FAQs - Corporation Franchise Tax

When must a taxpayer pay by electronic funds transfer (EFT)?

A taxpayer must pay by EFT for the current tax year if the taxpayer's total corporation franchise tax liability after reduction for non-refundable credits exceeded $50,000 for the second preceding tax year. Each transmission can only include information for one taxpayer, one tax type and one period.

If the EFT payment relates to either the FT 1120E, FT 1120ER or FT 1120EX report, you do not have to file the paper document. You must properly complete the addenda record. See “Important EFT Notice” dated Dec. 2, 2002 on the department’s Web site.

For further EFT information see the department's informational release CF 1994-01, issued July 31, 1994 and entitled "Recently Enacted Legislation Revises the Requirements for Corporations Paying Corporate Franchise Tax by Electronic Funds Transfer (EFT)." Please direct questions regarding the EFT payment program to the Treasurer of State's office at 30 East Broad Street, 9th floor, Columbus, OH 43266-0421 or telephone that office toll free at (877) EFT-Ohio (338-6446).