date of the enactment of this section from an institution of | 46 |
|
higher education with
a degree in an approved field of study is | 47 |
|
allowed a credit against
the tax imposed by section 5747.02 of | 48 |
|
the Revised Code. Except as
provided in division (D) of this | 49 |
|
section, the credit shall equal
five thousand dollars in the case | 50 |
|
of an associate's degree; twenty
thousand dollars in the case of | 51 |
|
a baccalaureate degree; and thirty
thousand dollars in the case | 52 |
|
of a master's or doctoral degree.
Except as otherwise provided in | 53 |
|
this section, the individual shall
claim one-tenth of the credit | 54 |
|
amount for the individual's taxable
year in which the | 55 |
|
individual's credit application was approved and
one-tenth of the | 56 |
|
credit amount in each of the succeeding nine
taxable years. | 57 |
| (2) An individual is liable to the state for credit taken
| 58 |
|
with respect to a degree, and forfeits unused credit and any | 59 |
|
credit
carry-forward, if the individual has been allowed the | 60 |
|
credit for
five or fewer of the individual's taxable years, the | 61 |
|
individual is
a nonresident of Ohio, and the individual is not a | 62 |
|
full-time
student at an institution of higher education in an | 63 |
|
approved field
of study. A credit shall not be considered to have | 64 |
|
been allowed
for taxable years for which a deferral under | 65 |
|
division (D) of this
section has been authorized and used. Any | 66 |
|
amount for which an
individual is liable under this division may | 67 |
|
be collected by
assessment under section 5747.13 of the Revised | 68 |
|
Code, and shall be
considered as taxes imposed under section | 69 |
|
5747.02 of the Revised
Code. | 70 |
| (C) An individual shall apply for a credit to the Ohio board
| 71 |
|
of regents or to the board's designee on a form approved by the
| 72 |
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board or designee and shall submit any documents required by the
| 73 |
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board or designee. If the individual qualifies for a credit, the
| 74 |
|
board or designee shall issue a tax credit certificate to the
| 75 |
|
individual. The certificate shall state the individual's name and
| 76 |
|
social security number, the date the credit application was
| 77 |
|
approved, the credit amount, and the taxable years for which the
| 78 |
|
credit shall be claimed. | 79 |
| (D)(1) An individual who has received a credit certificate
| 80 |
|
for an associate's or baccalaureate degree or both may apply for
| 81 |
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an additional certificate for receipt of a more advanced degree
| 82 |
|
from an institution of higher education in an approved field of
| 83 |
|
study. The credit amount for the additional degree equals the
| 84 |
|
credit amount for the degree as provided in division (B) of this
| 85 |
|
section less the credit amount for the degree or degrees for which
| 86 |
|
a credit certificate has previously been issued. The credit shall
| 87 |
|
be applied for, approved, and claimed in the manner required under
| 88 |
|
division (B) of this section. | 89 |
| (2) An individual who has received a credit certificate
| 90 |
|
pursuant to this section may apply to the Ohio board of regents or
| 91 |
|
the board's designee to defer claiming the credit and any related
| 92 |
|
credit carry-forward. The deferral application shall be submitted
| 93 |
|
on a form approved by the board or designee and shall be
| 94 |
|
accompanied by such documents as the board or designee requires.
| 95 |
|
The board or designee shall approve the deferral if the individual
| 96 |
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is enrolled full time in an institution of higher education to
| 97 |
|
pursue a more advanced degree in an approved field of study. The
| 98 |
|
individual may defer claiming the credit until the individual's
| 99 |
|
taxable year in which the individual is no longer a full-time
| 100 |
|
student in an institution of higher education in an approved field
| 101 |
|
of study or in which the individual receives a credit certificate
| 102 |
|
for the more advanced degree, whichever is earlier. | 103 |
| (E) The Ohio board of regents may designate an entity,
| 104 |
|
including a nonprofit private organization, to perform the
| 105 |
|
administrative duties conferred upon the board by this section. | 106 |
| (F) The Ohio board of regents shall identify institutions of
| 107 |
|
higher education and approved fields of study, and shall specify
| 108 |
|
the information required to be disclosed in credit certificate and
| 109 |
|
deferral applications and the documents required to be submitted.
