OH SB135

Enacts Section 715.58 of the Revised Code to establish a nonrefundable tax credit equal to 60% of authorized donations to approved community service projects, with a maximum credit of $75,000 per taxpayer per application year.

Allows eligible donations (over $250) to projects involving neighborhood assistance, job training, education, community services, crime prevention, energy conservation, housing rehabilitation, and open space acquisition proposed by municipal corporations or nonprofits.

Requires municipal corporations to submit project lists to the Tax Commissioner by July 1 annually; establishes an application period from September 15 to October 1 for taxpayers to apply for credits on approved projects.

Caps total statewide credits at $5 million annually and limits individual projects to $150,000 in authorized donations per application year; projects may span up to two years.

Requires an independent audit of projects receiving over $25,000 in donations and mandates the Tax Commissioner to review audits for fraud, embezzlement, or irregular financial practices; adds the donation credit to the priority order of tax credits for insurance companies, financial institutions, public utilities, and individual income taxpayers.