Ohio § 5703.48

§ 5703.48.

(A) As used in this section: (1) “ Tax expenditure ” means a tax provision in the Revised Code that exempts, either in whole or in part,

certain persons, income, goods, services, or property from the effect of taxes levied

by the state, including, but not limited to, tax deductions, exemptions, deferrals,

exclusions, allowances, credits, reimbursements, and preferential tax rates, provided

all of the following apply to the provision: (a) The provision reduces, or has the potential to reduce, revenue to the general revenue

fund; (b) The persons, income, goods, services, or property exempted by the provision would

have been part of a defined tax base; (c) The persons, income, goods, services, or property exempted by the provision are not

subject to an alternate tax levied by the state; (d) The provision is subject to modification or repeal by an act of the general assembly. (2) “ Property tax exemption ” means a provision in the Revised Code that exempts or authorizes a subdivision to

exempt from taxation all or a portion of the value of real property, as reported on

forms otherwise prescribed by the tax commissioner and as categorized by the tax commissioner

for purposes of this section as: (a) Charitable and public worship; (b) Public and educational; (c) Local economic development; (d) Other exemptions. (B) The department of taxation shall prepare and submit to the governor not later than

the first day of November in each even-numbered year a report containing certain information

about tax expenditures and property tax exemptions.  The report shall contain each of the following: (1) A description of each existing tax expenditure and property tax exemption; (2) In comparative form, a detailed estimate of the approximate amount of revenue not

available to the state general revenue fund in each fiscal year of the current and

ensuing fiscal bienniums as a result of the operation of each tax expenditure; (3) The aggregate true value of real property exempted in this state for the preceding

tax year as the result of the operation of each property tax exemption; (4) The amount of revenue paid from the general revenue fund in the preceding calendar

year to reimburse subdivisions for each property tax exemption for which such reimbursement

is required. The report shall be prepared in such a manner as to facilitate the inclusion of the

information provided by the report in the governor's budget.