OH HB491

Establishes a five-year pilot program (effective date through January 1, 2022) allowing taxpayers with activated foreign trade zone facilities in Ohio to claim a nonrefundable commercial activity tax credit.

Credit equals amounts committed by taxpayers during the tax period for job creation, employee training or continuing education, capital investments (including renewable energy), or export initiatives at the foreign trade zone facility.

Credit cannot exceed the amount of tax otherwise due based on gross receipts derived from the foreign trade zone facility.

Taxpayers must maintain records of commitments and expenditures and file them with the tax commissioner along with required tax returns.

Subjects taxpayers claiming the credit to assessment by the tax commissioner and director of development services if they fail to comply with requirements, with penalties and interest applied proportionately to noncompliance.