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BTLG Table of Contents > Sales and Use Tax Annotations > R > 465.0000 Remedies of Taxpayers > Annotation 465.0078

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R

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465.0000 Remedies of Taxpayers

Annotation 465.0078

(b) Refund

(1) Generally

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465.0078 Section 6902.2 Refund. Section 6902.2 authorizes a refund for an amount that would otherwise be allowed pursuant to the Manufacturer's Investment Credit (MIC). When an S-Corporation claims the MIC, it gets the benefit of only 33 percent of the MIC while the shareholders also receive a benefit from the MIC. Only the 33 percent of the MIC available to the S-Corporation is subject to the section 6902.2 refund; no portion of the MIC that would benefit the shareholders is subject to refund under section 6902.2.

In addition, where an S-Corporation purchases tangible personal property, the section 6902.2 refund for tax paid by the S-Corporation is only available to the S-Corporation and not the shareholders since the shareholders would not have paid tax on the S-Corporation's purchases. 7/15/99. (2000–1).