(A) To provide a uniform procedure for calculating the amount of tax due under this chapter, a taxpayer shall claim any credits and offsets against tax liability to which it is entitled in the following order:
(1) The credit for an insurance company or insurance company group under section 5729.031 of the Revised Code;
(2) The credit for eligible employee training costs under section 5729.07 of the Revised Code;
(3) The credit for purchases of qualified low-income community investments under section 5729.16 of the Revised Code;
(4) The nonrefundable job retention credit under division (B)(1) of section 122.171 of the Revised Code;
(5) The offset of assessments by the Ohio life and health insurance guaranty association against tax liability permitted by section 3956.20 of the Revised Code;
(6) The refundable credit for rehabilitating a historic building under section 5729.17 of the Revised Code.
(7) The refundable credit for Ohio job retention under division (B)(2) or (3) of section 122.171 of the Revised Code;
(8) The refundable credit for Ohio job creation under section 5729.032 of the Revised Code;
(B) For any credit except the refundable credits enumerated in this section, the amount of the credit for a taxable year shall not exceed the tax due after allowing for any other credit that precedes it in the order required under this section. Any excess amount of a particular credit may be carried forward if authorized under the section creating that credit. Nothing in this chapter shall be construed to allow a taxpayer to claim, directly or indirectly, a credit more than once for a taxable year.
Amended by 129th General AssemblyFile No.28,HB 153, §101.01, eff. 9/29/2011.
Amended by 129th General AssemblyFile No.3,HB 58, §1, eff. 3/7/2011.
Amended by 128th General AssemblyFile No.9,HB 1, §101.01, eff. 10/16/2009.
Effective Date: 06-05-2006