Corporation Franchise Tax
Corporate Franchise Tax Tables:
Number of Financial Institutions and Reported Tax Liability
by Type of Institution, Tax Year 2008
This table shows a total tax year 2008 corporate franchise
tax liability (before credits) for financial institutions of
$146.6 million, a decrease of 8.2 percent from tax year
2007. Banks, while making up approximately 66 percent
of the total number of financial institutions, reported tax
liability of $109.0 million, or 74 percent of the total
liability. Savings institutions, making up 24 percent of the
total number of financial institutions, reported tax
liability of $33.7 million, or approximately 23 percent of
the total liability. The remaining $3.8 million of tax
liability was reported by other types of financial
institutions.
Financial institutions are not required to compute their tax
liabilities on the two alternative tax bases (net income and
net worth) applied to other corporations. Financial
institutions are subject to a tax on net worth only, but at a
rate of 13.0 mills rather than 4.0 mills for other
corporations.
The data shown on these tables were compiled from returns
filed for tax year 2008 with the Ohio Department of Taxation.