There is hereby allowed a nonrefundable credit against a taxpayer‘s aggregate tax liability under section 5747.02 of the Revised Code for a taxpayer who is an “eligible individual” as defined in section 32 of the Internal Revenue Code. The credit shall equal thirty per cent of the federal credit allowed for the taxable year. The credit shall not exceed the aggregate amount of tax otherwise due under section 5747.02 of the Revised Code after deducting any other nonrefundable credits that precede the credit allowed under this section in the order prescribed by section 5747.98 of the Revised Code.

Terms Used In Ohio Code 5747.71

  • Internal Revenue Code: means the "Internal Revenue Code of 1986" 100 Stat. See Ohio Code 5747.01
  • Taxable year: means the calendar year or the taxpayer's fiscal year ending during the calendar year, or fractional part thereof, upon which the adjusted gross income is calculated pursuant to this chapter. See Ohio Code 5747.01
  • Taxpayer: means any person subject to the tax imposed by section 5747. See Ohio Code 5747.01

The credit shall be claimed in the order prescribed by section 5747.98 of the Revised Code.

  Previous section
Next section  
 Chapter 5747 Contents