Corporation Franchise Tax
Corporate Franchise Tax Tables
Number of Financial Institutions and Reported Tax Liability
by Type of Institution, Tax Year 1999
This table shows a total Ohio corporate franchise tax
liability for financial institutions for tax year 1999 of
$182.1 million, an increase of one percent from tax year
1998. Banks, while making up 62 percent of the total number
of financial institutions, reported tax liability of about
$155.7 million, or 86 percent of the total liability. Savings
and loans, making up 28 percent of the total number of
financial institutions, reported tax liability of $25.0
million, or approximately 14 percent of the total liability.
The remaining $1.4 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 14.0
mills rather than 4.0 mills for other corporations (based on
tax year 1999).