Form Fit Cs - Financial Institutions Tax (Fit) Credit Schedule
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FIT CS
Rev. 7/14
P.O. Box 16158
Columbus, OH 43216-6158
Financial Institutions Tax (FIT) Credit Schedule
FIT account number (of reporting person)
FEIN/SSN
Reporting person’s name
Street address (number and street)
City
State
ZIP code
Report tax year
The FIT is a new tax applicable to fi nancial institutions including those previously subject to the corporation franchise tax. Beginning
with tax year 2014, based on taxable period 2013 and continuing for every tax year thereafter, the FIT is a business privilege tax that
is imposed on fi nancial institutions that are organized for profi t and doing business in Ohio (as “fi nancial institutions” is defi ned in Ohio
Revised Code (R.C.) 5726). Credits against the FIT may be claimed beginning with tax year 2014, based on taxable year ending 2013.
A taxpayer may apply any of the tax credits listed below against the FIT. See R.C. sections 5726.50 through 5726.57 for more detailed
information regarding the FIT credits.
Credit
Refundable or
Revised Code
Carryforward
Tax Year the Credit Can
Nonrefundable
Section
Period
Be Used Against the FIT
Bank organization
Nonrefundable
5726.51
N/A
Tax year beginning on
assessment tax
Jan. 1, 2014
credit
New markets
Nonrefundable
5726.54
4 ensuing tax
Tax year beginning on
tax credit
years*/***
Jan. 1, 2014
Credit for qualifi ed
Nonrefundable
5726.56
7 ensuing tax
Tax year beginning on
research expenses
years*
Jan. 1, 2014
Qualifying dealers
Nonrefundable
5726.57
N/A
This credit is only available
in intangibles
for tax year 2014
tax credit
Jobs retention tax
Nonrefundable
5726.50 (B) & 122.171
3 succeeding
Tax year beginning on
credit
taxable years
Jan. 1, 2014
Jobs creation tax
Refundable
5726.50(A) & 122.17
N/A
Tax year beginning on
credit
Jan. 1, 2014
Historic preservation
Refundable
5726.52
5 ensuing tax
Tax year beginning on
tax credit
years (not in
Jan. 1, 2014
excess of $3
million)**/***
Credit for losses on
Refundable
5726.53
N/A
Tax year beginning on
loans made under
Jan. 1, 2014
the Ohio venture
capital program
Motion picture
Refundable
5726.55
N/A
Tax year beginning on
production tax credit
Jan. 1, 2014
Jobs retention tax
Refundable
5726.50(A) & 122.171
N/A
Tax year beginning on
credit
Jan. 1, 2014
*Unused credits may be carried forward from corporation franchise tax.
**The total amount of the credit (including the amount used to offset the tax and the amount refunded) may not exceed $3 million in any
one tax year.
***Unused credits may be carried forward from dealer in intangibles tax.
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