Ohio § 5726.57
Full text of Ohio Ohio Revised Code § 5726.57, with citation guidance and answers to common questions.
§ 5726.57.
(A) As used in this section, “ qualifying dealer in intangibles ” means a dealer in intangibles that is a member of a qualifying controlled group
of which a financial institution is also a member on the first day of the financial
institution's tax year. (B) For tax year 2014 there is hereby allowed to each financial institution a nonrefundable
credit against the tax imposed by section 5726.02 of the Revised Code . The amount of the credit shall be computed in accordance with division (C) of this
section. The credit shall be claimed in the order prescribed by section 5726.98 of the Revised Code . The credit shall not exceed the amount of tax otherwise due under section 5726.02 of the Revised Code after deducting any other credits that precede the credit claimed under this section
in that order. (C) Subject to division (D) of this section, the amount of the credit equals the lesser
of the amount described in division (C)(1) of this section or in division (C)(2) of
this section. (1) The amount of tax that a qualifying dealer in intangibles paid under Chapter 5707.
of the Revised Code during the calendar year immediately preceding the financial institution's
tax year. Such amount shall be reduced, but not below zero, by any refunds of such tax received
by the qualifying dealer in intangibles under Chapter 5703. of the Revised Code during
that calendar year. (2) The product of the amounts described in divisions (C)(2)(a) to (c) of this section. (a) The cost of the financial institution's direct investment in the capital stock of
the qualifying dealer in intangibles calculated on the last day of the financial institution's
taxable year immediately preceding the tax year; (b) The ratio described in section 5725.15 of the Revised Code for the calendar year immediately preceding the financial institution's tax year; (c) The tax rate imposed under division (D) of section 5707.03 of the Revised Code for the calendar year immediately preceding the financial institution's tax year. (D)(1) The principles and concepts described in section 5733.057 of the Revised Code shall apply in determining whether a dealer in intangibles is a member of a qualifying
controlled group of which the financial institution also is a member and to ascertain
the cost of the financial institution's direct investment in the capital stock of
the qualifying dealer in intangibles. (2) Notwithstanding section 5703.56 of the Revised Code to the contrary, a financial institution claiming the credit provided by this section
has the burden to establish by a preponderance of the evidence that the doctrines
enumerated in that section would not apply to deny to the financial institution all
or a part of the credit otherwise provided by this section.
Frequently Asked Questions About Ohio § 5726.57
What does Ohio Revised Code § 5726.57 cover?
Section 5726.57 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 § 5726.57?
A common citation format is "Ohio Revised Code § 5726.57" (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 § 5726.57 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.