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Ohio Free Printable  for 2021 Ohio Business Credits Schedule

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Business Credits Schedule
Schedule E

hio Department of Taxation Schedule E Rev. 12/20 Clear Form 10211411 2020 Ohio Schedule E Nonrefundable Business Credits For use by pass-through entities filing the IT 4708 or trusts/estates filing the IT 1041 and claiming nonrefundable business credits Taxpayer Information Entity FEIN Taxpayer name and address Certificate Holder Information (If different from Taxpayer) Percent of Ownership Foreign State Code Country Code NONREFUNDABLE BUSINESS CREDITS 1. Campaign contribution credit for Ohio statewide office or General Assembly Carryforward Period Foreign State Code 3 years 3. Credit for New Employees in an Enterprise Zone (include a copy of the credit certificate) 3 years 4. Credit for Purchases of Grape Production Property 7 years 5. InvestOhio credit (include a copy of the certificate) 7 years 6. Lead abatement credit (include a copy of the certificate) 7 years Country Code A B C D Unused Credit Balance Credit Earned During Current Year Credit Used on this Return Remaining Credit Balance None 2. Job retention credit (include a copy of the credit certificate) 7. Opportunity Zone Investment Credit (include a copy of the credit certificate) 8. Technology investment credit (include a copy of the credit certificate) 9. Enterprise zone day-care and training credits (include a copy of the credit certificate) 10. Research & Development loan repayment credit (include a copy of the credit certificate) 11. Ohio historic preservation credit (include a copy of the credit certificate) Entity FEIN Taxpayer name and address 5 years 15 years Unlimited Unlimited 5 years 12. Total Nonrefundable business credits (sum of Column C lines 1 through 10) Enter here and on IT 4708, line 11 or IT 1041, line 10 -1- Schedule E Rev. 12/20 General Instructions Nonrefundable business credit schedule lists the nonrefundable business credits in the order in which the entity may claim them as well as the carryover period for each credit. The order is important if the entity is entitled to more than one credit and the entity is unable to use some portion of the total credit in the year generated. Read all of the following instructions carefully for each section to determine if the entity is eligible to claim that particular credit. An entity must include Schedule E and any supporting documentation when filing the return. All other supporting schedules or documentation are subject to examination by the Ohio Department of Taxation. from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to three years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5709.66(B)(1). Line 4 – Credit for Purchases of Grape Production Property Line 1 – Credit for Contributions Made to Candidates for Ohio Statewide Office or General Assembly To qualify for this credit, the entity must be engaged in the business of producing grapes and purchase qualifying property during the tax year. “Qualifying property” means any property, plant, or equipment used to produce grapes in this state. Taxpayers other than trusts may claim a credit for contributions of money during the taxable year to the campaign committee of candidates for any of the following Ohio offices: The credit equals 10% of the cost of purchasing and installing or constructing the qualifying property. If the producer is a PTE, each investor in the entity may claim a proportionate share of the credit. Governor  Chief justice of the Ohio Lieutenant governor Supreme Court  Secretary of state  Justice of the Ohio  Auditor of state Supreme Court  Treasurer of state  Ohio Senate  Attorney general  Ohio House of  Ohio Board of Education Representatives This credit is nonrefundable, however any unused portion can be carried forward for up to seven consecutive years. The credit is subject to recapture if the taxpayer disposes of the property or ceases to use it as qualifying property within seven years of placing it in operation. The amount of the credit is the lesser of (i) the combined total cash contributions made by each taxpayer during the taxable year or (ii) $50 for each taxpayer. If the contributor is a passthrough entity, each pass-through entity investor, other than investors that are trusts, may claim a proportionate share of the contribution. However, the credit for each investor, other than investors that are trusts, cannot exceed the lesser of each investor’s proportionate share of the contribution or $50. Line 5 – InvestOhio Credit   For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5747.28. Note: If you claim the credit for political contributions in Schedule E, you may not claim a credit for the same political contributions in Schedule III of Ohio IT 1041. This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to seven years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5747.81. Line 6 - Lead Abatement Credit Line 2 – Nonrefundable Job Retention Credit This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to three years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 122.171(I) and 5747.058(B). Line 3 – Credit for New Employees in an Enterprise Zone This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate -2- This credit is granted by the Ohio Department of Health (ODH). To claim this credit, the entity must attach a copy of the certificate from ODH that indicates the amount of the credit and the tax year for which the credit is based. Additionally, if this credit is based on ownership an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to seven years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5747.26. Line 7 – Opportunity Zone Investment Credit This credit is granted by the Development Services Agency (DSA). To claim this credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is Schedule E Rev. 12/20 based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to five years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 122.84. Line 8– Technology Investment Credit Effective Sept. 29, 2013, the technology investment credit was repealed, and thus is no longer available. However, this nonrefundable credit had a 15-year carryforward. Therefore, the entity may continue to claim any unused credit for the 15-year period. See R.C. 122.152 and former R.C. 5747.33. Line 9 – Enterprise Zone Day Care and Training Credit This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, the balance can be carried forward until fully utilized. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5709.65(A)(4) and (5). Line 11 – Nonrefundable Ohio Historic Preservation Credit This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. If the credit is $3,000,000 or less, it may instead be taken as a refundable credit (IT 4708 Schedule V, line 46; IT 1041 Schedule XII, line 85). To the extent this credit exceeds the entity’s tax liability, any remaining balance can be carried forward up to five years. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 5747.76(D). Refundable Business Credits ! CAUTION Do not use Schedule E to claim refundable credits. Instead, claim them on the appropriate “refundable credits” line on the Ohio IT 4708 or IT 1041. A refundable credit is treated as a payment of the tax and is accounted for after the nonrefundable credits. Unlike nonrefundable credits, a refundable credit may result in the entity receiving a refund for a credit amount in excess of tax due after reduction for all nonrefundable credits. Line 10 – Research and Development Loan Repayment Credit This credit is granted by the Development Services Agency (DSA). To claim the credit, the entity must attach a copy of the certificate from DSA that indicates the amount of the credit and the tax year for which the credit is awarded. Additionally, if this credit is based on ownership of an entity that holds the certificate, include documentation of the portion of the credit owned. To the extent this credit exceeds the entity’s tax liability, the balance can be carried forward until fully utilized. For additional information about the requirements for this credit, visit development.ohio.gov, or call 1-800-848-1300. See R.C. 166.21 and 5747.331. Federal Privacy Act Notice: Because we require you to provide us with a Social Security number, the Federal Privacy Act of 1974 requires us to inform you that providing us with your Social Security number is mandatory. Ohio Revised Code sections 5703.05, 5703.057 and 5747.08 authorize us to request this information. We need your Social Security number in order to administer this tax. -3-
Extracted from PDF file 2020-ohio-schedule-e.pdf, last modified October 2020

