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Ohio Business Credits Schedule
Extracted from PDF file 2023-ohio-schedule-e.pdf, last modified October 2023Business Credits Schedule
Schedule E Rev. 09/23 10211411 2023 Ohio Schedule E Nonrefundable Business Credits For use by pass-through entities filing the IT 4708 or trusts/estates filing the IT 1041 and claiming nonrefundable business credits Taxpayer Information Entity FEIN Taxpayer name and address Foreign State Code Certificate Holder Information (If different from Taxpayer) Percent of Ownership Country Code Entity FEIN Taxpayer name and address Foreign State Code A NONREFUNDABLE BUSINESS CREDITS Carryforward Period 1. Campaign contribution credit for Ohio statewide office or General Assembly None 2. Scholarship donation credit None 3. Credit for work-based learning experiences* None 4. Job retention credit* 3 years 5. Credit for new employees in an enterprise zone* 3 years 6. Credit for commercial vehicle operator training expenses* 5 years 7. Welcome Home Ohio credit* 5 years 8. Credit for sale/rental of agricultural assets to beginning farmers* 7 years 9. Credit for purchases of grape production property 7 years 10. InvestOhio credit* 7 years 11. Lead abatement credit* 7 years *include a copy of the credit certificate Unused Credit Balance -1- Country Code B C D Credit Earned Credit Used Remaining During on this Return Credit Balance Current Year 10211411 A NONREFUNDABLE BUSINESS CREDITS (CONTINUED) Carryforward Period 12. Opportunity zone investment credit* 5 years 13. Technology investment credit* 15 years 14. Enterprise zone day-care and training credits* Unlimited 15. Research & Development loan repayment credit* Unlimited 16. Ohio historic preservation credit* 5 years 17. Ohio low-income housing credit* 5 years 18. Affordable single-family housing credit* 5 years Unused Credit Balance B -2- D Credit Earned Credit Used Remaining During on this Return Credit Balance Current Year 19. Total nonrefundable business credits (sum of Column C lines 1 through 18). Enter here and on IT 4708, line 11 or IT 1041, line 10. *include a copy of the credit certificate C Schedule E Rev. 09/23 General Instructions The nonrefundable business credit schedule lists the nonrefundable business credits in the order in which the entity may claim them as well as the carryover period for each credit. The order is important if the entity is entitled to more than one credit and the entity is unable to use some portion of the total credit in the year generated. Read all of the following instructions carefully for each section to determine if the entity is eligible to claim that particular credit. An entity must include Schedule E and any supporting documentation when filing the return. All other supporting schedules or documentation are subject to examination by the Ohio Department of Taxation. Line 1 – Campaign Contribution Credit for Ohio Statewide Office or General Assembly Taxpayers other than trusts may claim a credit for contributions of money during the taxable year to the campaign committee of candidates for any of the following Ohio offices: • Governor • Treasurer of State • Lieutenant Governor • Attorney General • Secretary of State • Ohio Senate • Chief Justice of the • Ohio House of Ohio Supreme Court Representatives • Justice of the Ohio • Ohio Board of Supreme Court Education • Auditor of State The amount of the credit is the lesser of (i) the combined total cash contributions made by each taxpayer during the taxable year or (ii) $50 for each taxpayer. If the contributor is a pass-through entity, each pass-through entity investor, other than investors that are trusts, may claim a proportionate share of the contribution. However, the credit for each investor, other than investors that are trusts, cannot exceed the lesser of each investor’s proportionate share of the contribution or $50. Note: If you claim the credit for political contributions in Schedule E, you may not claim a credit for the same political contributions in Schedule III of Ohio IT 1041. Line 2 – Scholarship Donation Credit To qualify for this credit, the entity must make a -3- monetary donation to an eligible scholarship granting organization (SGO). The credit equals the lesser of $750 or the total amount donated to SGOs during the tax year. If this credit is based on your ownership of a pass-through entity that made the donation, include documentation showing your portion of the credit. The share of the credit claimed by all investors cannot exceed $750. Note: Estates use IT 1041, line 48a. For a list of eligible SGOs, see tax.ohio.gov/SGO. See R.C. 5747.73. Line 3 – Credit for Work-Based Learning Experiences This credit is granted by the Ohio Department of Education (ODE). To claim the credit, you must attach a copy of the certificate from ODE that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on your ownership of a pass-through entity that holds the certificate, you must also include documentation showing your portion of the credit. For more information about the requirements for this credit, visit education.ohio.gov. See R.C. 5747.057. Line 4 – Nonrefundable Job Retention Credit This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the entity must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to three years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 122.171(I) and 5747.058(B). Line 5 – Credit for New Employees in an Enterprise Zone This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the entity must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds Schedule E Rev. 09/23 the certificate, include documentation of the portion of the credit. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to three years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 5709.66(B)(1). Line 6 - Credit for Commercial Vehicle Operator Training Expenses This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, you must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on your ownership of a pass-through entity that holds the certificate, you must also include documentation showing your portion of the credit. To the extent this credit exceeds your tax liability, any remaining balance can be carried forward up to five years. For more information about the requirements for this credit, visit development.ohio.gov, or call 1-800-8481300. See R.C. 122.91 and 5747.82. Line 7: Welcome Home Ohio Credit This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, you must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on your ownership of a pass-through entity that holds the certificate, you must also include documentation showing your portion of the credit. To the extent this credit exceeds your tax liability, any remaining balance can be carried forward up to five years. For more information about the requirements for this credit, visit development.ohio.gov, or call 1-800-8481300. See R.C. 122.633. Line 8 - Credit for Sale/Rental of Agricultural Assets to Beginning Farmers This credit is granted by the Ohio Department of Agriculture (ODA). To claim the credit, you must attach a copy of the certificate from ODA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based -4- on your ownership of a pass-through entity that holds the certificate, you must also include documentation showing your