Ohio BTA Issues First Decisions Addressing CAT Situsing Provisions

PDF/Printer Friendly Version Are Forward Contracts the Sale of Tangible Personal Property or the Sale of an Investment or Trading Asset? Recently, the Board of Tax Appeals (“BTA”) issued its first two decisions addressing the Commercial Activity Tax (“CAT”) situsing provisions in R.C. 5751.033. In Central State Enterprises, LLC v. Testa, BTA No. 2016-380 (July 5, 2017) (1), the BTA concluded that gross receipts from forward contracts for agricultural commodities should be sitused pursuant to R.C. 5751.033(E), as sales of tangible personal property. Central State Enterprises, LLC (“Central State”) is an agricultural commodities trader. Central State enters into forward purchase and sale co

Ohio’s Biennial Budget Bill Enacted – Ohio Takes One Step Forward, Two Steps Back on Tax Policy

PDF/Printer Friendly Version Ohio Governor John Kasich signed the state’s biennial budget bill, Am. Sub. H.B. No. 49 (the “Bill”), as of June 30, 2017. The Bill contains significant tax law changes, including centralization of municipal net profits tax filings and elimination of the municipal tax throwback rule, which is an important step toward improving Ohio state and local tax system. However, this progress was overshadowed by the elimination of a direct appeal to the Ohio Supreme Court in tax matters, taking Ohio’s tax policy back to the pre-World War II era. The Bill did not include the $3.2 billion of personal income tax reductions, nor the corresponding $3.1 billion of increases to

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