BUZZ ARCHIVE

Governor John Kasich Unveils New Ohio Tax Plan

Today, Governor John Kasich rolled out a summary of his plan to reduce Ohio's personal income tax. The tax proposal is part of the Governor's Mid-Biennial Review Budget Proposal. The Governor's plan achieves his long held goal of reducing Ohio's top personal income tax rate to below 5%. The 8.5% across-the-board personal income tax rate reductions are proposed to be phasedin over the next three fiscal years. The top income tax bracket rates will be reduced as follows: CLICK HERE FOR FULL BUZZ

L.L. Bean CAT Decision Provides Little Guidance

The Ohio Board of Tax Appeals issued its decision in Commercial Activity Tax ("CAT") nexus case L.L. Bean, Inc. v. Levin, Case No. 2010-2853 (March 6, 2014), but provided no guidance to Ohio taxpayers on the constitutionality of the CAT's bright-line nexus standard. CLICK HERE FOR FULL BUZZ

Ohio Department of Taxation Issues Favorable Guidance for 20% or More Owners of Pass-Through Entitie

Under the most recently enacted Ohio budget bill, signed by Governor John Kasich on June 30, 2013, owners of pass-through entities and sole proprietorships were granted a deduction equal to one-half of the Ohio business income generated by these businesses for taxable years 2013 and following. Pursuant to a recent interpretation by the Ohio Department of Taxation ("ODT"), this deduction could also be computed by including compensation paid to 20% or more owners of these Ohio businesses. CLICK HERE FOR FULL BUZZ

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