More about the Ohio Schedule E Corporate Income Tax Tax Credit TY 2020

We last updated the Business Credits Schedule in August 2021, so this is the latest version of Schedule E, fully updated for tax year 2020. You can download or print current or past-year PDFs of Schedule E directly from TaxFormFinder. You can print other Ohio tax forms here.

Other Ohio Corporate Income Tax Forms:

TaxFormFinder has an additional 82 Ohio income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form IT 1041 Fiduciary Income Tax Return
IT 4708 UPC Payment Coupon for Pass-Through Entity/Fiduciary Income Tax
Form D 5 Notification of Dissolution or Surrender
Form IT 10 Ohio Income Tax Information Notice
Form IT 1140P Ohio Withholding Tax Payment Coupon for Pass-Through Entities and Trusts

Download all OH tax forms View all 83 Ohio Income Tax Forms


Form Sources:

Ohio usually releases forms for the current tax year between January and April. We last updated Ohio Schedule E from the Department of Taxation in August 2021.

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Schedule E is an Ohio Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Ohio Schedule E

We have a total of nine past-year versions of Schedule E in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Schedule E

2019 Ohio Schedule E Nonrefundable Business Credits

2015 Schedule E

PIT_ScheduleE_Final_2015_FS_102115.indd

Business Credits Schedule 2014 Schedule E

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Business Credits Schedule 2013 Schedule E

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2011 Schedule E

PIT_ScheduleE_Final_2011_FS_032012.indd


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