Ohio § 5747.059
Full text of Ohio Ohio Revised Code § 5747.059, with citation guidance and answers to common questions.
§ 5747.059.
(A) This section applies only to reduce a taxpayer's aggregate tax liability under section 5747.02 of the Revised Code . (B) There is hereby allowed a refundable credit against a taxpayer's aggregate tax liability
under section 5747.02 of the Revised Code . This credit shall be equal to the taxpayer's proportionate share of the lesser of
either the tax due or the tax paid under section 5733.41 or 5747.41 of the Revised Code by any qualifying entity as defined in section 5733.40 of the Revised Code for the qualifying taxable year of the qualifying entity which ends in the taxable
year of the taxpayer. (C) The taxpayer shall claim the credit for the taxpayer's taxable year in which ends
the qualifying entity's qualifying taxable year. For purposes of making tax payments under this chapter, taxes equal to the amount
of the credit shall be considered to be paid by the taxpayer to this state on the
day that the qualifying entity pays to the tax commissioner the amount due pursuant
to section 5733.41 and sections 5747.41 to 5747.453 of the Revised Code with respect to and for the taxpayer. (D) In claiming the credit and determining the taxpayer's proportionate share of the
tax due and the tax paid by any qualifying entity, the taxpayer shall follow the concepts
set forth in subchapters J and K of the Internal Revenue Code. (E) The credit shall be claimed in the order required under section 5747.98 of the Revised Code . If the amount of the credit under this section exceeds the aggregate amount of tax
otherwise due under section 5747.02 of the Revised Code after deduction of all other credits in that order, the taxpayer is entitled to a
refund of the excess.
Frequently Asked Questions About Ohio § 5747.059
What does Ohio Revised Code § 5747.059 cover?
Section 5747.059 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 § 5747.059?
A common citation format is "Ohio Revised Code § 5747.059" (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 § 5747.059 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.