CPA & Business Advisory Blog

Ohio Income Tax Reform Legislation Regarding Municipal Income Taxes

Ohio House Bill 5, which would establish uniform municipal income tax rules, was introduced on January 30, 2013.  A similar bill was introduced last October but failed to pass the House before the last legislative session ended in December.

Ohio is one of a handful states where municipalities assess individual and business income tax and the only state where almost 600 cities and villages create their own definitions of income and their own sets of rules and regulations.

Ohio’s current municipal system is complex and costs of compliance to businesses can be significant.  A simpler compliance system is needed.  H.B. 5 establishes a uniform municipal income tax system with one set of rules and regulations for business and individual income taxes.  It also creates a standard municipal income tax form and establishes a uniform method for how employers file employee withholding payments.

Have questions about how Ohio House Bill 5 would affect your business? Contact our Tax Planning & Preparation Group at 440-449-6800.

 

 

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