Corporation Franchise Tax
Number of Financial Institutions and Reported Tax Liability by Type of Institution, Tax Year 2001
This table shows a total Ohio corporate franchise tax liability for financial institutions for tax year 2001 of $177.0 million, a decrease of 6.7 percent from tax year 2000. Banks, while making up 59 percent of the total number of financial institutions, reported tax liability of $138.4 million, or 78 percent of the total liability. Savings and loans, making up 33 percent of the total number of financial institutions, reported tax liability of $36.6 million, or approximately 21 percent of the total liability. The remaining $1.9 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 13.0 mills rather than 4.0 mills for other corporations.