OH SB310

Enacts section 5747.85 to create a refundable income tax credit for investors in pass-through entities that own residential rental property and purchase energy-saving devices or make energy efficiency improvements to rental units on or after January 1, 2011.

Allows taxpayers to claim 15% of the purchase and installation cost of qualifying energy-saving devices (ENERGY STAR labeled appliances, windows, doors) or energy efficiency improvements installed by Building Performance Institute-accredited persons.

Credit is claimed in the taxpayer's taxable year that includes the last day of the pass-through entity's taxable year in which installation was completed, based on the taxpayer's proportionate or distributive share of costs.

Credit is refundable, meaning if the credit exceeds the tax otherwise due after applying all other credits in required order, the excess amount may be claimed as a refund.

Amends section 5747.98 to add the energy efficiency rental property credit as item (41) in the required order for claiming credits against Ohio income tax.