Corporation Franchise Tax
Corporate Franchise Tax Tables
Number of Financial Institutions and Reported Tax Liability
by Type of Institution, Tax Year 1994
This table shows a total Ohio corporate franchise tax
liability for financial institutions for tax year 1994 of
$188.1 million, an increase of 8.7 percent over tax year
1993. Banks, while making up 52 percent of the total number
of financial institutions, reported tax liability of about
$139.4 million, or 74 percent of the total liability. Savings
and loans, making up 43 percent of the total number of
financial institutions, reported tax liability of $47.5
million, or 25 percent of the total liability. The remaining
$1.1 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) as are other corporations. Financial institutions
are subject to a tax on net worth only, but at a rate of 15.0
mills rather than 5.82 mills for other corporations.
The data shown on these tables were compiled from returns
filed for tax year 1994 with the Ohio Department of Taxation.