Ohio Tax Law Will be in Line with Federal Rules

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by J.D. Davidson

 

A wide spectrum of Ohioans could catch a break when it comes to state taxes after the Ohio House passed a bill Wednesday that brings state tax rules in line with federal rules.

The bill, which already passed the Senate and now awaits Gov. Mike DeWine’s signature, increases the child and dependent care credit, provides tax breaks for student loan payments and eliminates taxes on the first $10,200 in unemployment compensation.

The bill, which passed the House, 96-0, also contains an emergency clause, meaning it becomes law immediately upon DeWine signing it.

“It’s vitally important we pass this both for tax preparers across Ohio and the family and businesses,” said Rep. Bill Roemer, R-Richfield. “This simplifies tax filings, but it also keeps funds in the hands of these families and businesses for investment and for employment.”

For businesses, Paycheck Protection Program loans already forgiven at the federal level also would be deductible at the state level as long as the loans were used for eligible expenses during a specific time period. Entertainment and meals business expenses would move from 50% deductible to 100%.

The bill also exempts dividends businesses received from the Ohio Bureau of Workers Compensation.

While in the House Ways and Means Committee, the legislation received strong support from the Ohio Chamber of Commerce, National Federation of Independent Business, the Ohio Farm Bureau and the Ohio Council of Retail Merchants.

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An Ohio native, J.D. Davidson is a veteran journalist with more than 30 years of experience in newspapers in Ohio, Georgia, Alabama and Texas. He has served as a reporter, editor, managing editor and publisher. He is regional editor for The Center Square.

 

 

 

 

 

 

 

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