| 110 |
|
In identifying approved fields of study, the board shall give
| 111 |
|
priority to those related to information technology, power and
| 112 |
|
propulsion, advanced materials, instruments and controls,
| 113 |
|
electronics, and biotechnology and biosciences. | 114 |
| Sec. 5747.08. An annual return with respect to the tax
| 115 |
|
imposed by section 5747.02 of the Revised Code and each tax
| 116 |
|
imposed under Chapter 5748. of the Revised Code shall be made by
| 117 |
|
every taxpayer for any taxable year for which the taxpayer is
| 118 |
|
liable for the tax imposed by that section or under that chapter,
| 119 |
|
unless the total credits allowed under divisions (E), (F), and
(G)
| 120 |
|
of section 5747.05 of the Revised Code for the year are equal
to
| 121 |
|
or exceed the tax imposed by section 5747.02 of the Revised
Code,
| 122 |
|
in which case no return shall be required unless the
taxpayer is
| 123 |
|
liable for a tax imposed pursuant to Chapter 5748. of
the Revised
| 124 |
|
Code.
| 125 |
| (A) If an individual is deceased, any return or notice
| 126 |
|
required of that individual under this chapter shall be made and
| 127 |
|
filed by that decedent's executor, administrator, or other
person
| 128 |
|
charged with the property of that decedent.
| 129 |
| (B) If an individual is unable to make a return or notice
| 130 |
|
required by this chapter, the return or notice required of that
| 131 |
|
individual
shall be made and filed by the individual's duly
| 132 |
|
authorized agent,
guardian, conservator, fiduciary, or other
| 133 |
|
person charged with
the care of the person or property of that
| 134 |
|
individual.
| 135 |
| (C) Returns or notices required of an estate or a trust
shall
| 136 |
|
be made and filed by the fiduciary of the estate or trust.
| 137 |
| (D)(1)(a) Except as otherwise provided in
division (D)(1)(b)
| 138 |
|
of this section, any
pass-through entity
may file a single return
| 139 |
|
on behalf of
one or more of the entity's investors other than an
| 140 |
|
investor that is a
person subject
to the tax imposed under section
| 141 |
|
5733.06 of the Revised Code. The single
return shall set forth
the
| 142 |
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name, address, and social security number
or other identifying
| 143 |
|
number of each
of those
pass-through entity investors
and shall
| 144 |
|
indicate the distributive
share of each of those
pass-through
| 145 |
|
entity investor's income
taxable in this state
in accordance with
| 146 |
|
sections 5747.20 to
5747.231 of the
Revised
Code. Such
| 147 |
|
pass-through entity investors
for whom the pass-through entity
| 148 |
|
elects to file a single return
are not entitled to the exemption
| 149 |
|
or credit provided for by
sections 5747.02 and 5747.022 of the
| 150 |
|
Revised
Code; shall calculate
the tax
before business credits at
| 151 |
|
the highest rate of tax set
forth in
section 5747.02 of the
| 152 |
|
Revised
Code for the taxable year
for
which the return is filed;
| 153 |
|
and are entitled to only their
distributive share of the business
| 154 |
|
credits as defined in
division
(D)(2) of this
section. A single
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|
check drawn by the pass-through
entity shall
accompany
the return
| 156 |
|
in full payment of the tax due, as shown on the single return,
for
| 157 |
|
such investors, other than investors who are persons
subject to
| 158 |
|
the tax imposed under section 5733.06 of the
Revised Code.
| 159 |
| (b)(i) A pass-through entity shall not
include in such a
| 160 |
|
single return any investor that is a trust to
the extent that any
| 161 |
|
direct or indirect current, future, or
contingent beneficiary of
| 162 |
|
the trust is a person subject to the
tax imposed under section
| 163 |
|
5733.06 of the
Revised Code.
