S.B. 184 Summary

• Establishes a nonrefundable tax credit equal to 60% of authorized donations made to approved community service projects, with a maximum credit of $75,000 per taxpayer per application year.

• Authorizes municipal corporations to submit lists of eligible projects by July 1 each year to the Tax Commissioner, covering neighborhood assistance, job training, education, crime prevention, energy conservation, housing rehabilitation, and open space acquisition.

• Requires donations to exceed $250 and be made during an application period (September 15 - October 1), with individual projects capped at $150,000 in total authorized donations per application year.

• Limits total annual credits statewide to $5 million, with proration if applications exceed this amount; allows excess credits to be carried back up to two prior tax years.

• Incorporates the credit into existing tax credit hierarchies for dealers in intangibles, insurance companies, financial institutions, pass-through entities, and other taxpayers subject to Ohio corporate and personal income taxes.