Ohio § 5729.031
Full text of Ohio Ohio Revised Code § 5729.031, with citation guidance and answers to common questions.
§ 5729.031.
As used in this section, “ insurance company ” includes any health insuring corporation as defined in section 1751.01 of the Revised Code ; “ insurance company group ” means two or more insurance companies that are owned by a common owner or two or
more insurance companies among which one company owns the other company or companies;
and with respect to health insuring corporations, “ premiums sold ” means premium rate payments received. A foreign or domestic insurance company or insurance company group may claim a credit
against the tax imposed under section 5725.18 or 5729.03 of the Revised Code . An insurance company group shall compute one credit for the group as a whole, and
one or more companies in the group may claim all or a portion of that credit until
it is exhausted. The superintendent of insurance may adopt rules for the apportionment of the credit
among the members of an insurance company group. The amount of the credit shall equal the amount computed as follows: (A) Subtract the total dollar amount of all premiums sold in all states by the company,
in the case of an individual company, or by the group, in the case of an insurance
company group, from seventy-five million dollars; (B) Divide the result obtained in division (A) of this section by seventy-five million; (C) Multiply the quotient obtained in division (B) of this section by two hundred thousand. (D) The product obtained in division (C) of this section shall equal the credit to which
an insurance company or an insurance company group is entitled, but the credit shall
not reduce the tax liability of any individual company or of any company within an
insurance company group below the minimum tax required by division (C) of section 5725.18 or division (C) of section 5729.03 of the Revised Code . If the difference obtained in division (A) of this section is less than or equal
to zero, the credit allowed under this section equals zero. (E) A reduction in the taxes of a foreign insurance company to the extent obtained through
a claim for credit under this section does not increase the retaliatory tax liability
otherwise charged against that company.
Frequently Asked Questions About Ohio § 5729.031
What does Ohio Revised Code § 5729.031 cover?
Section 5729.031 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 § 5729.031?
A common citation format is "Ohio Revised Code § 5729.031" (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 § 5729.031 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.