Ohio Admin. Code 5703-3-04 - Dates for listing taxable personal property

All taxpayers required by rule 5703-3-03 of the Administrative Code to file a balance sheet and make a return of taxable property used in business shall list such personal property as of the close of business of the last day of December, except those taxpayers filing an initial personal property tax return upon first engaging in business in this state pursuant to sections 5711.03 and 5711.04 of the Revised Code or unless otherwise provided by this rule.

(B) Any taxpayer required to file an income tax return with the United States internal revenue service on a fiscal year basis shall employ the same fiscal year end for listing his personal property used in business. For the purpose of listing such personal property, such fiscal year end shall be that for the fiscal year ending in the calendar year preceding the calendar year in which the property tax return is required to be filed. If a taxpayer has not been engaged in business in Ohio for a full twelve months immediately preceding such fiscal year end, he shall list all taxable personal property as of the close of business of the last day of December.

(C) A taxpayer may, by written application to the tax commissioner setting forth facts showing good cause, request permission to employ a fiscal year end for making a return of taxable property other than that used for federal income tax purposes. A taxpayer who is not required to file a return with the internal revenue service may similarly make a written application to the commissioner, requesting permission to employ a fiscal year end for making return of his taxable property other than the last day of December. Any taxpayer making written application under the provisions of this paragraph must have been engaged in business in Ohio a full twelve months immediately preceding the fiscal year end requested.

(D) A taxpayer shall employ the same listing day each year, unless upon written application to the commissioner or by order of the commissioner a different day of listing be authorized or required.

(E) A taxpayer who has acquired or disposed of property subject to taxation under section 5709.01 or 5709.02 of the Revised Code, is required to employ, or may apply for, an alternate listing day with respect to such property, when:

(1) The property so acquired or disposed of constitutes an entire plant, a facility, or a division; and

(2) Such property was transferred by means of purchase or sale, merger, or reorganization; and

(3) Such property would otherwise be excluded from taxation for one year or would otherwise be taxed more than once in a year.

If such property would otherwise be excluded from taxation, the taxpayer acquiring the property shall list that property as of the last day of the month of acquisition. If such property would otherwise be taxed more than once in a year, the taxpayer disposing of such property may apply in writing to the commissioner on or before April thirtieth of that year for designation of an alternate day which will eliminate the listing of such property from the disposing taxpayer's return.

The alternate listing day provided for by this paragraph is in addition to the listing day for all other property and shall only apply to such acquired or disposed property, and shall be used for one year only.

This rule does not apply to financial institutions or to dealers in intangibles.

Notes

Ohio Admin. Code 5703-3-04

Effective: 12/19/2020
Five Year Review (FYR) Dates: 6/3/2020 and 12/19/2025
Promulgated Under: 119
Statutory Authority: 5703.05
Rule Amplifies: 5709.01, 5709.02, 5711.03, 5711.04, 5711.101
Prior Effective Dates: 02/17/1975, 12/30/1984, 05/22/2014