Ohio Code 5726.58 – State low-income housing tax credit
(A) Terms used in this section have the same meanings as in section 175.16 of the Revised Code.
Terms Used In Ohio Code 5726.58
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
- Tax year: means the calendar year for which the tax levied under section 5726. See Ohio Code 5726.01
- Taxable year: means the calendar year preceding the year in which an annual report is required to be filed under section 5726. See Ohio Code 5726.01
- Taxpayer: means a financial institution subject to the tax levied under section 5726. See Ohio Code 5726.01
(B) A taxpayer may claim a nonrefundable tax credit against the tax imposed under section 5726.02 of the Revised Code for each person included in the annual report of the taxpayer that is allocated a credit issued by the executive director of the Ohio housing finance agency under section 175.16 of the Revised Code. The credit equals the amount allocated to such person for the taxable year and reported by the designated reporter on the form prescribed by division (I) of section 175.16 of the Revised Code.
The credit authorized in this section shall be claimed in the order required under section 5726.98 of the Revised Code. If the amount of a credit exceeds the tax otherwise due under section 5726.02 of the Revised Code after deducting all other credits preceding the credit in the order prescribed in section 5726.98 of the Revised Code, the excess may be carried forward for not more than five ensuing tax years. The amount of the excess credit claimed in any such year shall be deducted from the balance carried forward to the next tax year.
No credit shall be claimed under this section to the extent the credit was claimed under section 5725.36, 5729.19, or 5747.83 of the Revised Code.
Last updated February 12, 2024 at 9:18 AM