Ohio Rev. Code § 5747.83

Current with legislation from 2024 received as of August 15, 2024.

Section 5747.83 - State low-income housing tax credit

(A) Terms used in this section have the same meanings as in section 175.16 of the Revised Code.

(B) There is hereby allowed a nonrefundable credit against a taxpayer's aggregate tax liability under section 5747.02 of the Revised Code for a taxpayer that is allocated a credit issued by the executive director of the Ohio housing finance agency under section 175.16 of the Revised Code. The credit equals the amount allocated to such taxpayer for the taxable year that begins in the calendar year for which the designated reporter files the form prescribed by division (I) of section 175.16 of the Revised Code.

The credit shall be claimed in the order required under section 5747.98 of the Revised Code. If the credit exceeds the taxpayer's aggregate tax due under section 5747.02 of the Revised Code for that taxable year after allowing for credits that precede the credit under this section in that order, such excess shall be allowed as a credit in each of the ensuing five taxable years, but the amount of any excess credit allowed in any such taxable year shall be deducted from the balance carried forward to the ensuing taxable year.

No credit shall be claimed under this section to the extent the credit was claimed under section 5725.36, 5726.58, or 5729.19 of the Revised Code.

R.C. § 5747.83

Added by 135th General Assembly, HB 33,§101.01, eff. 10/3/2023.