Dealer In Intangibles Tax Return - 2011 Page 2
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20Reminders
Dealer In Intangibles
Am. Sub. House Bill 66 enacted by the 126
General
applicable to qualifying dealers in intangibles. Refundable
th
Assembly in 2005 clarifi ed the defi nition of a “dealer in
and nonrefundable credits may be claimed by a qualifying
intangibles” by specifying that a person must be engaged
dealer in intangibles against its dealer in intangible tax liability
primarily in the specifi c activities that distinguish dealers
for the calendar year specifi ed on the tax credit certifi cate
in intangibles from other types of business. The legislation
issued by the Venture Capital Authority. A copy of the tax
also clarifi ed the procedures whereby dealers in intangibles
credit certifi cate must be submitted at the time of fi ling. See
may petition for review of penalties, and made available the
R.C. 5725.19.
venture capital tax credit to qualifying dealers in intangibles.
Taxability of Dealers Wholly Owned By an Insurance
Explanations of these changes and the impact they have
Company or Financial Institution
in completing the dealer in intangibles tax return are listed
Anyone meeting the defi nition of a dealer in intangibles
below.
must fi le a tax return regardless if they are affi liated with an
Defi nition of “Primarily”
insurance company or fi nancial institution. All tax paid by
The tax commissioner has adopted a rule clarifying “primarily”
such entities shall be credited only to the General Revenue
as used in the defi nition of a dealer in intangibles. The
Fund. See R.C. 5725.24 and 5733.45.
defi nition has been posted on the department’s Web site.
How Commissions Are Sitused Within and Without
See Ohio Administrative Code 5703-3-32.
Ohio
Notifi cation of Dealer Status Form
In determining commissions for a broker-dealer, the billing
Effective for tax year 2006 and future years, this form is now
address shall be used to determine where the commission
required to be completed and submitted with form 980.
should be sitused. See R.C. 5725.14(C).
Clarifi cation of Procedures for Review of Penalties
“All Other Receipts” Are No Longer Considered
A penalty imposed on late-fi led returns may be abated when
When Situsing “Gross Receipts” for All Dealers
it is shown that the failure to fi le timely is due to reasonable
in Intangibles
cause. A dealer in intangibles must file a petition for
R.C. 5725.14 no longer requires that a dealer in intangibles
abatement of penalty within 60 days after the mailing of the
include 1% of all other receipts when determining gross
notice of a penalty assessment. The petition must be fi led
receipts.
with the tax commissioner, either in person or by certifi ed
Ohio Historic Preservation Tax Credit
mail. The petition shall include a true copy of the notice
Those dealers in intangibles that incur expenses in
of assessment complained of, shall indicate that the only
rehabilitating historic buildings and obtain the appropriate tax
objection is to the assessed penalty, and shall provide the
credit certifi cate are now eligible to claim a credit against their
reason for such objection. See Ohio Revised Code (R.C.)
dealer in intangibles tax liability for the calendar year specifi ed
5725.17(B) and 5711.28.
on the tax credit certifi cate issued by the Ohio Department of
Venture Capital Tax Credits for Qualifying Dealers in
Development. See R.C. 5725.151 and 149.311.
Intangibles
The existing tax credit for loans made to the program
fund administered by the Venture Capital Authority now is
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