SB 250

As Reported by the Senate Housing Committee
136th General Assembly
   Regular Session  Sub. S. B. No. 250
       2025-2026
  Senator Reynolds
  To amend sections 5725.38, 5725.98, 5726.61,  1
  5726.98, 5729.21, 5729.98, 5747.86, and 5747.98      2
  and to enact section 122.841 of the Revised Code     3
  to authorize a nonrefundable, transferable tax       4
  credit for charitable organizations that  5
  construct student housing or owner-occupied  6
  housing and to name this act the Promised Land       7
  Act.  8
 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO:
     Section 1. That sections 5725.38, 5725.98, 5726.61,  9
5726.98, 5729.21, 5729.98, 5747.86, and 5747.98 be amended and      10
section 122.841 of the Revised Code be enacted to read as  11
follows:  12
     Sec. 122.841. (A) As used in this section:  13
     (1) "Eligible nonprofit organization" means an entity  14
organized and operated exclusively for charitable purposes and      15
recognized as exempt from federal income taxation under section     16
501(c)(3) of the Internal Revenue Code, which may be a church as    17
defined by section 1710.01 of the Revised Code.  18
     (2) "Development period" means the six-month period from       19
the first day of January to the thirtieth day of June, or from      20
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the first day of July to the thirty-first day of December.  21
       (3) "Business day" has the same meaning as in section  22
122.84 of the Revised Code.  23
       (4) "Industrialized unit" and "manufactured home" have the  24
same meanings as in section 3781.06 of the Revised Code.  25
       (5) "Student tenant" means the occupant of a rented  26
housing unit whose occupancy is conditioned on the tenant's  27
continued enrollment in an educational program offered by a  28
nonprofit institution holding a certificate of authorization  29
pursuant to Chapter 1713. of the Revised Code, regardless of  30
whether that nonprofit institution facilitated the construction  31
of the unit.  32
       (B) An eligible nonprofit organization that owns, in fee  33
simple, real property in this state, and that facilitates the  34
construction of housing, which may be a manufactured home or  35
consist of one or more industrialized units, on at least one  36
acre of that property may apply to the director of development  37
for a nonrefundable credit against the tax levied under section  38
5725.18, 5726.02, 5729.03, or 5747.02 of the Revised Code after  39
one or more units of the housing are rented to a student tenant  40
or sold to an owner-occupant for use as the owner-occupant's  41
primary residence. Sales of housing to an owner-occupant need  42
not include transfer of fee simple ownership of the underlying  43
land to qualify for a credit authorized by this section, but  44
must include transfer of ownership of the housing unit and at  45
least a leasehold interest in the underlying land.  46
       The application shall be made on forms prescribed by the  47
director. The director shall accept and review applications  48
submitted under this section during two annual periods, the  49
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As Reported by the Senate Housing Committee
first of which begins on the tenth day of January and ends after  50
the first day of February, and the second of which begins on the  51
tenth day of July and ends after the first day of August. If any  52
of those dates fall on a day that is not a business day, then  53
the application period begins on or ends after the next business  54
day, as applicable. The credit shall equal ten per cent of the  55
total cost to construct the housing, including the cost or value  56
of real property on which the housing is built.  57
       The eligible nonprofit organization shall include the  58
following information with its application:  59
       (1) The number of housing units the organization  60
facilitated construction of that were rented to student tenants  61
or sold to owner-occupants for use as a primary residence during  62
the immediately preceding development period;  63
       (2) The aggregate acreage of all parcels on which the  64
housing units were constructed;  65
       (3) The amount spent to construct each unit. If the costs  66
include land acquisition costs from the purchase of land on  67
which multiple units were constructed, the organization shall  68
apportion the land costs or value to each unit in proportion to  69
the unit's share of the total amount of livable square footage.  70
       (4) Any other information the director may require.  71
       The director shall review and process applications in the  72
order in which they are received.  73
       (C) An eligible nonprofit organization shall be deemed to  74
have facilitated the construction of housing if it enters into  75
an agreement with another person under which the eligible  76
