Tax Rules: Final: 5703-3
5703-3-23- Intangible personal
property tax; repeal; effect of unrepealed sections
Am. Sub. H.B. 291 of the 115th General Assembly repealed all
taxes levied for state purposes against deposits for all tax
years after 1983 and against productive investments,
unproductive investments, and money, credits, and all other
taxable intangible personal property for all tax years after
1985.
That legislation did not repeal other provisions of the
Revised Code related to the reporting and collection of such
taxes.
Since these taxes are no longer levied against intangible
personal property, any filing or reporting requirements in
the Revised Code relative to these taxes have no practical
purpose and should be disregarded, as to the tax on deposits
for tax years after 1983, and as to the tax on investments
and money, credits, and all other taxable intangibles for tax
years after 1985, except to the extent that a taxpayer has
failed to comply with the law for tax years prior to its
effective repeal.
This rule does not apply to procedures related to the tax
levied on shares of, and capital employed by, dealers in
intangibles under division (D) of section 5707.03 of the
Revised Code. Since that tax remains in effect, all
provisions of the Revised Code relative to its reporting and
collection are fully effective.
Effective: 12-31-85
Promulgated under: 5703.14
Authorized by: 5703.05
Amplifies: 5707.03, 5707.04, 5709.02, 5711.06, 5711