| 164 |
| (ii) A pass-through entity shall
not include in such a
single
| 165 |
|
return any investor that is itself
a pass-through entity to
the
| 166 |
|
extent that any direct or indirect
investor in the second
| 167 |
|
pass-through entity is a person subject
to the tax imposed under
| 168 |
|
section 5733.06 of the
Revised Code.
| 169 |
| (c) Nothing in division
(D) of this section precludes
the
tax
| 170 |
|
commissioner from requiring such investors to file the
return
and
| 171 |
|
make the payment of taxes and related interest,
penalty, and
| 172 |
|
interest penalty required by this section or
section 5747.02,
| 173 |
|
5747.09, or 5747.15 of the
Revised Code. Nothing in division
(D)
| 174 |
|
of this section shall be
construed to provide to such an investor
| 175 |
|
or pass-through entity
any additional deduction or credit, other
| 176 |
|
than the credit
provided by division (J) of
this section, solely
| 177 |
|
on account of the entity's filing a return
in accordance with this
| 178 |
|
section. Such a pass-through entity also
shall make the filing
and
| 179 |
|
payment of estimated taxes on behalf of the pass-through
entity
| 180 |
|
investors other than an
investor that is a person subject
to the
| 181 |
|
tax imposed under section 5733.06
of the Revised Code.
| 182 |
| (2) For the purposes of
this section,
"business credits"
| 183 |
|
means the credits
listed in section 5747.98 of the
Revised
Code
| 184 |
|
excluding the following
credits:
| 185 |
| (a) The retirement credit under division (B) of section
| 186 |
|
5747.055 of
the Revised Code;
| 187 |
| (b) The senior citizen credit under
division (C) of section
| 188 |
|
5747.05 of the Revised Code;
| 189 |
| (c) The lump sum distribution credit
under division (D) of
| 190 |
|
section
5747.05 of the Revised
Code;
| 191 |
| (d) The dependent care credit under
section 5747.054 of the
| 192 |
|
Revised
Code;
| 193 |
| (e) The lump sum retirement income
credit under division (C)
| 194 |
|
of
section 5747.055 of the Revised
Code;
| 195 |
| (f) The lump sum retirement income
credit under division (D)
| 196 |
|
of
section 5747.055 of the Revised
Code;
| 197 |
| (g) The lump sum retirement income
credit under division (E)
| 198 |
|
of
section 5747.055 of the Revised
Code;
| 199 |
| (h) The credit for displaced workers
who pay for job
training
| 200 |
|
under section 5747.27 of the
Revised
Code;
| 201 |
| (i) The twenty-dollar personal
exemption credit under
section
| 202 |
|
5747.022 of the
Revised
Code;
| 203 |
| (j) The joint filing credit under
division (G) of section
| 204 |
|
5747.05
of the Revised
Code;
| 205 |
| (k) The nonresident credit under
division (A) of section
| 206 |
|
5747.05
of the Revised
Code;
| 207 |
| (l) The credit for a resident's
out-of-state income under
| 208 |
|
division
(B) of section 5747.05 of the
Revised
Code;
| 209 |
| (m) The low-income credit under section 5747.056 of the
| 210 |
|
Revised Code; | 211 |
| (n) The credit for graduates from institutions of higher
| 212 |
|
education in approved fields of study under section 5747.81 of the
| 213 |
|
Revised Code.
| 214 |
| (3) The election provided for under division
(D) of this
| 215 |
|
section applies
only to the taxable year for which the election is
| 216 |
|
made by the
pass-through entity. Unless the tax commissioner
| 217 |
|
provides
otherwise, this election, once made, is binding and
| 218 |
|
irrevocable
for the taxable year for which the election is made.
| 219 |
|
Nothing in
this division shall be construed to provide for any
| 220 |
|
deduction or
credit that would not be allowable if a nonresident
| 221 |
|
pass-through
entity investor were to file an annual return.
| 222 |
| (4) If a pass-through entity makes the election provided
for
| 223 |
|
under division (D) of this
section, the pass-through entity shall
| 224 |
|
be liable for any
additional taxes, interest, interest penalty, or
| 225 |
|
penalties imposed by this
chapter
if the tax
commissioner
finds
| 226 |
|
that
the single return does
not reflect the
correct tax
due by
the
| 227 |
|
pass-through
entity investors
covered by that
return. Nothing in
| 228 |
|
this
division shall be
construed to limit or
alter the liability,
| 229 |
|
if
any, imposed on
pass-through entity
investors for unpaid or
| 230 |
|
underpaid taxes,
interest, interest
penalty, or penalties as a
| 231 |
|
result of the
pass-through entity's
making the election provided
| 232 |
|
for under
division (D) of this
section.
