Corporation Franchise Tax
Corporate Franchise Tax Tables
Number of Financial Institutions and Reported Tax Liability
by Type of Institution, Tax Year 1998
This table shows a total Ohio corporate franchise tax
liability for financial institutions for tax year 1998 of
$196.8 million, a decrease of 6 percent from tax year 1997.
Banks, while making up 53 percent of the total number of
financial institutions, reported tax liability of about
$141.3 million, or 72 percent of the total liability. Savings
and loans, making up 35 percent of the total number of
financial institutions, reported tax liability of $53.7
million, or 27 percent of the total liability. The remaining
$1.8 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) 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 (based on
tax year 1998).