nonprofit organization provides real property through  77
contribution, lease, or similar arrangement, and the other  78
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person finances and constructs housing on the real property.  79
       (D) An agreement described in division (C) of this  80
section, an agreement to transfer ownership of housing to an  81
owner-occupant, and documents of title transferring such  82
ownership may include any terms that are not contrary to the  83
terms of this section without affecting eligibility for the tax  84
credit authorized by this section. Such terms may include  85
provisions to preserve affordability and owner-occupancy.  86
       (E)(1) Subject to division (E)(2) of this section, if the  87
director determines that the applicant qualifies for a credit  88
under this section, the director shall issue, within sixty days  89
after the last day on which an application may be submitted for  90
that application period, a tax credit certificate to the  91
applicant identified with a unique number and listing the amount  92
of credit the director determines is eligible to be claimed or  93
transferred.  94
       (2) The total amount of tax credits issued by the director  95
shall not exceed twenty-five million dollars for the first full  96
fiscal biennium occurring after the effective date of this  97
section. No tax credits may be issued under this section after  98
the conclusion of the second full fiscal year occurring after  99
the effective date of this section.  100
       The director shall not issue certificates to a single  101
applicant in any fiscal biennium in a credit amount that exceeds  102
two million dollars.  103
       (3) The credit may be claimed by a person under section  104
5725.38, 5726.61, 5729.21, or 5747.86 of the Revised Code, as  105
applicable. An eligible nonprofit organization that is not  106
subject to taxation under section 5725.18, 5726.02, 5729.03, or  107
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5747.02 of the Revised Code shall not claim the credit but may  108
transfer the right to claim the credit under division (G) of  109
this section.  110
       (4) The eligible nonprofit organization shall be the sole  111
applicant of any tax credit awarded under this section,  112
regardless of whether another person finances or constructs the  113
housing improvements.  114
       (5) In awarding tax credit certificates for applications  115
submitted based on the construction and sale of owner-occupied  116
units, the director of development may grant preference to  117
applications that incorporate ground lease arrangements, deed  118
restrictions, or other mechanisms designed to preserve  119
affordability and owner-occupancy. Such preference shall not  120
disadvantage applications submitted based on the construction  121
and occupancy of units for student tenants.  122
       (F) A taxpayer claiming a credit through a certificate  123
issued under this section shall submit a copy of the certificate  124
with the taxpayer's return or report.  125
       (G) An eligible nonprofit organization that holds a wholly  126
or partially unclaimed certificate issued under this section may  127
transfer the right to claim all or part of the remaining credit  128
to any other person that is not an employee or officer of the  129
eligible nonprofit organization, a member of such a person's  130
immediate family, or an entity owned, controlled, or managed by  131
such a person or a member of such a person's immediate family.  132
The director of development may adopt rules necessary to  133
administer this limit on transfers, including rules defining the  134
meaning of owned, controlled, managed, or immediate family. To  135
effectuate the transfer, the transferor shall notify the tax  136
commissioner, in writing, that the transferor is transferring  137
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the right to claim all or part of the remaining credit stated on  138
the certificate. The transferor shall identify in that  139
notification the certificate's number, the name and the tax  140
identification number of the transferee, the amount of remaining  141
credit transferred to the transferee, and, if applicable, the  142
amount of remaining credit retained by the transferor. The  143
transferee may claim the amount of credit received under this  144
division pursuant to and in the manner required under divisions  145
(E)(3) and (F) of this section. Transferring a credit under this  146
division does not extend the taxable year or calendar year for  147
which the credit may be claimed or number of years for which the  148
unclaimed credit amount may be carried forward under section  149
5725.38, 5726.61, 5729.21, or 5747.86 of the Revised Code, as  150
applicable.  151
       Any person to which a credit has been transferred under  152