For the purposes of
| 233 |
|
division
(D) of
this section,
"correct tax due" means the tax that
| 234 |
|
would have been
paid by the
pass-through entity had the single
| 235 |
|
return been filed
in a manner
reflecting
the tax
commissioner's
| 236 |
|
findings. Nothing
in
division (D) of this section
shall be
| 237 |
|
construed to make or hold
a
pass-through entity liable
for tax
| 238 |
|
attributable to a
pass-through
entity investor's
income
from a
| 239 |
|
source other than the
pass-through
entity electing
to file
the
| 240 |
|
single return.
| 241 |
| (E) If a husband and wife file a joint federal income tax
| 242 |
|
return for a taxable year, they shall file a joint return under
| 243 |
|
this section for that taxable year, and their liabilities are
| 244 |
|
joint and several, but, if the federal income tax liability of
| 245 |
|
either spouse is determined on a separate federal income tax
| 246 |
|
return, they shall file separate returns under this section.
| 247 |
| If either spouse is not required to file a federal income
tax
| 248 |
|
return and either or both are required to file a return
pursuant
| 249 |
|
to this chapter, they may elect to file separate or
joint returns,
| 250 |
|
and, pursuant to that election, their liabilities are
separate or
| 251 |
|
joint and several. If a husband and wife file
separate returns
| 252 |
|
pursuant to this chapter, each must claim the taxpayer's
own
| 253 |
|
exemption, but not both, as authorized under
section
5747.02 of
| 254 |
|
the Revised Code on the taxpayer's own
return.
| 255 |
| (F) Each return or notice required to be filed under this
| 256 |
|
section shall contain the signature of the taxpayer
or the
| 257 |
|
taxpayer's duly authorized
agent and of the person who prepared
| 258 |
|
the return for the
taxpayer, and shall include the taxpayer's
| 259 |
|
social security
number. Each return shall be verified by a
| 260 |
|
declaration
under the penalties of perjury. The tax commissioner
| 261 |
|
shall prescribe the
form that the signature and declaration shall
| 262 |
|
take.
| 263 |
| (G) Each return or notice required to be filed under this
| 264 |
|
section shall be made and filed as required by section 5747.04 of
| 265 |
|
the Revised Code, on or before the fifteenth day of April of each
| 266 |
|
year, on forms that the tax commissioner shall prescribe,
together
| 267 |
|
with remittance made payable to the treasurer of state
in the
| 268 |
|
combined amount of the state and all school district
income taxes
| 269 |
|
shown to be due on the form, unless the combined amount
shown to
| 270 |
|
be due is one dollar or less, in which case that amount
need not
| 271 |
|
be remitted.
| 272 |
| Upon good cause shown, the tax commissioner may extend the
| 273 |
|
period
for filing any notice or return required to be filed under
| 274 |
|
this
section and may adopt rules relating to extensions. If the
| 275 |
|
extension results in an extension of time for the payment of any
| 276 |
|
state or school district income tax liability with respect to
| 277 |
|
which the return is filed, the taxpayer shall pay at the time the
| 278 |
|
tax liability is paid an amount of interest computed at the rate
| 279 |
|
per annum prescribed by section 5703.47 of the Revised Code on
| 280 |
|
that liability from the time that payment is due without
extension
| 281 |
|
to the time of actual payment. Except as
provided in section
| 282 |
|
5747.132 of the Revised Code, in
addition to all
other interest
| 283 |
|
charges and penalties, all taxes imposed under this chapter
or
| 284 |
|
Chapter 5748. of the
Revised
Code and remaining
unpaid after they
| 285 |
|
become due, except combined amounts due of one
dollar or less,
| 286 |
|
bear interest at the rate per annum prescribed by
section 5703.47
| 287 |
|
of the Revised Code until paid or until the day an
assessment is
| 288 |
|
issued under section 5747.13 of the Revised Code, whichever
occurs
| 289 |
|
first.
