Below is a list of refundable credits that are available on your Ohio return:
To claim the credits , you 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 your ownership of a pass-through entity who holds the certificate, you must also include, when filing your return, documentation of the portion of the credit to which you are entitled. This amount can be refunded, in whole or in part, to the extent that it exceeds your total Ohio tax liability (Ohio IT 1040, line 13).
- Job Creation and Retention Credits
- Historical Building Rehabilitation Credit
- Motion Picture Production Credit
- Venture Capital Credit
Financial Institutions Tax Credit (no longer available starting in tax year 2020)
If you are an investor in a pass-through entity or trust that is responsible to file and pay the Ohio Financial Institutions Tax, you may claim a credit to the extent of the proportionate share of the amount paid on your behalf by the pass-through entity or trust. Investors and trust beneficiaries who claim this credit for taxes paid on their behalf must include the Ohio IT K-1(s) and/or federal K-1(s), which reflect the Ohio tax paid.
Pass-Through Entity Credit
If you are a direct or indirect investor in a pass-through entity that filed and paid Ohio tax on Ohio IT 4708 (Pass-Through Entity Composite Income Tax Return) or Ohio IT 1140 (Pass-Through Entity and Trust Withholding Tax Return), you should enter the amount of Ohio tax paid on your behalf by the pass-through entity or trust. Investors and trust beneficiaries who claim this credit for taxes paid on their behalf must include Ohio IT K-1(s) and/or federal K-1(s), which reflect the amount of Ohio tax paid.
Where do I enter this in my account?
To enter these credit on your Ohio return, follow the steps below:
- State Section
- Ohio Return
- Credits
- Refundable Credits
For more information regarding these credits, please click here.