Expands research and development tax credit to apply to income tax in Ohio.

The bill amends Ohio's tax code to expand the research and development tax credit to apply to income tax. It modifies sections 5747.98 and 5751.51 and enacts section 5747.88 of the Revised Code. The credit is equal to seven percent of qualified research expenses incurred in the state. The bill also outlines procedures for calculating the credit, carrying forward excess credits, and record retention requirements.

Expands research and development tax credit to apply to income tax in Ohio.

The bill amends Ohio's tax code to expand the research and development tax credit to apply to income tax. It modifies sections 5747.98 and 5751.51 and enacts section 5747.88 of the Revised Code. The credit is equal to seven percent of qualified research expenses incurred in the state. The bill also outlines procedures for calculating the credit, carrying forward excess credits, and record retention requirements.