this division may transfer the right to claim all or part of the  153
transferred credit amount to any other person provided that  154
person was not prohibited from obtaining that right directly  155
from the eligible nonprofit organization that was awarded the  156
credit. The transfer shall occur in the same manner prescribed  157
by this division for the initial transfer, including that any  158
such transfer be reported by the transferor to the tax  159
commissioner as described in this division.  160
       (H) On or before the first day of August each year, the  161
director of development shall submit a report to the governor,  162
the president and minority leader of the senate, and the speaker  163
and minority leader of the house of representatives on the tax  164
credit program authorized under this section. The report shall  165
include the number of owner-occupied housing units and the  166
number of occupied student housing units for which a tax credit  167
application was submitted under this section during the  168
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preceding year, the address of each unit, and the number of  169
owner-occupied housing units and the number of occupied student  170
housing units for which certificates were issued during the  171
preceding year.  172
       (I) The tax credit authorized by this section shall be  173
known as "the promised land credit."  174
       Sec. 5725.38. Terms used in this section have the same  175
meanings as in section 122.84 of the Revised Code.  176
       There is allowed a nonrefundable credit against the tax  177
imposed by section 5725.18 of the Revised Code for a domestic  178
insurance company that is issued, or to which is transferred, a  179
tax credit certificate under section 122.84 or 122.841 of the  180
Revised Code. The credit equals the amount stated on the  181
certificate and may be claimed for the calendar year that  182
includes the investment period or development period that was  183
the subject of the application for the certificate under that  184
the applicable section or for the ensuing calendar year. For a  185
credit issued under section 122.84 of the Revised Code during  186
the July application round each year, the credit may also be  187
claimed for the preceding calendar year. A taxpayer applying a  188
that credit for the preceding calendar year shall file an  189
amended return or apply that amendment on the taxpayer's  190
original return, for that year.  191
       The A credit authorized in this section shall be claimed  192
in the order required under section 5725.98 of the Revised Code.  193
If the amount of a credit exceeds the tax otherwise due under  194
section 5725.18 of the Revised Code after deducting all other  195
credits preceding the credit in that order, the excess may be  196
carried forward for not more than five ensuing calendar years.  197
The amount of the excess credit claimed in any such year shall  198
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be deducted from the balance carried forward to the next  199
calendar year.  200
       No credit shall be claimed under this section to the  201
extent the credit was claimed under section 5726.61, 5729.21, or  202
5747.86 of the Revised Code.  203
       Sec. 5725.98. (A) To provide a uniform procedure for  204
calculating the amount of tax imposed by section 5725.18 of the  205
Revised Code that is due under this chapter, a taxpayer shall  206
claim any credits and offsets against tax liability to which it  207
is entitled in the following order:  208
       The credit for an insurance company or insurance company  209
group under section 5729.031 of the Revised Code;  210
       The credit for eligible employee training costs under  211
section 5725.31 of the Revised Code;  212
       The credit for purchasers of qualified low-income  213
community investments under section 5725.33 of the Revised Code;  214
       The nonrefundable job retention credit under division (B)  215
of section 122.171 of the Revised Code;  216
       The nonrefundable credit for investments in rural business  217
growth funds under section 122.152 of the Revised Code;  218
       The nonrefundable Ohio low-income housing tax credit under  219
section 5725.36 of the Revised Code;  220
       The nonrefundable affordable single-family home credit  221
under section 5725.37 of the Revised Code;  222
       The nonrefundable credit for contributing capital to a  223
transformational mixed use development project under section  224
5725.35 of the Revised Code;  225
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       The nonrefundable opportunity zone investment credit under  226
section 5725.38 of the Revised Code;  227
       The nonrefundable promised land credit under section  228
5725.38 of the Revised Code;  229
       The offset of assessments by the Ohio life and health  230
