Multistate Tax Alert: Ohio Adopts 2011-2013 Budget |
On June 30, Ohio Governor Kasich signed into law the 2011-2013 Budget Bill, House Bill 153. The new law:
- Expands existing refundable commercial activity tax credits for job retention and creates a new refundable job retention tax credit
- Creates a commercial activity tax exemption for certain receipts involving uranium
- Clarifies existing corporate franchise tax law concerning inclusion of insurance companies in a commonly owned or controlled group
- Creates a small business investment tax credit against the personal income tax
- Creates a sales and use tax exemption for computer data center equipment and an exclusion for certain customer loyalty program rewards
- Alters the statute of limitations for use tax assessment and prohibits assessment of a consumer’s use tax liability prior to 2008
- Requires the Tax Commissioner to administer a tax amnesty program
- Repeals the estate tax starting in 2013
- Provides for a sales and use, income, and commercial activity tax exemption for entities that enter into a contract with the state to provide highway services
- Authorizes administrative changes to mandatory electronic filing and allows alternative delivery methods of orders and notices
These changes are summarized in this Tax Alert.
Multistate Tax Alert: Ohio Adopts 2011-2013 Budget
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