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Can you summarize OHAC Rule 5703-33-05?
Financial Institutions Tax > Reporting of total equity capital.
Short Summary
This legal document, part of the Ohio Administrative Code under the Department of Taxation, specifically pertains to the reporting of total equity capital for financial institutions in Ohio. The document outlines the principles and methods for reporting equity capital on a consolidated basis at the highest level of ownership. It specifies that the equity of the consolidated reporting group should be based on generally accepted accounting principles reported to the appropriate federal regulatory agency. The document further explains the reporting requirements for bank organizations owned through a holding company structure, including the use of FR Y-9C and FR Y-9SP reports. It also provides special treatment for bank organizations owned by grandfathered unitary savings and loan holding companies and diversified savings and loan holding companies. Additionally, the document addresses reporting requirements for bank organizations not owned through a holding company structure, which are required to file a call report. Small dollar lenders, however, report their total equity capital on a separate entity basis. The document also mentions the application of a gross receipts apportionment factor to determine the total Ohio equity capital. Lastly, it introduces a limitation on total equity capital for tax years beginning on or after January 1, 2020, where the total equity capital is limited to fourteen percent of the financial institution’s total assets. Overall, this document provides guidance on the reporting of total equity capital for financial institutions in Ohio and the applicable reporting methods and limitations.
Whom does it apply to?
Financial institutions in Ohio
What does it govern?
Reporting of total equity capital
What are exemptions?
Small dollar lenders
What are the Penalties?
No penalties mentioned
Jurisdiction
Ohio