| 290 |
| If the tax commissioner
considers it necessary in order to
| 291 |
|
ensure
the payment of the tax imposed by
section 5747.02 of the
| 292 |
|
Revised
Code or any tax imposed under
Chapter 5748. of the Revised
| 293 |
|
Code,
the tax commissioner may require
returns and payments to be
| 294 |
|
made
otherwise than as provided in
this section.
| 295 |
| To the extent that any provision in this division conflicts
| 296 |
|
with any provision in section 5747.026 of the Revised Code, the
| 297 |
|
provision in that section prevails.
| 298 |
| (H) If any report, claim, statement, or other document
| 299 |
|
required to be filed, or any payment required to be made, within
a
| 300 |
|
prescribed period or on or before a prescribed date under this
| 301 |
|
chapter is delivered after that period or that date by United
| 302 |
|
States mail to the agency, officer, or office with which the
| 303 |
|
report, claim,
statement, or other document is required to be
| 304 |
|
filed, or to which the payment is required to be made, the date
of
| 305 |
|
the postmark stamped on the cover in which the report, claim,
| 306 |
|
statement, or other document, or payment is mailed shall be
deemed
| 307 |
|
to be the date of delivery or the date of payment.
| 308 |
| If a payment is required to be made by electronic funds
| 309 |
|
transfer pursuant to section 5747.072 of the Revised Code, the
| 310 |
|
payment is considered to be made when the payment is received by
| 311 |
|
the treasurer of state or credited to an account designated by
the
| 312 |
|
treasurer of state for the receipt of tax payments.
| 313 |
| "The date of the postmark" means, in the event there
is more
| 314 |
|
than one date on the cover, the earliest date imprinted
on the
| 315 |
|
cover by the United States postal service.
| 316 |
| (I) The amounts withheld by the employer pursuant to
section
| 317 |
|
5747.06 of the Revised Code shall be allowed to the
recipient of
| 318 |
|
the compensation as credits against payment of the
appropriate
| 319 |
|
taxes imposed on the recipient by section
5747.02 and under
| 320 |
|
Chapter 5748. of the Revised Code.
| 321 |
| (J) If, in accordance
with division (D) of this
section, a
| 322 |
|
pass-through entity elects to file a single return
and if any
| 323 |
|
investor is required to file the return and make the
payment of
| 324 |
|
taxes required by this chapter on account of the
investor's other
| 325 |
|
income that is not included in a single return
filed by a
| 326 |
|
pass-through entity, the investor is entitled to a
refundable
| 327 |
|
credit equal to the investor's proportionate share of
the tax paid
| 328 |
|
by the pass-through entity on behalf of the
investor. The
investor
| 329 |
|
shall claim the credit for the
investor's taxable year in
which or
| 330 |
|
with which ends the taxable
year of the pass-through
entity.
| 331 |
|
Nothing in this chapter shall
be construed to allow any
credit
| 332 |
|
provided in this chapter to be
claimed more than once. For
the
| 333 |
|
purposes of computing any
interest, penalty, or interest
penalty,
| 334 |
|
the investor shall be
deemed to have paid the refundable
credit
| 335 |
|
provided by this
division on the day that the pass-through
entity
| 336 |
|
paid the
estimated tax or the tax giving rise to the
credit.
| 337 |
| (K) The tax commissioner shall ensure that each return
| 338 |
|
required to be filed under this section includes a box that the
| 339 |
|
taxpayer may check to authorize a paid tax preparer who prepared
| 340 |
|
the return to communicate with the department of taxation about
| 341 |
|
matters pertaining to the return. The return or instructions
| 342 |
|
accompanying the return shall indicate that by checking the box
| 343 |
|
the taxpayer authorizes the department of taxation to contact the
| 344 |
|
preparer concerning questions that arise during the processing of
| 345 |
|
the return and authorizes the preparer only to provide the
| 346 |
|
department with information that is missing from the return, to
| 347 |
|
contact the department for information about the processing of the
| 348 |
|
return or the status of the taxpayer's refund or payments, and to
| 349 |
|
respond to notices about mathematical errors, offsets, or return
| 350 |
|
preparation that the taxpayer has received from the department and
| 351 |
|
has shown to the preparer.