portion of the credit. To the extent this credit exceeds your tax liability, any remaining balance can be carried forward up to seven years. For more information about the requirements for this credit, visit agri.ohio.gov. See R.C. 901.61(D) and 5747.77(A). Line 9 – Credit for Purchases of Grape Production Property To qualify for this credit, the entity must be engaged in the business of producing grapes and purchase qualifying property during the tax year. “Qualifying property” means any property, plant, or equipment used to produce grapes in this state. The credit equals 10% of the cost of purchasing and installing or constructing the qualifying property. If the producer is a PTE, each investor in the entity may claim a proportionate share of the credit. This credit is nonrefundable, however any unused portion can be carried forward for up to seven consecutive years. The credit is subject to recapture if the taxpayer disposes of the property or ceases to use it as qualifying property within seven years of placing it in operation. See R.C. 5747.28. Line 10 – InvestOhio Credit This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the estate or trust must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. This credit is not available to pass-through entities filing the IT 4708. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to seven years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-614466-1450. See R.C. 5747.81. Line 11 - Lead Abatement Credit This credit is granted by the Ohio Department of Health (ODH). To claim this credit, the estate or trust must attach a copy of the certificate from ODH that indicates the amount of the credit and the tax year for which the credit is based. This credit is not available to pass-through entities filing the IT 4708. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to seven years. For additional information about the requirements for this credit, visit odh.ohio.gov, or call 614-466-1450. See R.C. 5747.26. Line 12 – Opportunity Zone Investment Credit This credit is granted by the Ohio Department of Development (ODOD). To claim this credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to five years. Line 15 – Research and Development Loan Repayment Credit This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the entity must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, the balance can be carried forward until fully utilized. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 166.21 and 5747.331. Line 16 – Nonrefundable Ohio Historic Preservation Credit For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 122.84. Line 13 – Technology Investment Credit Effective Sept. 29, 2013, the technology investment credit was repealed, and thus is no longer available. However, this nonrefundable credit had a 15-year carryforward. Therefore, the entity may continue to claim any unused credit for the 15-year period. See R.C. 122.152. This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the entity must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. If the credit is $3,000,000 or less, it may instead be taken as a refundable credit (IT 4708 Schedule V, line 46; IT 1041 Schedule XII, line 85). Due to recent law changes, if you received an amended certificate for a project approved after June 30, 2020 or an original certificate issued after September 13, 2022, this credit is fully refundable up to $10,000,000 claimed per project in any tax year. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to five years. Line 14 – Enterprise Zone Day Care and Training Credit This credit is granted by the Ohio Department of Development (ODOD). To claim the credit, the entity must attach a copy of the certificate from ODOD that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, the balance can be carried forward until fully utilized. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 5747.76(D) and 149.311. Line 17 – Ohio Low-Income Housing Credit For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800848-1300. See R.C. 5709.65(A)(4) and (5). -5- This credit is granted by the Ohio Housing Finance Agency (OHFA). To claim the credit, you must attach a copy of the credit certificate from OHFA that indicates the annual amount of the credit and the period for which the credit is awarded. If available, include a copy of the report from the designated reporter that indicates the amount of the annual credit amount allocated to you. The credit cannot be claimed unless you are included on this report. This credit has a 10year credit period. To the extent this credit exceeds your tax liability, any remaining balance can be carried forward up to five years. For more information about the requirements for this credit, visit ohiohome.org or call 1-888-362-6432. See R.C. 175.16 and 5747.83. you are included on this report. The credit has a 10 year credit period. To the extent this credit exceeds your tax liability, any remaining balance can be carried forward up to five years. For more information about the requirements for this credit, visit ohiohome.org or call 1-888-362-6432. See R.C. 175.17 and 5747.84. Refundable Business Credits Line 18 – Affordable Single-Family Housing Credit This credit is granted by the Ohio Housing Finance Agency (OHFA). To claim the credit, you must attach a copy of the credit certificate from OHFA that indicates the annual amount of the credit and the period for which the credit is awarded. If available, include a copy of the report from the designated reporter that indicates the amount of the annual credit amount allocated to you. The credit cannot be claimed unless ! CAUTION Do not use Schedule E to claim refundable credits. Instead, claim them on the appropriate “refundable credits” line on the Ohio IT 4708 or IT 1041. A refundable credit is treated as a payment of the tax and is accounted for after the nonrefundable credits. Unlike nonrefundable credits, a refundable credit may result in the entity receiving a refund for a credit amount in excess of tax due after reduction for all nonrefundable credits. Federal Privacy Act Notice: Because we require you to provide us with a Social Security number, the Federal Privacy Act of 1974 requires us to inform you that providing us with your Social Security number is mandatory. Ohio Revised Code sections 5703.05, 5703.057 and 5747.08 authorize us to request this information. We need your Social Security number in order to administer this tax. -6-
Schedule E
More about the Ohio Schedule E Corporate Income Tax Tax Credit TY 2023
We last updated the Business Credits Schedule in February 2024, so this is the latest version of Schedule E, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule E directly from TaxFormFinder. You can print other Ohio tax forms here.
Other Ohio Corporate Income Tax Forms:
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 Schedule E from the Department of Taxation in February 2024.
Schedule E 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 Schedule E
We have a total of twelve past-year versions of Schedule E in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2014 Schedule E
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2013 Schedule E
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2011 Schedule E
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