Tax News

CCH (cch.taxgroup.com) reports:

The Ohio Department of Taxation has issued an information release that is a draft rule regarding credits for the commercial activity tax (CAT). Prior to adopting a rule to explain the different types of CAT credits, the Department is seeking public comment on the draft. Comments must be received by the end of the business day on January 11, 2008.
The Department explains that the rule is intended to identify the different credits available to taxpayers for CAT purposes and to explain the proper method for taxpayers to claim those credits against their CAT liability. For purposes of the CAT, the law provides for five different credits taxpayers may apply against their tax liability: (1) a nonrefundable jobs retention credit; (2) a nonrefundable credit for qualified research expenses; (3) a nonrefundable credit for a borrower's qualified research and development loan payments; (4) a credit for unused franchise tax net operating loss deductions; and (5) a refundable jobs creation credit.
The release is available on the Department's Web site at http://tax.ohio.gov/divisions/communications/information_releases/cat_2007_03.stm.
CAT Information Release 2007-03 , Ohio Department of Taxation, December 21, 2007.