Tax Data Series

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.