1972-2013 Schedule Of Franchise Tax Rates, Litter Tax Rates, Interest And Penalty Page 2

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1972-2013 Schedule of Franchise Tax Rates, Litter Tax Rates, Interest and Penalty
Rev. 1/13
Litter Tax Rates
Franchise Tax Rate
Tier One
Tier Two
Net Income Basis
Net Income Basis
Net Income
First
Over
First
Over
Over
Taxable Year
$50,000
$50,000
$50,000
$50,000
$50,000
Ending
Addition
(First $25,000
(Over $25,000
(First $25,000
(Over $25,000
(Over $25,000
Franchise
On or Between
Minimum
Net Worth
Phase-out
Net Worth
Net Worth
Interest
to
Prior to
Prior to
Prior to
Prior to
Prior to
Tax Year
Dates Shown
Fee
Basis
Surtax
Basis
Basis
Rate
Tax Penalty
1989 Report)
1989 Report)
%****
1989 Report)
1989 Report)
1989 Report)
0.0022
1983
1/1/82–12/31/82
$150
4.6%
8.7%
0.0055
N/A
5.75%
0.0011
0.00014
0.0022
0.00014
10%
25%
0.0022
1982
1/1/81–11/14/81
$50
4.0%
8.0%
0.005
N/A
15%
0.0011
0.00014
0.0022
0.00014
6%
25%
0.0022
11/15/81–12/18/81
$150
4.6%
8.7%
0.0055
N/A
0
0.0011
0.00014
0.0022
0.00014
6%
25%
12/19/81–12/31/81
$150
4.6%
8.7%
0.0055
N/A
0.0011
0.0022
0.00014
25%
20.75%
0.00014
0.0022
6%
N/A
1981
1/1/80–7/14/80
$50
4.0%
8.0%
0.005
N/A
N/A
N/A
N/A
N/A
N/A
6%
25%
0.0011
7/15/80–12/18/80
$50
4.0%
8.0%
0.005
N/A
N/A
0.0022
0.00014
0.0022
0.00014
6%
25%
0.0011
0.0022
12/19/80–12/31/80
$50
4.0%
8.0%
0.005
N/A
15%
0.00014
0.0022
0.00014
25%
6%
N/A
1980
1/1/79–12/31/79
$50
4.0%
8.0%
0.005
N/A
N/A
N/A
N/A
N/A
6%
25%
N/A
1972-1979
Prior to 1979
$50
4.0%
8.0%
0.005
N/A
N/A
N/A
N/A
N/A
N/A
6%
25%
N/A
* Effective for taxable years ending after 6/30/83, the surtax is only applicable if the net income basis exceeds the
*** Effective for taxable years ending after June 25, 2003, the minimum fee is $1,000 if (1) the sum of the taxpayer’s
net worth basis.
gross receipts from activities within and without Ohio during the taxable year equals or exceeds $5 million, or (2)
the total number of the taxpayer’s employees within and without Ohio during the taxable year equals or exceeds
** For each month or fraction of a month that the Ohio Corporation Franchise Tax Report (form FT 1120) was de-
300. For more information, see instructions on the department’s Web site at tax.ohio.gov.
linquent, the corporation is liable for the Failure to File (or timely fi le) penalty. This penalty is the greater of $50
per month up to $500 or 5% per month (50% maximum) of the net tax due shown on the delinquent report. All
**** Effective for taxable years ending in 2005, H.B. 66 enacted a commercial activities tax and began a phase-out
delinquent reports, including reports which (1) indicate an overpayment or no balance due or (2) an informational
of the corporation franchise tax beginning with tax year 2006. See R.C. 5751. Taxpayers described in R.C.
report (FT 1120S), are subject to the “Failure to File” penalty.
5751.01(E)(5), (6), (7), (8) or (10) are not subject to the franchise tax phase-out. See R.C. 5733.01(G)(2). Ad-
ditionally, fi nancial institutions remain subject to the franchise tax and must fi le Ohio form FT 1120FI.
In addition to the above penalty, there is also a penalty for failure to pay (or timely pay) the tax computed on
the delinquent report. For report years 2003 and forward, the penalty is not to exceed 15% of the delinquent
payment. For report years 1988-2002, the penalty equals twice the interest charged under Ohio Revised Code
section (R.C.) 5733.26(A).
For additional information on delinquencies, please contact the offi ce on the delinquency notice.
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