Ohio § 5733.041
Full text of Ohio Ohio Revised Code § 5733.041, with citation guidance and answers to common questions.
§ 5733.041.
Notwithstanding division (I) of section 5733.04 of the Revised Code , “ net income ” means net income as defined in that division subject to the following adjustments: (A) For each of the tax years 1984 to 1988, in the case of a corporation whose 1982 franchise
tax was charged on the base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-fifth of the amount of the adjustment, if any, required by division (A)(1)
of this section as it existed prior to July 1, 1983 for tax year 1982. (B) For each of the tax years 1985 to 1989, in the case of a corporation whose 1983 franchise
tax was charged on the base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-fifth of the amount of the adjustment required by division (B)(1) of
this section as it existed prior to July 1, 1983 for tax year 1983. (C) For each of the tax years 1984 to 1988: (1) Add twenty-five per cent of the amount by which the corporation's federal taxable
income before operating loss deduction and special deductions was reduced for the
taxable year by any depreciation taken on recovery property for which the depreciation
was determined under section 168 of the Internal Revenue Code . (2) For each of the five ensuing tax years following a tax year for which an addition
was made under division (C)(1) of this section and for which the corporation's tax
was charged on the base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-fifth of the amount of such addition. (D)(1) For tax year 1989, add twenty per cent of the amount by which the corporation's federal
taxable income before operating loss deduction and special deductions was reduced
for the taxable year by any depreciation taken on recovery property for which the
depreciation was determined under section 168 of the Internal Revenue Code . (2) For each of the tax years 1990 to 1993, where an addition was made under division
(D)(1) of this section and where the corporation's tax for tax year 1989 was charged
on the base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-fourth of the amount of such addition. (E)(1) For tax year 1990, add fifteen per cent of the amount by which the corporation's
federal taxable income before operating loss deduction and special deductions was
reduced for the taxable year by any depreciation taken on recovery property for which
the depreciation was determined under section 168 of the Internal Revenue Code . (2) For each of the tax years 1991 to 1993, where an addition was made under division
(E)(1) of this section and where the corporation's tax for tax year 1990 was charged
on the base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-third of the amount of such addition. (F)(1) For tax year 1991, add ten per cent of the amount by which the corporation's federal
taxable income before operating loss deduction and special deductions was reduced
for the taxable year by any depreciation taken on recovery property for which the
depreciation was determined under section 168 of the Internal Revenue Code . (2) For tax years 1992 and 1993, where an addition was made under division (F)(1) of
this section and where the corporation's tax for tax year 1991 was charged on the
base calculated under division (B) of section 5733.05 of the Revised Code , deduct one-half of the amount of such addition. (G)(1) For tax year 1992, add five per cent of the amount by which the corporation's federal
taxable income before operating loss deduction and special deductions was reduced
for the taxable year by any depreciation taken on recovery property for which the
depreciation was determined under section 168 of the Internal Revenue Code . (2) For tax year 1993, where an addition was made under division (G)(1) of this section
and where the corporation's tax for tax year 1992 was charged on the base calculated
under division (B) of section 5733.05 of the Revised Code , deduct the entire amount of such addition. (H) In the case of a taxpayer who elected to add the amount computed under division (D)
of this section as it existed prior to July 1, 1983, for purposes of making the subsequent
deduction from net income in each of the ensuing five years under division (A) or
(B) of this section, the deduction shall equal one-fifth of the amount added to net
income under that division.
Frequently Asked Questions About Ohio § 5733.041
What does Ohio Revised Code § 5733.041 cover?
Section 5733.041 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 § 5733.041?
A common citation format is "Ohio Revised Code § 5733.041" (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 § 5733.041 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.