Ohio § 5703.47
Full text of Ohio Ohio Revised Code § 5703.47, with citation guidance and answers to common questions.
§ 5703.47.
(A) As used in this section, “ federal short-term rate ” means the rate of the average market yield on outstanding marketable obligations
of the United States with remaining periods to maturity of three years or less, as
determined under section 1274 of the “Internal Revenue Code of 1986,” 100 Stat. 2085, 26 U.S.C.A. 1274 , for July of the current year. (B) On the fifteenth day of October of each year, the tax commissioner shall determine
the federal short-term rate. For purposes of any section of the Revised Code requiring interest to be computed
at the rate per annum required by this section, the rate determined by the commissioner
under this section, rounded to the nearest whole number per cent, plus three per cent,
shall be the interest rate per annum used in making the computation for interest that
accrues during the following calendar year. For the purposes of sections 5719.041 and 5731.23 of the Revised Code , references to the “federal short-term rate” are references to the federal short-term
rate as determined by the tax commissioner under this section rounded to the nearest
whole number per cent. (C) Within ten days after the interest rate per annum is determined under this section,
the tax commissioner shall notify the auditor of each county of that rate of interest.
Frequently Asked Questions About Ohio § 5703.47
What does Ohio Revised Code § 5703.47 cover?
Section 5703.47 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 5703.47?
A common citation format is "Ohio Revised Code § 5703.47" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 5703.47 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.