OH SB50

Creates a new refundable income tax credit for investors in pass-through entities that own residential rental property, allowing a credit equal to 15% of the purchase and installation cost of energy-saving devices or energy efficiency improvements installed on or after January 1, 2011.

Defines "energy-saving device" as ENERGY STAR-labeled appliances (washers, dryers, refrigerators, water heaters, air conditioners, furnaces, windows, doors, etc.) and "energy efficiency improvement" as improvements installed by Building Performance Institute-accredited persons.

Limits the credit to residential rental property (excludes hotels and dormitories) and allows investors to claim their proportionate or distributive share of the credit in their taxable year that includes the last day of the pass-through entity's taxable year when installation was completed.

Makes the credit refundable, meaning taxpayers can claim a refund of any credit amount exceeding their tax liability after deducting all other credits.

Establishes the credit's placement in the tax credit order hierarchy as item (41) in section 5747.98, making it one of the last credits claimed after most other state income tax credits.