Ohio Code § 5725.34

§ 5725.34.

(A) As used in this section, “certificate owner” has the same meaning as in section 149.311 of the Revised Code . (B) There is allowed a credit against the tax imposed by section 5725.18 of the Revised Code for an insurance company subject to that tax that is a certificate owner of a rehabilitation

tax credit certificate issued under section 149.311 of the Revised Code .  The credit shall equal twenty-five per cent of the dollar amount indicated on the

certificate, but the amount of the credit allowed for any company for any year shall

not exceed five million dollars.  The credit shall be claimed in the calendar year specified in the certificate and

in the order required under section 5725.98 of the Revised Code .  If the credit exceeds the amount of tax otherwise due in that year, the excess shall

be refunded to the company but, if any amount of the credit is refunded, the sum of

the amount refunded and the amount applied to reduce the tax otherwise due in that

year shall not exceed three million dollars.  The company may carry forward any balance of the credit in excess of the amount

claimed in that year for not more than five ensuing years, and shall deduct any amount

claimed in any such year from the amount claimed in an ensuing year. (C) An insurance company claiming a credit under this section shall retain the rehabilitation

tax credit certificate for four years following the end of the year in which the credit

was claimed, and shall make the certificate available for inspection by the tax commissioner

upon the request of the tax commissioner during that period.