Ohio § 5733.47

§ 5733.47.

(A) As used in this section, “certificate owner” has the same meaning as in section 149.311 of the Revised Code . (B) There is allowed a refundable credit against the tax imposed under section 5733.06 of the Revised Code for a taxpayer that is a certificate owner of a rehabilitation tax credit certificate

issued under section 149.311 of the Revised Code .  The credit shall equal twenty-five per cent of the dollar amount indicated on the

certificate, but shall not exceed five million dollars.  The credit shall be claimed for the tax year specified in the certificate and in

the order required under section 5733.98 of the Revised Code .  For purposes of making tax payments under this chapter, taxes equal to the amount

of the refundable credit shall be considered to be paid to the state on the first

day of the tax year. (C) A taxpayer claiming a credit under this section shall retain the rehabilitation tax

credit certificate for four years following the end of the tax year to which the credit

was applied, and shall make the certificate available for inspection by the tax commissioner

upon the request of the tax commissioner during that period. (D) If, pursuant to division (G) of section 5733.01 of the Revised Code , a taxpayer no longer pays a tax under this chapter, the taxpayer may nonetheless

file an annual report under section 5733.02 of the Revised Code and claim the refundable credit authorized by this section.  Nothing in this division allows a taxpayer to claim the credit under this section

more than once. (E) Nothing in this section limits or disallows pass-through treatment of the credit

if the certificate owner is a pass-through entity.  If the certificate owner is a pass-through entity, the amount of the credit allowed

for the entity shall not exceed five million dollars, and the credit may be allocated

among the entity's equity owners in proportion to their ownership interests or in

such proportions or amounts as the equity owners mutually agree.