(A) There is hereby allowed a nonrefundable credit against a taxpayer‘s aggregate liability under section 5747.02 of the Revised Code for a taxpayer that is issued a credit certificate under division (D) of section 901.61 of the Revised Code. The credit shall be claimed for the taxable year during which the certificate is issued.

Terms Used In Ohio Code 5747.77

  • Available: means information is such that a person is able to learn of the information by the due date plus extensions, if any, for filing the return for the taxable year in which the trust recognizes the gain or loss. 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 required under section 5747.98 of the Revised Code. If a credit exceeds the aggregate amount of tax otherwise due for a taxable year, the excess may be carried forward and applied against the tax due for not more than seven succeeding taxable years, provided that the amount applied to the tax due for any taxable year shall be subtracted from the amount available to carry forward to succeeding years.

(B) There is hereby allowed a nonrefundable credit against a taxpayer’s aggregate liability under section 5747.02 of the Revised Code for a taxpayer that is issued a credit certificate under division (E) of section 901.61 of the Revised Code. The credit shall be claimed for the taxable year during which the certificate is issued.

The credit shall be claimed in the order required under section 5747.98 of the Revised Code. If a credit exceeds the aggregate amount of tax otherwise due for the taxable year, the excess may be carried forward and applied against the tax due for not more than three succeeding taxable years, provided that the amount applied to the tax due for any taxable year shall be subtracted from the amount available to carry forward to succeeding years.

Last updated May 11, 2022 at 2:52 PM

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