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Ohio Financial Institutions Tax (FIT) Credit Schedule
Extracted from PDF file 2023-ohio-form-fit-cs.pdf, last modified November 2023Financial Institutions Tax (FIT) Credit Schedule
FIT CS Rev. 11/23 Page 1 Financial Institutions Tax (FIT) Credit Schedule FIT account number (of reporting person) FEIN/SSN Report tax year Reporting person’s name Street address (number and street) City State ZIP code See R.C. sections 5726.50 through 5726.57 for more detailed information regarding the FIT credits. Credit Refundable or Nonrefundable Revised Code Section Carryforward Period Tax Year the Credit Can Be Used Against the FIT Job retention Nonrefundable 5726.50(B) & 122.171 3 taxable years tax credit Tax year beginning on Jan. 1, 2014 New markets Nonrefundable 5726.54 4 tax years* tax credit Tax year beginning on Jan. 1, 2014 Credit for qualified Nonrefundable 5726.56 7 tax years* research expenses Tax year beginning on Jan. 1, 2014 Ohio low-income Nonrefundable 5726.58 & 175.16 5 tax years housing credit Tax year beginning on Jan. 1, 2024 Affordable, single- Nonrefundable 5726.60 & 175.17 5 tax years family housing credit Tax year beginning on Jan. 1, 2024 Welcome home Nonrefundable 122.633 5 taxable years Ohio credit Tax year beginning on January 1, 2024 Historic preservation Refundable/ 5726.52 5 tax years* tax credit Nonrefundable Tax year beginning on Jan 1, 2014 Jobs creation tax Refundable 5726.50(A) & 122.17 N/A credit Tax year beginning on Jan. 1, 2014 Jobs retention tax Refundable 5726.50(A) & 122.171 N/A credit Tax year beginning on Jan. 1, 2014 Credit for losses on Refundable loans made under the Ohio venture capital program 5726.53 & 150.01 to N/A 150.10 Tax year beginning on Jan. 1, 2014 Motion picture and Refundable 5726.55 N/A broadway theatrical production credit Tax year beginning on Jan. 1, 2014 Film and theater Refundable 5726.59 & 122.852 N/A capital improvement Tax year beginning on Jan. 1, 2025 *If any amount of the credit is refunded, the sum of the amount refunded and the amount applied to reduce the tax otherwise due for that year shall not exceed $3 million. The taxpayer may then carry forward any remaining credit amount as a nonrefundable credit for not more than five ensuing tax years. For credits approved between September 13, 2022 and July 1, 2024, the credit is fully refundable up to $10 million dollars per project per tax year. To submit this application, please use one of the following options: Online Notice Response Service: eFax: Mail: tax.ohio.gov - Contact Us 206-666-4462 Ohio Department of Taxation - or - gateway.ohio.gov Business Tax Division - FIT CS P.O. Box 16158 Columbus, OH 43216-6158 FIT CS Rev. 11/23 Page 2 Credit Schedule (If credits are being claimed by members of an affiliated group, a separate schedule is required for each entity that is claiming a credit.) Entity entitled to credit: Name FEIN FIT account number Nonrefundable Credits Must include credit certificate received from the Ohio Department of Development. A Opening Unused Credit Balance C B Credit Earned During Current Reporting Period Credits Claimed During Current Reporting Period D Closed Unused Credit Balance 1. Job retention tax credit 2. New markets tax credit COMPLETE CALCULATION BELOW 3. Qualified research expenses credit 4. Ohio low-income housing credit 5. Affordable single-family housing credit 6. Welcome home Ohio credit 7. Historic preservation tax credit Qualified Research Expense Tax Credit Calculation Current Calendar Year (20____) Expenses:__________________________ Prior calendar year 1 (20____) Expenses:__________________________ Prior calendar year 2 (20____) Expenses:__________________________ Prior calendar year 3 (20____) Expenses:__________________________ Average of 3 prior year expenses:__________________________ Difference:__________________________ 7% of difference:__________________________ Credit earned (include this amount in the closing balance):__________________________ Address where the qualified research expenses were incurred:__________________________________________________________ FIT CS Rev. 11/23 Page 3 Refundable Credits Must include credit certificate received from the Ohio Department of Development. 1. Historic preservation tax credit..................................................................................................................................1. 2. Jobs retention or jobs creation tax credit...................................................................................................................2. 3. Tax credit for losses on loans made under the Ohio venture capital program...........................................................3. 4. Ohio motion picture and broadway theatrical production credit................................................................................4. 5. Film and theater capital improvement projects credit................................................................................................4. 6. Total of lines 1 through 5...........................................................................................................................................5. Declaration and Signature (An officer or managing agent of the corporation must sign this declaration.) Date (MM/DD/YY) I declare under penalties of perjury that this report (including any accompanying schedule or statement) has been examined by me and to the best of my knowledge and belief is a true, correct and complete return and report, and that this corporation has not, during the preceding year, except as permitted by Ohio Revised Code sections 3517.082, 3599.03 and 3599.031, directly or indirectly paid, used or offered, consented, or agreed to pay or use any of its money or property for or in aid of or opposition to a political party, a candidate for election or nomination to public office, or a political action committee, legislation campaign fund, or organization that supports or opposes any such candidate or in any manner used any of its money for any partisan political purpose whatsoever, or for reimbursement or indemnification of any person for money or property so used. Signature of officer or managing agent Contact phone number E-mail Title
Form FIT CS
More about the Ohio Form FIT CS Corporate Income Tax Tax Credit TY 2023
We last updated the Financial Institutions Tax (FIT) Credit Schedule in February 2024, so this is the latest version of Form FIT CS, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form FIT CS directly from TaxFormFinder. You can print other Ohio tax forms here.
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TaxFormFinder has an additional 82 Ohio income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form IT 1041 Instructions | Fiduciary Income Tax Return Instructions |
| Form IT 1041 | Fiduciary Income Tax Return |
| Form D 5 | Notification of Dissolution or Surrender |
| Form FIT CA | Request to Cancel Account |
| IT 4708 UPC | Payment Coupon for Pass-Through Entity/Fiduciary Income Tax |
View all 83 Ohio Income Tax Forms
Form Sources:
Ohio usually releases forms for the current tax year between January and April. We last updated Ohio Form FIT CS from the Department of Taxation in February 2024.
Form FIT CS is an Ohio Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Ohio Form FIT CS
We have a total of ten past-year versions of Form FIT CS in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Form FIT CS
FIT_CS_GEN_FS_070714.indd
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