OH SB47

Establishes a nonrefundable commercial activity tax credit equal to 10% of tax imposed on taxable gross receipts for underserved community grocery stores, effective for tax periods beginning January 1, 2011.

Defines "underserved community grocery" as a supermarket or grocery store (excluding convenience stores) located in a census tract with below-average supermarket density or containing a majority of low-income households.

Places the underserved community grocery credit fifth in the order of tax credit claims, after jobs retention, qualified research, research development loans, and net operating loss credits.

Amends section 5751.98 to establish uniform procedures for calculating tax credits and specifies the order in which taxpayers must claim available credits.

Clarifies that nonrefundable credits cannot exceed tax due after allowing for prior credits in the claiming order, with excess amounts carried forward if permitted under applicable law.