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To amend section 5751.98 and to enact section 5751.54 | 1 |
of the Revised Code to authorize a commercial | 2 |
activity tax credit for underserved community | 3 |
grocery stores. | 4 |
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 |
| 39 |
of section 5751.50 of the Revised Code. | 40 |
(B) For any credit except the | 41 |
enumerated in | 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 |