The Ohio legislature recently passed biennial budget legislation including several significant tax provisions. Gov. John Kasich signed the bill on June 30, 2017, vetoing several line items. Notably, the legislation expands sales tax nexus, eliminates the throwback rule used to apportion business income for municipal income tax purposes, allows businesses to elect for the Ohio Department of Taxation to administer the municipal income tax, and provides for the establishment of a tax amnesty program. Further, the budget legislation eliminates the two lowest income tax brackets applicable to individual nonbusiness income and modifies several other tax provisions, including administrative rules, sales and use taxes, lodging tax, severance tax, excise tax, property tax, and credits and exemptions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
