Instructions For Filing: Personal & School District Income Tax - Department Of Taxation State Of Ohio - 2014 Page 21
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602014 Ohio Forms IT 1040EZ / IT 1040 / Instructions
ing $500 or more of income, then you must
The manufacturer's grant applies to each
ment fi led a notice of intent with the
include with the return a separate statement
sole proprietor who purchased new manu-
DSA by the date of the taxpayer's
explaining the income that qualifi es for this
facturing machinery and equipment during
timely fi led Ohio tax return, includ-
credit. You must show that each spouse has
the qualifying purchase period of July 1,
ing extensions, for the taxpayer's
$500 or more of qualifying income included
1995 to June 30, 2005. The manufacturer's
taxable year that included Sept. 30,
in Ohio adjusted gross income (line 3) in
grant also applies to each taxpayer having
2005. However, a timely fi led notice of
an interest in pass-through entities that
the intent to claim the credit constitutes
order to take the joint fi ling credit.
purchased new manufacturing machinery
a timely fi led notice of the intent to claim
Line 14 – Earned Income Credit
and equipment during the same period. In
the grant.
all cases, the taxpayer or the pass-through
Line 18 – Interest Penalty
For taxable years beginning on or after Jan.
entity must have installed the new manufac-
1, 2014, a nonbusiness, nonrefundable
turing machinery and equipment in Ohio no
earned income credit is available for taxpay-
If line 17 minus line 21 and your 2013 over-
later than June 30, 2006.
ers who were eligible for the federal earned
payment credited to 2014 is $500 or less,
income tax credit (EITC) on their federal tax
enter -0- on line 18. If line 17 minus line
The grant is claimed as a direct reduction
returns. The Ohio earned income credit is
to the taxpayer's 2014 Ohio income tax li-
21 and your 2013 overpayment credited to
equal to 10% of the taxpayer's federal EITC.
ability and is nonrefundable. The concepts,
2014 is greater than $500, you may owe an
defi nitions and computations that apply to
interest penalty. You must complete Ohio
However, if the taxpayer's Ohio taxable
form IT/SD 2210 to determine if a penalty is
the credit also apply to the grant.
income (Ohio adjusted gross income less
due. This form is available on our Web site
exemptions) exceeds $20,000 on either an
If the taxpayer's taxable year ended on or
at tax.ohio.gov.
individual or joint tax return, then the credit is
after July 1, 2005, the grant applies not
Line 19 – Unpaid Use (Sales) Tax
limited to 50% of the tax otherwise due after
only to the qualifying new manufacturing
deducting all other credits that precede the
machinery and equipment purchased dur-
credit except for the joint fi ling credit. See
Use line 19 of Ohio form IT 1040 to report the
ing the period of Jan. 1, 2005 to June 30,
the worksheet on page 20.
amount of unpaid use (sales) tax, if any, that
2005, but also to qualifying equipment pur-
chased in 2004 and earlier purchase years.
you may owe from out-of-state purchases
Line 15 – Ohio Adoption Credit
that you made in 2014 (for example, mail
Thus, for each taxpayer whose taxable year
order or Internet purchases). Complete the
ended on or after July 1, 2005, the grant ap-
You can claim a credit against your tax if
worksheet on page 35. A detailed explana-
plies to (i) the 1/7 amounts from 2005 quali-
you adopted a minor child (under 18 years
fying purchases, (ii) the 1/7 amounts from
tion of the Ohio use tax is on page 34.
of age) during the taxable year. The amount
pre-2005 qualifying purchases for which the
of the credit for each minor child legally
If you did not make any out-of-state pur-
taxpayer claimed the manufacturer's credit
adopted by the taxpayer shall equal the
chases during 2014, enter -0- on line 19.
on prior years' income tax returns and (iii)
greater of the following:
If you did make any out-of-state purchase
unused credit carryforwards (limited to a
during 2014 and if you paid no sales tax
three-year carryforward period).
1. $1,500 (one-thousand fi ve-hundred dol-
on that purchase, then you are required to
lars);
If a C corporation elected S corporation
complete the use tax worksheet on page
35 to determine the amount of Ohio use
status and at the time of the election the C
2. The amount of expenses incurred by
tax you owe (which is the sales tax on that
corporation would have been able to claim
the taxpayer and the taxpayer's spouse
purchase).
the manufacturing credit or grant, then those
to legally adopt the child, not to exceed
individuals who owned the stock in the
$10,000 (ten-thousand dollars). For the
Line 21 – Ohio Income Tax Withheld
corporation at the time of the election can
purposes of this division, expenses in-
claim the grant for "unused" manufacturing
curred to legally adopt a child include ex-
Enter the total amount of Ohio income tax
credits. For purposes of claiming the grant,
penses described in Ohio Revised Code
withheld. This is normally shown on your tax
unused manufacturing credits include both
section 3107.055, division (C).
statement form (W-2, box 17; W-2G, box 15;
the (i) unused 1/7 amounts that would have
or 1099-R, box 12). See the sample W-2 and
been available to the C corporation in each
This is a one-time credit per child. Any
W-2G on page 14 and the sample 1099-R
of the next six franchise tax years had the
unused amounts can be carried forward for
on page 15.
C corporation not made the "S" election
up to fi ve years. The adoption must be fi nal
Place legible state copies of your W-2(s),
and (ii) unused carryforward amounts that
and recognizable under Ohio law in the year
W-2G(s) or 1099-R(s) after the last page
would have been available to the C corpora-
for which you fi rst claim the credit. "Legally
of Ohio form IT 1040. Do not staple or
tion in each of the next three franchise tax
adopt" does not include the adoption of a
otherwise attach.
years had the C corporation not made the
minor child by the child's stepparent.
You cannot claim on the Ohio return any
"S" election.
Line 16 – Manufacturing Equipment
taxes withheld for another state, a city or
Note: The grant applies only if both of the
a school district.
Grant
following conditions are met:
If you are a direct or indirect investor in a
1. The taxpayer fi les a grant request form
pass-through entity, you cannot claim on
For taxable years ending on or after July
with the taxpayer's 2014 individual
this line taxes withheld on your behalf by
1, 2005, the Ohio Revised Code section
Ohio income tax return. The grant re-
a pass-through entity. For proper report-
5747.31 manufacturer's credit converts to
quest form is available on our Web site
ing of taxes withheld on your behalf by a
a grant administered by the Ohio Develop-
at tax.ohio.gov; AND
pass-through entity, see line 72b on page
ment Services Agency (DSA). For taxable
2. The purchaser of the qualifying new
33.
years ending before July 1, 2005, the credit
manufacturing machinery and equip-
continues to apply.
- 21 -
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