Ohio Code 5726.02 – Financial institution tax; purpose; amount
(A) For the purpose of funding the needs of this state and its local governments, there is hereby levied a tax on each financial institution for the privilege of doing business in this state. A financial institution is subject to the tax imposed under this chapter for each calendar year that the financial institution conducts business as a financial institution in this state or otherwise has nexus in or with this state under the Constitution of the United States on the first day of January of that calendar year.
Terms Used In Ohio Code 5726.02
- Bank organization: means any of the following:
(1) A national bank organized and operating as a national bank association pursuant to the "National Bank Act" 13 Stat. See Ohio Code 5726.01
- De novo bank organization: means a bank organization that first began operations in the taxable year preceding the current tax year or in either of the two immediately preceding taxable years. See Ohio Code 5726.01
- Financial institution: means a bank organization, a holding company of a bank organization, or a nonbank financial organization, except when one of the following applies:
(1) If two or more such entities are consolidated for the purposes of filing an FR Y-9, "financial institution" means a group consisting of all entities that are consolidated in the FR Y-9. See Ohio Code 5726.01
- state: means the state of Ohio. See Ohio Code 1.59
(B) The amount of tax a financial institution other than a de novo bank organization is required to pay under this chapter shall equal the greater of the minimum tax required under division (A)(1)(a) of section 5726.04 of the Revised Code or the amount by which the tax calculated under division (A)(1)(b) of that section exceeds any credits allowed against the tax. The amount of tax a de novo bank organization is required to pay under this chapter shall equal the amount by which the tax calculated under division (A)(2) of section 5726.04 of the Revised Code exceeds any credits allowed against the tax.