insurance guaranty association permitted by section 3956.20 of  231
the Revised Code;  232
       The refundable credit for rehabilitating a historic  233
building under section 5725.34 of the Revised Code;  234
       The refundable credit for Ohio job retention under former  235
division (B)(2) or (3) of section 122.171 of the Revised Code as  236
those divisions existed before September 29, 2015, the effective  237
date of the amendment of this section by H.B. 64 of the 131st  238
general assembly;  239
       The refundable credit for Ohio job creation under section  240
5725.32 of the Revised Code;  241
       The refundable credit under section 5725.19 of the Revised  242
Code for losses on loans made under the Ohio venture capital  243
program under sections 150.01 to 150.10 of the Revised Code.  244
       (B) For any credit except the refundable credits  245
enumerated in this section, the amount of the credit for a  246
taxable year shall not exceed the tax due after allowing for any  247
other credit that precedes it in the order required under this  248
section. Any excess amount of a particular credit may be carried  249
forward if authorized under the section creating that credit.  250
Nothing in this chapter shall be construed to allow a taxpayer  251
to claim, directly or indirectly, a credit more than once for a  252
taxable year.  253
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        Sec. 5726.61. Terms used in this section have the same  254
meanings as in section 122.84 of the Revised Code.  255
        A taxpayer may claim a nonrefundable credit against the  256
tax imposed under section 5726.02 of the Revised Code for each  257
person included in the annual report of the taxpayer to whom a  258
certificate is issued or transferred under section 122.84 or  259
122.841 of the Revised Code or is transferred pursuant to that  260
section. The credit equals the amount stated on the certificate  261
and may be claimed for the taxable year that aligns with the  262
calendar year that includes the investment period or development  263
period that was the subject of the application for the  264
certificate under that the applicable section or for the ensuing  265
calendar year. For a credit issued under section 122.84 of the  266
Revised Code during the July application round each year, the  267
credit may also be claimed for the preceding taxable year. A  268
taxpayer applying a that credit for the preceding taxable year  269
shall file an amended report or apply that amendment on the  270
taxpayer's original report, for that year.  271
        The A credit authorized in this section shall be claimed  272
in the order required under section 5726.98 of the Revised Code.  273
If the amount of a credit exceeds the tax otherwise due under  274
section 5726.02 of the Revised Code after deducting all other  275
credits preceding the credit in that order, the excess may be  276
carried forward for not more than five ensuing taxable years.  277
The amount of the excess credit claimed in any such year shall  278
be deducted from the balance carried forward to the next taxable  279
year.  280
        No credit shall be claimed under this section to the  281
extent the credit was claimed under section 5725.38, 5729.21, or  282
5747.86 of the Revised Code.  283
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       Sec. 5726.98. (A) To provide a uniform procedure for  284
calculating the amount of tax due under section 5726.02 of the  285
Revised Code, a taxpayer shall claim any credits to which the  286
taxpayer is entitled under this chapter in the following order:  287
       The nonrefundable job retention credit under division (B)  288
of section 5726.50 of the Revised Code;  289
       The nonrefundable credit for purchases of qualified low-  290
income community investments under section 5726.54 of the  291
Revised Code;  292
       The nonrefundable credit for transformational mixed use  293
development tax credit certificate holders under section 5726.62  294
of the Revised Code;  295
       The nonrefundable credit for qualified research expenses  296
under section 5726.56 of the Revised Code;  297
       The nonrefundable credit for qualifying dealer in  298
intangibles taxes under section 5726.57 of the Revised Code;  299
       The nonrefundable Ohio low-income housing tax credit under  300
section 5726.58 of the Revised Code;  301
       The nonrefundable affordable single-family home credit  302
under section 5726.60 of the Revised Code;  303
       The nonrefundable welcome home Ohio (WHO) program credit  304
under section 122.633 of the Revised Code;  305
       The nonrefundable opportunity zone investment credit under  306
section 5726.61 of the Revised Code;  307
       The nonrefundable promised land credit under section  308
5726.61 of the Revised Code;  309
       The refundable credit for rehabilitating an historic  310
Sub. S. B. No. 250  Page 12
