Bill Text: OH HB284 | 2013-2014 | 130th General Assembly | Introduced

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Bill Title: To increase the maximum historic rehabilitation tax credit allowed to a taxpayer, from $5 million to $25 million, and to limit the amount of such credit that may be claimed in each year to $5 million.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2013-10-02 - To Ways and Means [HB284 Detail]

Download: Ohio-2013-HB284-Introduced.html

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As Introduced

130th General Assembly Regular Session 2013-2014

H. B. No. 284

Representative Schuring 

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A BILL

To amend sections 5725.34, 5726.52, 5729.17, and

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5747.76 of the Revised Code to increase the

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maximum historic rehabilitation tax credit allowed

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to a taxpayer, from $5 million to $25 million, and

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to limit the amount of such credit that may be

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claimed in each year to $5 million.

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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:

Section 1. That sections 5725.34, 5726.52, 5729.17, and	7
5747.76 of the Revised Code be amended to read as follows:	8

Sec. 5725.34.  (A) As used in this section, "certificate	9
owner" has the same meaning as in section 149.311 of the Revised	10
Code.	11

(B) There is allowed a credit against the tax imposed by	12
section 5725.18 of the Revised Code for an insurance company	13
subject to that tax that is a certificate owner of a	14
rehabilitation tax credit certificate issued under section 149.311	15
of the Revised Code. The credit shall equal twenty-five per cent	16
of the dollar amount indicated on the certificate, but the amount	17
of the credit allowed for any company for any year shall not	18
exceed fivetwenty-five million dollars for each certificate. The	19
credit shall be claimed in the calendar year specified in the	20
certificate and in the order required under section 5725.98 of the	21
Revised Code. The amount of the credit claimed by the company in	22
any year shall not exceed five million dollars. If the credit	23
exceeds the amount of tax otherwise due in thata year, the excess	24
shall be refunded to the company but, if any amount of the credit	25
is refunded, the sum of the amount refunded and the amount applied	26
to reduce the tax otherwise due in that year shall not exceed	27
threefive million dollars. The company may carry forward any	28
balance of the credit in excess of the amount claimed in that year	29
for not more than five ensuing years, and shall deduct any amount	30
claimed in any such year from the amount claimed in an ensuing	31
year.	32

(C) An insurance company claiming a credit under this section	33
shall retain the rehabilitation tax credit certificate for four	34
years following the end of the year in which the credit was	35
claimed, and shall make the certificate available for inspection	36
by the tax commissioner upon the request of the tax commissioner	37
during that period.	38

Sec. 5726.52. (A) As used in this section, "certificate	39
owner" has the same meaning as in section 149.311 of the Revised	40
Code.	41

(B) A taxpayer may claim a refundable credit against the tax	42
imposed by this chapter for each person included in the annual	43
report of a taxpayer that is a certificate owner of a	44
rehabilitation tax credit certificate issued under section 149.311	45
of the Revised Code. The credit shall equal twenty-five per cent	46
of the dollar amount indicated on each certificate, but shall not	47
exceed fivetwenty-five million dollars for each certificate.	48

The credit shall be claimed for the calendar year specified	49
in the certificate and in the order required under section 5726.98	50
of the Revised Code. The amount of the credit claimed by the	51
taxpayer in any year shall not exceed five million dollars. If the	52
credit exceeds the amount of tax otherwise due in thata year, the	53
excess shall be refunded to the taxpayer, provided that, if any	54
amount of the credit is refunded, the sum of the amount refunded	55
and the amount applied to reduce the tax otherwise due in that	56
year shall not exceed threefive million dollars. The taxpayer may	57
carry forward any balance of the credit in excess of the amount	58
claimed in that year for not more than five ensuing years, and	59
shall deduct any amount claimed in any such year from the amount	60
claimed in an ensuing year. A taxpayer may claim against the tax	61
imposed by this chapter any unused portion of the credit	62
authorized under section 5725.151 of the Revised Code, but only to	63
the extent of the five-year carry forward period authorized by	64
that section.	65

(C) A taxpayer claiming a credit under this section shall	66
retain the rehabilitation tax credit certificate for four years	67
following the end of the year to which the credit was applied, and	68
shall make the certificate available for inspection by the tax	69
commissioner upon the request of the commissioner during that	70
period.	71

