Tax Data Series

Corporation Franchise Tax

Corporate Franchise Tax Tables:
Number of Financial Institutions and Reported Tax Liability by Type of Institution, Tax Year 2010

This table shows a total tax year 2010 corporate franchise tax liability (before credits) for financial institutions of $175.6 million, an increase of 12.4 percent from tax year 2009.  Banks, while making up approximately 67 percent of the total number of financial institutions, reported tax liability of $144.9 million, or 83 percent of the total liability. Savings institutions, making up 24 percent of the total number of financial institutions, reported tax liability of $30.0 million, or approximately 17 percent of the total liability. The remaining $0.7 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 (form FT-1120FI) filed for tax year 2010 with the Ohio Department of Taxation.