As Reported by the Senate Housing Committee
building under section 5726.52 of the Revised Code;  311
       The refundable job retention or job creation credit under  312
division (A) of section 5726.50 of the Revised Code;  313
       The refundable credit under section 5726.53 of the Revised  314
Code for losses on loans made under the Ohio venture capital  315
program under sections 150.01 to 150.10 of the Revised Code;  316
       The refundable motion picture and broadway theatrical  317
production credit under section 5726.55 of the Revised Code.  318
       (B) For any credit except the refundable credits  319
enumerated in this section, the amount of the credit for a  320
taxable year shall not exceed the tax due after allowing for any  321
other credit that precedes it in the order required under this  322
section. Any excess amount of a particular credit may be carried  323
forward if authorized under the section creating that credit.  324
Nothing in this chapter shall be construed to allow a taxpayer  325
to claim, directly or indirectly, a credit more than once for a  326
taxable year.  327
       Sec. 5729.21. Terms used in this section have the same  328
meanings as in section 122.84 of the Revised Code.  329
       There is allowed a nonrefundable credit against the tax  330
imposed by section 5729.03 of the Revised Code for a foreign  331
insurance company that is issued, or to which is transferred, a  332
tax credit certificate under section 122.84 or 122.841 of the  333
Revised Code. The credit equals the amount stated on the  334
certificate and may be claimed for the calendar year that  335
includes the investment period or development period that was  336
the subject of the application for the certificate under that  337
the applicable section or for the ensuing calendar year. For a  338
credit issued under section 122.84 of the Revised Code during  339
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As Reported by the Senate Housing Committee
the July application round each year, the credit may also be  340
claimed for the preceding calendar year. A taxpayer applying a  341
that credit for the preceding calendar year shall file an  342
amended return or apply that amendment on the taxpayer's  343
original return, for that year.  344
       The A credit authorized in this section shall be claimed  345
in the order required under section 5729.98 of the Revised Code.  346
If the amount of a credit exceeds the tax otherwise due under  347
section 5729.03 of the Revised Code after deducting all other  348
credits preceding the credit in that order, the excess may be  349
carried forward for not more than five ensuing calendar years.  350
The amount of the excess credit claimed in any such year shall  351
be deducted from the balance carried forward to the next  352
calendar year.  353
       No credit shall be claimed under this section to the  354
extent the credit was claimed under section 5725.38, 5726.61, or  355
5747.86 of the Revised Code.  356
       A foreign insurance company shall not be required to pay  357
any additional tax levied under section 5729.06 of the Revised  358
Code as a result of claiming the a tax credit authorized by this  359
section.  360
       Sec. 5729.98. (A) To provide a uniform procedure for  361
calculating the amount of tax due under this chapter, a taxpayer  362
shall claim any credits and offsets against tax liability to  363
which it is entitled in the following order:  364
       The credit for an insurance company or insurance company  365
group under section 5729.031 of the Revised Code;  366
       The credit for eligible employee training costs under  367
section 5729.07 of the Revised Code;  368
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       The credit for purchases of qualified low-income community  369
investments under section 5729.16 of the Revised Code;  370
       The nonrefundable job retention credit under division (B)  371
of section 122.171 of the Revised Code;  372
       The nonrefundable credit for investments in rural business  373
growth funds under section 122.152 of the Revised Code;  374
       The nonrefundable Ohio low-income housing tax credit under  375
section 5729.19 of the Revised Code;  376
       The nonrefundable affordable single-family home credit  377
under section 5729.20 of the Revised Code;  378
       The nonrefundable credit for contributing capital to a  379
transformational mixed use development project under section  380
5729.18 of the Revised Code;  381
       The nonrefundable opportunity zone investment credit under  382
section 5729.21 of the Revised Code;  383
       The nonrefundable promised land credit under section  384
5729.21 of the Revised Code;  385
       The offset of assessments by the Ohio life and health  386
insurance guaranty association against tax liability permitted  387
by section 3956.20 of the Revised Code;  388
