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OH SB288
Bill
Status
Introduced
8/9/2010
Primary Sponsor
Eric Kearney
Click for details
AI Summary
- Enacts section 5751.54 to define "underserved community grocery" as a self-service retail facility primarily selling fresh groceries, produce, poultry, meat, baked goods, and dairy products located in census tracts with below-average supermarket density or majority low-income households
- Establishes a nonrefundable commercial activity tax credit equal to 10% of tax imposed on taxable gross receipts of underserved community groceries for tax periods beginning on or after January 1, 2010
- Amends section 5751.98 to insert the underserved community grocery credit as the fifth credit in the order of claiming credits under Ohio's commercial activity tax
- Requires taxpayers to claim the underserved community grocery credit after jobs retention, qualified research, research and development loan, and net operating loss credits but before refundable credits
- Modifies section 5751.98 to clarify that nonrefundable credits cannot exceed tax due after accounting for preceding credits, with carryforward provisions as authorized
Legislative Description
To authorize a commercial activity tax credit for underserved community grocery stores.
Commercial activity tax-credit for underserved community grocery stores
Last Action
To Ways & Means & Economic Development
8/9/2010
Full Bill Text
No bill text available