Ohio Code 5747.84 – Tax credit for single-family housing development
(A) Terms used in this section have the same meanings as in section 175.17 of the Revised Code.
Terms Used In Ohio Code 5747.84
- Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
- Taxable year: means the calendar year or the taxpayer's fiscal year ending during the calendar year, or fractional part thereof, upon which the adjusted gross income is calculated pursuant to this chapter. See Ohio Code 5747.01
- Taxpayer: means any person subject to the tax imposed by section 5747. See Ohio Code 5747.01
(B) There is 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 175.17 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 (H) of section 175.17 of the Revised Code that allocates the credit to the taxpayer.
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 5725.37, 5726.60, or 5729.20 of the Revised Code.
Last updated August 31, 2023 at 5:08 PM