       The refundable credit for rehabilitating a historic  389
building under section 5729.17 of the Revised Code;  390
       The refundable credit for Ohio job retention under former  391
division (B)(2) or (3) of section 122.171 of the Revised Code as  392
those divisions existed before September 29, 2015, the effective  393
date of the amendment of this section by H.B. 64 of the 131st  394
general assembly;  395
Sub. S. B. No. 250  Page 15
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       The refundable credit for Ohio job creation under section  396
5729.032 of the Revised Code;  397
       The refundable credit under section 5729.08 of the Revised  398
Code for losses on loans made under the Ohio venture capital  399
program under sections 150.01 to 150.10 of the Revised Code.  400
       (B) For any credit except the refundable credits  401
enumerated in this section, the amount of the credit for a  402
taxable year shall not exceed the tax due after allowing for any  403
other credit that precedes it in the order required under this  404
section. Any excess amount of a particular credit may be carried  405
forward if authorized under the section creating that credit.  406
Nothing in this chapter shall be construed to allow a taxpayer  407
to claim, directly or indirectly, a credit more than once for a  408
taxable year.  409
       Sec. 5747.86. Terms used in this section have the same  410
meanings as in section 122.84 of the Revised Code.  411
       There is hereby allowed a nonrefundable credit against a  412
taxpayer's aggregate tax liability under section 5747.02 of the  413
Revised Code for a taxpayer who is issued, or to whom is  414
transferred, a tax credit certificate under section 122.84 or  415
122.841 of the Revised Code. The credit equals the amount stated  416
on the certificate and may be claimed for the taxable year that  417
includes the first day of the investment period or development  418
period that was the subject of the application for the  419
certificate under that the applicable section or for the ensuing  420
taxable year. For a credit issued under section 122.84 of the  421
Revised Code during the July application round each year, the  422
credit may also be claimed for the preceding taxable year. A  423
taxpayer applying a that credit for the preceding taxable year  424
shall file an amended return or apply that amendment on the  425
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taxpayer's original return, for that year.  426
       If the certificate is held by a pass-through entity, any  427
taxpayer that is a direct or indirect investor in the pass-  428
through entity on the last day of the entity's qualifying  429
taxable year may claim the taxpayer's proportionate or  430
distributive share of the credit against the taxpayer's  431
aggregate amount of tax levied under section 5747.02 of the  432
Revised Code.  433
       The credit shall be claimed in the order required under  434
section 5747.98 of the Revised Code. If the credit exceeds the  435
taxpayer's aggregate tax due under section 5747.02 of the  436
Revised Code for that taxable year after allowing for credits  437
that precede the credit under this section in that order, such  438
excess shall be allowed as a credit in each of the ensuing five  439
taxable years, but the amount of any excess credit allowed in  440
any such taxable year shall be deducted from the balance carried  441
forward to the ensuing taxable year.  442
       No credit shall be claimed under this section to the  443
extent the credit was claimed under section 5725.38, 5726.61, or  444
5729.21 of the Revised Code.  445
       Sec. 5747.98. (A) To provide a uniform procedure for  446
calculating a taxpayer's aggregate tax liability under section  447
5747.02 of the Revised Code, a taxpayer shall claim any credits  448
to which the taxpayer is entitled in the following order:  449
       Either the retirement income credit under division (B) of  450
section 5747.055 of the Revised Code or the lump sum retirement  451
income credits under divisions (C), (D), and (E) of that  452
section;  453
       Either the senior citizen credit under division (F) of  454
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As Reported by the Senate Housing Committee
section 5747.055 of the Revised Code or the lump sum  455
distribution credit under division (G) of that section;  456
        The dependent care credit under section 5747.054 of the  457
Revised Code;  458
        The credit for displaced workers who pay for job training  459
under section 5747.27 of the Revised Code;  460
        The twenty-dollar personal exemption credit under section  461
5747.022 of the Revised Code;  462
        The joint filing credit under division (E) of section  463
5747.05 of the Revised Code;  464
        The earned income credit under section 5747.71 of the  465
Revised Code;  466