| 352 |
| Sec. 5747.81. A taxpayer to whom a tax credit certificate
| 353 |
|
has been issued under section 3333.51 of the Revised Code is
| 354 |
|
allowed a nonrefundable credit against the tax imposed by section
| 355 |
|
5747.02 of the Revised Code. The credit shall be claimed as
| 356 |
|
provided in section 3333.51 of the Revised Code and in the order
| 357 |
|
required under section 5747.98 of the Revised Code. The amount of
| 358 |
|
credit claimed for a taxable year shall not exceed the tax
| 359 |
|
otherwise due after allowing for all preceding credits in that
| 360 |
|
order. If the
amount of credit allowed for a taxable year exceeds
| 361 |
|
the tax
otherwise due, the excess may be carried forward to the
| 362 |
|
next
taxable year. Excess credit allowed in a taxable year shall
| 363 |
|
be
deducted from the balance carried forward to the ensuing
| 364 |
|
taxable
year. If a credit may not be claimed for a taxable year,
| 365 |
|
excess
credit with respect to the same credit certificate may not
| 366 |
|
be
claimed. | 367 |
| Sec. 5747.98. (A) To provide a uniform procedure for
| 368 |
|
calculating the amount of tax due under section 5747.02 of the
| 369 |
|
Revised Code, a taxpayer shall claim any credits to which the
| 370 |
|
taxpayer is
entitled in the following order:
| 371 |
| (1) The retirement income credit under division (B) of
| 372 |
|
section 5747.055 of the Revised Code;
| 373 |
| (2) The senior citizen credit under division (C) of
section
| 374 |
|
5747.05 of the Revised Code;
| 375 |
| (3) The lump sum distribution credit under division (D) of
| 376 |
|
section 5747.05 of the Revised Code;
| 377 |
| (4) The dependent care credit under section 5747.054 of
the
| 378 |
|
Revised Code;
| 379 |
| (5) The lump sum retirement income credit under division
(C)
| 380 |
|
of section 5747.055 of the Revised Code;
| 381 |
| (6) The lump sum retirement income credit under division
(D)
| 382 |
|
of section 5747.055 of the Revised Code;
| 383 |
| (7) The lump sum retirement income credit under division
(E)
| 384 |
|
of section 5747.055 of the Revised Code;
| 385 |
| (8) The low-income credit under section 5747.056 of the
| 386 |
|
Revised Code;
| 387 |
| (9) The credit for displaced workers who pay for job
training
| 388 |
|
under section 5747.27 of the Revised Code;
| 389 |
| (10) The campaign contribution credit under section
5747.29
| 390 |
|
of
the Revised Code;
| 391 |
| (11) The twenty-dollar personal exemption credit under
| 392 |
|
section 5747.022 of the Revised Code;
| 393 |
| (12) The joint filing credit under division (G) of
section
| 394 |
|
5747.05 of the Revised Code;
| 395 |
| (13) The nonresident credit under division (A) of
section
| 396 |
|
5747.05 of the Revised Code;
| 397 |
| (14) The credit for a resident's out-of-state income
under
| 398 |
|
division (B) of section 5747.05 of the Revised Code;
| 399 |
| (15) The credit for employers that enter
into agreements
with
| 400 |
|
child day-care centers under section 5747.34 of the
Revised
Code;
| 401 |
| (16) The credit for employers that reimburse employee
child
| 402 |
|
care expenses under section 5747.36 of the Revised Code;
| 403 |
| (17) The credit for adoption of a minor child under section
| 404 |
|
5747.37 of the Revised Code;
| 405 |
| (18) The credit for purchases of lights and reflectors under
| 406 |
|
section
5747.38 of the Revised Code;
| 407 |
| (19)
The job retention credit under division (B) of section
| 408 |
|
5747.058 of the Revised Code;
