OH HB324

Authorizes a nonrefundable tax credit of five cents per gallon for retail dealers selling higher ethanol blend motor fuel (15-85% ethanol) dispensed through metered pumps in Ohio.

Retail dealers may apply to the director of development services between January 1-21 following the calendar year of sales, with applications requiring proof of eligibility and metered pump sales documentation.

Director must issue tax credit certificates within 15 days of receiving complete applications, with each certificate identified by unique number and dollar amount claimable under income tax (section 5747.74) or commercial activity tax (section 5751.56).

Total tax credits awarded cannot exceed $10 million, and credits may only be awarded for sales occurring within four calendar years after the law becomes effective.

Excess credits not used in a tax year may be carried forward to succeeding years, but taxpayers cannot claim both the income tax and commercial activity tax credits for the same certificate.