Bill Text: OH SB47 | 2011-2012 | 129th General Assembly | Introduced

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Bill Title: To authorize a commercial activity tax credit for underserved community grocery stores.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-02-01 - To Ways & Means & Economic Development [SB47 Detail]

Download: Ohio-2011-SB47-Introduced.html

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As Introduced

129th General Assembly Regular Session 2011-2012

S. B. No. 47

Senator Kearney 

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A BILL

To amend section 5751.98 and to enact section 5751.54

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of the Revised Code to authorize a commercial

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activity tax credit for underserved community

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grocery stores.

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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That section 5751.98 be amended and section	5
5751.54 of the Revised Code be enacted to read as follows:	6

Sec. 5751.54. (A) As used in this section "underserved	7
community grocery" means a retail facility that is classified as a	8
"supermarket and other grocery (except convenience) store" under	9
the North American industry classification system and that is	10
located in a census tract with below-average density of	11
supermarkets and groceries or containing households a majority of	12
which are low-income households.	13

(B) For tax periods beginning on or after January 1, 2011, a	14
nonrefundable credit may be claimed under this chapter equal to	15
ten per cent of the tax imposed under this chapter on the taxable	16
gross receipts of an underserved community grocery. The taxpayer	17
shall claim the credit in the order required under section 5751.98	18
of the Revised Code.	19

Sec. 5751.98.  (A) To provide a uniform procedure for	20
calculating the amount of tax due under this chapter, a taxpayer	21
shall claim any credits to which it is entitled in the following	22
order:	23

(1) The nonrefundable jobs retention credit under division	24
(B) of section 5751.50 of the Revised Code;	25

(2) The nonrefundable credit for qualified research expenses	26
under division (B) of section 5751.51 of the Revised Code;	27

(3) The nonrefundable credit for a borrower's qualified	28
research and development loan payments under division (B) of	29
section 5751.52 of the Revised Code;	30

(4) The nonrefundable credit for calendar years 2010 to 2029	31
for unused net operating losses under division (B) of section	32
5751.53 of the Revised Code;	33

(5) The nonrefundable credit for underserved community	34
groceries under section 5751.54 of the Revised Code;	35

(6) The refundable credit for calendar year 2030 for unused	36
net operating losses under division (C) of section 5751.53 of the	37
Revised Code;	38

(6)(7) The refundable jobs creation credit under division (A)	39
of section 5751.50 of the Revised Code.	40

(B) For any credit except the creditrefundable credits	41
enumerated in division (A)(4) of this section, the amount of the	42
credit for a tax period shall not exceed the tax due after	43
allowing for any other credit that precedes it in the order	44
required under this section. Any excess amount of a particular	45
credit may be carried forward if authorized under the section	46
creating the credit.	47

Section 2. That existing section 5751.98 of the Revised Code	48
is hereby repealed.	49