| 409 |
| (20) The credit for
selling alternative fuel under section
| 410 |
|
5747.77 of the
Revised
Code;
| 411 |
| (21) The second credit for purchases of new
manufacturing
| 412 |
|
machinery and
equipment and the credit for using
Ohio coal under
| 413 |
|
section 5747.31 of the
Revised Code;
| 414 |
| (22) The job training credit under section 5747.39 of
the
| 415 |
|
Revised Code;
| 416 |
| (23) The enterprise zone credit under section 5709.66 of
the
| 417 |
|
Revised Code;
| 418 |
| (24) The credit for the eligible costs associated with a
| 419 |
|
voluntary action
under section 5747.32 of the Revised Code;
| 420 |
| (25) The credit
for employers that establish on-site
child
| 421 |
|
day-care centers under section
5747.35 of the Revised Code;
| 422 |
| (26)
The ethanol plant investment credit under section
| 423 |
|
5747.75 of the Revised Code;
| 424 |
| (27) The credit for purchases of qualifying grape
production
| 425 |
|
property under section 5747.28 of the Revised Code;
| 426 |
| (28) The credit for graduates from institutions of higher
| 427 |
|
education in approved fields of study under section 5747.81 of the
| 428 |
|
Revised Code; | 429 |
| (29) The export sales credit under section 5747.057 of
the
| 430 |
|
Revised Code;
| 431 |
(29)(30) The credit for research and development and
| 432 |
|
technology
transfer investors under section 5747.33 of the Revised
| 433 |
|
Code;
| 434 |
(30)(31)
The enterprise zone credits under
section 5709.65
of
| 435 |
|
the
Revised Code;
| 436 |
(31)(32) The research and development credit under section
| 437 |
|
5747.331 of the Revised Code;
| 438 |
(32)(33) The credit for rehabilitating a historic building
| 439 |
|
under
section 5747.76 of the Revised Code;
| 440 |
(33)(34) The refundable credit for rehabilitating a historic
| 441 |
|
building under section 5747.76 of the Revised Code;
| 442 |
(34)(35) The refundable jobs creation credit
under
division
| 443 |
|
(A)
of section
5747.058 of the Revised Code;
| 444 |
(35)(36) The refundable credit for taxes paid by a
qualifying
| 445 |
|
entity granted under section 5747.059 of the Revised
Code;
| 446 |
(36)(37) The refundable credits for taxes paid by a
| 447 |
|
qualifying
pass-through
entity granted under division (J) of
| 448 |
|
section 5747.08
of the Revised Code;
| 449 |
(37)(38) The refundable credit for tax withheld under
| 450 |
|
division
(B)(1) of section 5747.062 of the Revised Code;
| 451 |
(38)(39) The refundable credit under section 5747.80 of the
| 452 |
|
Revised Code for losses on loans made to the Ohio venture
capital
| 453 |
|
program under sections 150.01 to 150.10 of the Revised
Code.
| 454 |
(B) For any nonrefundable credit, except the credits
| 455 |
enumerated
in
divisions (A)(33) to (38) of
this
section
and
the
| 456 |
credit
granted
under division
(I) of
section
5747.08 of
the
| 457 |
Revised
Code, the
amount of the credit
for
a
taxable year
shall
| 458 |
|
not
exceed the tax
due after allowing for any
other credit
that
| 459 |
|
precedes it in the
order required under this
section. Any
excess
| 460 |
|
amount of a
particular credit may be carried
forward if
| 461 |
|
authorized
under the
section creating that credit.
Nothing in
| 462 |
|
this
chapter
shall be
construed to allow a taxpayer to
claim,
| 463 |
|
directly
or
indirectly, a
credit more than once for a
taxable
| 464 |
|
year.
| 465 |
| Section 2. That existing sections 5747.08 and 5747.98 of the
| 466 |
|
Revised Code are hereby repealed.
| 467 |
