Fillable Form Ft Ref - Application For Corporation Franchise Tax Refund (Page 2 of 2) in pdf

FT REF

Information and Pertinent Law Sections

Rev 7/10

To the extent that a refund is granted on this application, either

such amount to the director of budget and management

in whole or in part, the Department of Taxation will calculate

and treasurer of state for payment from the tax refund fund

and include the appropriate amount of interest in the refund

created by R.C. section 5703.052.

payment made to the applicant. The applicant should not

include such interest in the "Total amount of refund claimed"

division (B) of this section if the taxpayer satisﬁ es both of

ﬁ gure on line 5. Ohio Revised Code (R.C.) section 5733.26(B)

the following:

provides for the payment of interest as follows:

(1) The taxpayer has applied for a refund based in whole

Interest shall be allowed and paid at the rate per annum

or in part upon R.C. section 5733.0611;

prescribed by R.C. section 5703.47 upon amounts re-

funded with respect to the tax imposed by R.C. section

(2) The taxpayer asserts that the imposition or collection

5733.06. The interest shall run from whichever of the fol-

of the tax imposed or charged by R.C. section 5733.06

lowing dates is the latest until the date the refund is paid:

or any portion of such tax violates the Constitution of

the date of the illegal, erroneous or excessive payment;

the United States or the constitution of this state.

the ninetieth day after the ﬁ nal date the annual report un-

der R.C. section 5733.02 was required to be ﬁ led; or the

(D)(1) Division (D)(2) of this section applies only if all of the

ninetieth day after the date that report was ﬁ led.

following conditions are satisﬁ ed:

If the overpayment results from the carryback of a net

(a) A qualifying pass-through entity pays an amount of

capital loss to a previous taxable year, the overpayment

the tax imposed by R.C. section 5733.41;

is deemed not to have been made prior to the ﬁ ling date,

(b) The taxpayer is a qualifying investor as to that qualify-

including any extension thereof, for the taxable year in

ing pass-through entity;

which the net capital loss arises.

Corporation franchise tax refunds are governed by R.C. sec-

R.C. section 5733.0611 as to the tax described in

tion 5733.12, which provides in pertinent part as follows:

division (D)(1)(a) of this section;

(B) Except as otherwise provided under divisions (C) and

(d) The three-year period described in division (B) of this

(D) of this section, an application to refund to the corpo-

section has ended as to the taxable year for which the

ration the amount of taxes imposed under R.C. section

taxpayer otherwise would have claimed that credit.

5733.06 that are overpaid, paid illegally or erroneously, or

paid on any illegal, erroneous, or excessive assessment,

(2) A taxpayer shall ﬁ le an application for refund pursuant

with interest thereon as provided by R.C. section 5733.26,

to this division within one year after the date the payment

shall be ﬁ led with the tax commissioner, on the form pre-

described in division (D)(1)(a) of this section is made. An

scribed by the commissioner, within three years from the

application ﬁ led under this division shall only claim refund

date of the illegal, erroneous, or excessive payment of the

of overpayments resulting from the taxpayer's failure to

tax, or within any additional period allowed by division (C)

claim the credit described in division (D)(1)(c) of this sec-

(2) of R.C. section 5733.031, division (D)(2) of R.C. section

tion. Nothing in this division shall be construed to relieve a

5733.067, or division (A) of R.C. section 5733.11.

taxpayer from complying with the provisions of division (I)

(14) of R.C. section 5733.04.

On the ﬁ ling of the refund application, the commissioner

shall determine the amount of refund due and certify

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Form Ft Ref - Application For Corporation Franchise Tax Refund Page 2

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