Sec. 5729.17.  (A) As used in this section, "certificate	72
owner" has the same meaning as in section 149.311 of the Revised	73
Code.	74

(B) There is allowed a credit against the tax imposed by	75
section 5729.03 of the Revised Code for an insurance company	76
subject to that tax that is a certificate owner of a	77
rehabilitation tax credit certificate issued under section 149.311	78
of the Revised Code. The credit shall equal twenty-five per cent	79
of the dollar amount indicated on the certificate, but the amount	80
of the credit allowed for any company for any year shall not	81
exceed fivetwenty-five million dollars for each certificate. The	82
credit shall be claimed in the calendar year specified in the	83
certificate and in the order required under section 5729.98 of the	84
Revised Code. The amount of the credit claimed by the company in	85
any year shall not exceed five million dollars. If the credit	86
exceeds the amount of tax otherwise due in thata year, the excess	87
shall be refunded to the company but, if any amount of the credit	88
is refunded, the sum of the amount refunded and the amount applied	89
to reduce the tax otherwise due in that year shall not exceed	90
threefive million dollars. The company may carry forward any	91
balance of the credit in excess of the amount claimed in that year	92
for not more than five ensuing years, and shall deduct any amount	93
claimed in any such year from the amount claimed in an ensuing	94
year.	95

(C) An insurance company claiming a credit under this section	96
shall retain the rehabilitation tax credit certificate for four	97
years following the end of the year in which the credit was	98
claimed, and shall make the certificate available for inspection	99
by the tax commissioner upon the request of the tax commissioner	100
during that period.	101

Sec. 5747.76. (A) As used in this section, "certificate	102
owner" has the same meaning as in section 149.311 of the Revised	103
Code.	104

(B) There is allowed a credit against the tax imposed under	105
section 5747.02 of the Revised Code for a taxpayer that is the	106
certificate owner of a rehabilitation tax credit certificate	107
issued under section 149.311 of the Revised Code. The credit shall	108
equal twenty-five per cent of the dollar amount indicated on the	109
certificate, but the amount of credit allowed for any taxpayer	110
shall not exceed fivetwenty-five million dollars for each	111
certificate. The credit shall be claimed for the taxable year	112
specified in the certificate and in the order required under	113
section 5747.98 of the Revised Code.	114

(C) Nothing in this section limits or disallows pass-through	115
treatment of the credit if the certificate owner is a pass-through	116
entity. If the certificate owner is a pass-through entity, the	117
amount of the credit allowed for the pass-through entity shall not	118
exceed fivetwenty-five million dollars for each certificate. If	119
the certificate owner is a pass-through entity, the credit may be	120
allocated among the entity's equity owners in proportion to their	121
ownership interests or in such proportions or amounts as the	122
equity owners mutually agree.	123

(D) The amount of the credit claimed by the taxpayer for any	124
taxable year shall not exceed five million dollars. If the	125
certificate owner is a pass-through entity, the total amount of	126
the credit allocated to taxpayers claiming a distributive or	127
proportionate share of the credit shall not exceed five million	128
dollars for any taxable year. If the credit allowed for any	129
taxable year exceeds the tax otherwise due under section 5747.02	130
of the Revised Code, after allowing for any other credits	131
preceding the credit in the order prescribed by section 5747.98 of	132
the Revised Code, the excess shall be refunded to the taxpayer	133
but, if any amount of the credit is refunded, the sum of the	134
amount refunded and the amount applied to reduce the tax otherwise	135
due for that year shall not exceed threefive million dollars or,	136
if the certificate owner is a pass-through entity, shall not	137
exceed the taxpayer's distributive or proportionate share, as	138
allocated under division (C) of this section, of threefive	139
million dollars. The taxpayer may carry forward any balance of the	140
credit in excess of the amount claimed for that year for not more	141
than five ensuing taxable years, and shall deduct any amount	142
claimed for any such year from the amount claimed in an ensuing	143
year.	144

(E) A taxpayer claiming a credit under this section shall	145
retain the rehabilitation tax credit certificate for four years	146
following the end of the taxable year to which the credit was	147
applied, and shall make the certificate available for inspection	148
by the tax commissioner upon the request of the tax commissioner	149
during that period.	150

Section 2.  That existing sections 5725.34, 5726.52, 5729.17,	151
and 5747.76 of the Revised Code are hereby repealed.	152