As used in this section, "income tax" includes both a tax on net income and a tax measured by net income.
The following credits shall be allowed against the aggregate income tax liability imposed by section 5747.02 of the Revised Code on individuals and estates:
Division (B)(5)(a) of this section does not apply to income taxes included in the computation of Ohio adjusted gross income under division (A)(41) of section 5747.01 of the Revised Code and not deducted from Ohio adjusted gross income under division (A)(28) of that section or to income taxes included in Ohio taxable income under division (S)(16) of section 5747.01 of the Revised Code.
A. | B. |
IF THE MODIFIED ADJUSTED GROSS INCOME, LESS EXEMPTIONS, FOR THE TAX YEAR IS: | THE CREDIT FOR THE TAXABLE YEAR IS: |
$25,000 or less | 20% |
More than $25,000 but not more than $50,000 | 15% |
More than $50,000 but not more than $75,000 | 10% |
More than $75,000 | 5% |
R.C. § 5747.05