Expand research, development tax credit to apply to income tax

Summary

The bill creates a nonrefundable credit equal to 7% of a taxpayer’s qualified research expenses that exceed the average of the prior three years. It applies the credit against Ohio income tax after other credits are taken, and any unused portion can be carried forward for up to seven years. The measure affects businesses that conduct qualified research in Ohio and aims to encourage more R&D activity in the state.

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