        The nonrefundable credit for education expenses under  467
section 5747.72 of the Revised Code;  468
        The nonrefundable credit for donations to scholarship  469
granting organizations under section 5747.73 of the Revised  470
Code;  471
        The nonrefundable credit for tuition paid to a  472
nonchartered nonpublic school under section 5747.75 of the  473
Revised Code;  474
        The nonrefundable vocational job credit under section  475
5747.057 of the Revised Code;  476
        The nonrefundable job retention credit under division (B)  477
of section 5747.058 of the Revised Code;  478
        The enterprise zone credit under section 5709.66 of the  479
Revised Code;  480
        The credit for beginning farmers who participate in a  481
Sub. S. B. No. 250  Page 18
As Reported by the Senate Housing Committee
financial management program under division (B) of section  482
5747.77 of the Revised Code;  483
       The credit for commercial vehicle operator training  484
expenses under section 5747.82 of the Revised Code;  485
       The nonrefundable welcome home Ohio (WHO) program credit  486
under section 122.633 of the Revised Code;  487
       The nonrefundable credit for transformational mixed use  488
development tax credit certificate holders under section 5747.87  489
of the Revised Code;  490
       The credit for selling or renting agricultural assets to  491
beginning farmers under division (A) of section 5747.77 of the  492
Revised Code;  493
       The credit for purchases of qualifying grape production  494
property under section 5747.28 of the Revised Code;  495
       The small business investment credit under section 5747.81  496
of the Revised Code;  497
       The nonrefundable lead abatement credit under section  498
5747.26 of the Revised Code;  499
       The opportunity zone investment credit under section  500
5747.86 of the Revised Code;  501
       The nonrefundable promised land credit under section  502
5747.86 of the Revised Code;  503
       The enterprise zone credits under section 5709.65 of the  504
Revised Code;  505
       The research and development credit under section 5747.331  506
of the Revised Code;  507
       The credit for rehabilitating a historic building under  508
Sub. S. B. No. 250  Page 19
As Reported by the Senate Housing Committee
section 5747.76 of the Revised Code;  509
        The nonrefundable Ohio low-income housing tax credit under  510
section 5747.83 of the Revised Code;  511
        The nonrefundable affordable single-family home credit  512
under section 5747.84 of the Revised Code;  513
        The nonresident credit under division (A) of section  514
5747.05 of the Revised Code;  515
        The credit for a resident's out-of-state income under  516
division (B) of section 5747.05 of the Revised Code;  517
        The refundable motion picture and broadway theatrical  518
production credit under section 5747.66 of the Revised Code;  519
        The refundable jobs creation credit or job retention  520
credit under division (A) of section 5747.058 of the Revised  521
Code;  522
        The refundable credit for taxes paid by a qualifying  523
entity granted under section 5747.059 of the Revised Code;  524
        The refundable credits for taxes paid by a qualifying  525
pass-through entity granted under division (I) of section  526
5747.08 of the Revised Code;  527
        The refundable credit under section 5747.80 of the Revised  528
Code for losses on loans made to the Ohio venture capital  529
program under sections 150.01 to 150.10 of the Revised Code;  530
        The refundable credit for rehabilitating a historic  531
building under section 5747.76 of the Revised Code;  532
        The refundable credit under section 5747.39 of the Revised  533
Code for taxes levied under section 5747.38 of the Revised Code  534
paid by an electing pass-through entity.  535
Sub. S. B. No. 250  Page 20
As Reported by the Senate Housing Committee
       (B) For any credit, except the refundable credits  536
enumerated in this section and the credit granted under division  537
(H) of section 5747.08 of the Revised Code, the amount of the  538
credit for a taxable year shall not exceed the taxpayer's  539
aggregate amount of tax due under section 5747.02 of the Revised  540
Code, after allowing for any other credit that precedes it in  541
the order required under this section. Any excess amount of a  542
particular credit may be carried forward if authorized under the  543
section creating that credit. Nothing in this chapter shall be  544
construed to allow a taxpayer to claim, directly or indirectly,  545
a credit more than once for a taxable year.  546
       Section 2. That existing sections 5725.38, 5725.98,  547
5726.61, 5726.98, 5729.21, 5729.98, 5747.86, and 5747.98 of the  548
Revised Code are hereby repealed.  549
       Section 3. This act shall be known as the Promised Land  550
Act.  551