BUZZ ARCHIVE

High Stakes Battle Rages On at Ohio Supreme Court Regarding Constitutionality of Former Financial In

PDF/Printer Friendly Version FNB, Inc., the parent of First National Bank of Dennison and TuscValley Financial, has appealed the Ohio Board of Tax Appeal’s decision in FNB, Inc. v. McClain, No. 2018-323 (“FNB”), reported earlier in this April 16 Buzz. FNB concerned a refund claim related to the Financial Institutions Tax (“FIT”), in which FNB argued that the regulatory assessment credit (“assessment credit”), formerly available in R.C. 5726.51 and allowed to state-chartered banks for amounts paid as regulatory assessments to the Ohio Division of Financial Institutions but not allowed for comparable regulatory assessments paid by nationally-chartered banks to the Office of the Comptroller of

Ohio Joins Other States Excluding Forgiven Paycheck Protection Program (PPP) Loans from Taxation

PDF/Printer Friendly Version Effective June 19, 2020, Amended Substitute House Bill Number 481 excludes from the definition of gross receipts found in Ohio Revised Code 5751.01(F) any forgiven indebtedness that is excluded from the gross income of the taxpayer for federal income tax purposes pursuant to section 1106(i) of the “Coronavirus Aid, Relief, and Economic Security (CARES) Act,” 15 U.S.C. 9005(i). As a result, any forgiven PPP loans will not be subject to the Commercial Activity Tax. Ohio joins other states that have already provided guidance that the forgiven PPP loans will not be subject to tax. As of the date of this Buzz, the states listed on the chart below have provided taxabil

Ohio Issues Guidance on Taxability of EIS, ADP and EPS Due to ITFA Grandfathering Elimination

PDF/Printer Friendly Version On June 8, 2020, the Ohio Department of Taxation issued Sales Tax Information Release ST 2020-01: Internet Tax Freedom Act Summary – June 2020, which provides the Department’s interpretation of the impact the elimination of the “grandfathering clause” of the Internet Tax Freedom Act (ITFA) will have on the taxability of electronic information services (EIS), automatic data processing (ADP), and electronic publishing services (EPS)[1]. ITFA Background ITFA, P.L. 105-277, was enacted in 1998 and implemented a three-year moratorium preventing state and local governments from taxing Internet access or imposing multiple or discriminatory taxes on electronic commerce.

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