Instructions For Ohio Form Ft 1120fi - Ohio Corporation Franchise Tax Report

individual can claim the individual’s share of the credit against

• Income and Franchise Tax Updates, December 2004

the income tax. Both individuals and corporations must claim the

• Questions Regarding Ohio’s New Manufacturing Machinery and

credit for the taxable year in which the ODOD issues the tax credit

Equipment Tax Credit – R.C. 5733.33 & 5747.31, Sept. 2004 –

certiﬁ cate.

Revised Feb. 2005

• The Franchise Tax Effects of the I.R.C. Section 338(h)(10)

The following limitations apply to the motion picture credit:

Election, June 2004

• Sales Factor Situsing Revisions, April 2004

− Not more than $5 million of tax credit is allowed per tax credit-

• Ohio Bonus Depreciation Adjustment and the Internal Revenue

eligible production.

Code's Passive Activity Loss, Basis Limitation and At-Risk Rules,

− For the ﬁ scal biennium July 1, 2009 to June 30, 2011, not more

Nov. 2002

than $30 million of aggregate total tax credit is allowed, of which

• Recently Enacted Ohio Legislation Affects Depreciation

not more than $10 million dollars of aggregate total tax credit is

Deductions for Taxable Years Ending in 2001 and Thereafter,

allowed in the ﬁ rst year of the biennium.

July 2002 – Revised July 2005

− For succeeding ﬁ scal biennia, not more than $20 million dollars

• Pass-Through Entity Tax: Certain Estimated Tax Payments Due

of aggregate total tax credit is allowed per ﬁ scal biennium, and

Sept. 16, 2002, July 3, 2002

not more than $10 million dollars of aggregate total is allowed

• Corporation Franchise Tax – Nexus Standards, Sept. 2001 –

in the ﬁ rst year of the biennium.

Revised May 19, 2003

• Corporation Franchise Tax Nexus for Nonresident Limited

For additional information pertaining to the motion picture credit, call

Partners Following the UCOM Decision, March 15, 2001

the Ohio Department of Development at (614) 644-5156 or (800)

• I.R.C. Section 482 Study: Taxpayers seeking to Avoid Ohio

848-1300 or visit their Web site at lmofﬁ .

Corporate Franchise Tax Report Required or Expanded

Tax Commissioner Rules Applicable to Financial Institutions

Combinations, June 23, 2000 – Revised Jan. 2005

in Determining the Ohio Corporation Franchise Tax

• Withdrawal of Special Instructions, Oct. 31, 1997

• Am. Sub. H.B. No. 215, 122nd General Assembly (Budget Bill),

5703-5-01

Deﬁ nitions applicable to rules 5703-5-01 to 5703-5-05

Summary of Franchise Tax & Income Tax Provisions, Sept. 18,

of the Administrative Code

1997

5703-5-02

Date as of which the value of a taxpayer’s issued and

• IRS ‘Check the Box’ Entity Selection Regulations, Aug. 19, 1997

outstanding stock is determined

• Revisions to May 6, 1996 Information Release, June 18, 1996

5703-5-03

Dates on which a taxpayer’s taxable year begins and

• Alternative Twenty Percent Credit, May 7, 1996

ends

• Examples Setting Forth the Division's Interpretation of Ohio

5703-5-04*

Changes of a taxpayer’s annual accounting period

Revised Code Sections 5733.33 and 5747.31, ‘Second Credit

5703-5-05

Taxes excludable in computing the corporate tax under

for Purchases of New Manufacturing Machinery and Equipment,’

the net worth basis

May 6, 1996

5703-5-08

Books from which the value of issued and outstanding

• Second Credit for Purchases of New Manufacturing Machinery

shares of stock is determined under the net worth

and Equipment, Sept. 22, 1995

basis of the corporation franchise tax

• Twenty Percent Threshold Test Credit for Purchases of New

5703-5-10

Corporate franchise tax; accounts maintained under

Manufacturing Machinery and Equipment, Sept. 21, 1995

Statement of Financial Accounting Standards No. 106

• Newly Enacted Investment Tax Credit Law, Oct. 14, 1994

5703-1-12

Requests for an opinion of the tax commissioner

• Taxation of S Corporations and Their Shareholders, July 31, 1994

• Recently Enacted Legislation Revises the Requirements for

*Note: Effective for taxable years ending after Dec. 31, 2003, Rule

Corporations Paying Corporate Franchise Tax by Electronic Funds

5703-5-04 eliminates income proration for taxable years that exceed

Transfer (EFT), July 31, 1994

one year in length. In addition, the amended rule clariﬁ es that

if,

• Taxation of S Corporations and Their Shareholders, July 31, 1994

as the result of a change of ownership, a taxpayer has two short-

• New Legislation Requires Certain Corporations to Pay Corporate

period federal taxable years because of the taxpayer’s inclusion

Franchise Tax by Electronic Funds Transfer, Oct. 29, 1993

in one or more consolidated federal income tax returns, and if the

• Safe Harbor Leases: Franchise Tax Policy Change, Nov. 10, 1992

year-end of the taxpayer’s annual accounting period remains the

• Application of Ohio Revised Code Section 5733.053 (Transferor

same after the change of ownership as it was before the change,

Statute) to the Merger of a C Corporation into an S Corporation,

then for purposes of this rule there is not a change of the taxpayer’s

Sept. 24, 1992

annual accounting period.

• Schedule B-3 (Combined) – Related Entity and Related Member

Adjustments for Corporations Included in a Combined Franchise

Information Releases

Tax Report, May 6, 1992

Since 1991 the Ohio Department of Taxation has issued the following

• Exempt Federal Interest, Jan. 9, 1992

corporation franchise tax information releases:

• Credit for Investment in Qualiﬁ ed Subsidiaries, July 16, 1991

• Waiver of Corporation Franchise Tax Filing Requirement for 2011

• Taxpayer Elected Franchise Tax Combinations, May 15, 1991

for S Corporations, Oct. 2010

• Foreign Technical Service Fee Deductions, May 15, 1991.

• No 2011 Franchise Tax Filing or Payment Obligation for

Tax information releases are not “Opinions of the Tax Commissioner”

Corporations Subject to the Phase-Out, Oct. 2010

within the meaning of R.C. 5703.35. Nevertheless, the releases

• Waiver of Corporation Franchise Tax Filing Requirement for 2010

do reﬂ ect the Department of Taxation's interpretation of the law.

for S Corporations, Oct. 2009

Information releases are available on the department’s Web site.

• No 2010 Franchise Tax Filing or Payment Obligation for

Corporations Subject to the Phase-Out, Sept. 2009

tax.ohio.gov

• Questions Regarding Ohio’s Manufacturing Machinery and

Equipment Tax Credit and Subsequent Grant, Sept. 2006.

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Instructions For Ohio Form Ft 1120fi - Ohio Corporation Franchise Tax Report - 2012 Page 22

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