Ohio Taxes

If your business is considering location or expanding in Ohio you should know that on June 30, 2005, Ohio Governor Bob Taft signed into law sweeping tax reform legislation as a part of the lowest-growth state budget Ohioans have seen in 40 years.

The Governor's Tax Reform package:

• Cuts the personal income tax rate by 21 percent across-the-board over five years.
• Phases out the corporate franchise tax over 5 years.
• Phases out the tangible personal property tax over four years - with new machinery & equipment exempt.
• Phases in a new broad-based, low-rate commercial activities tax (0.26 percent) on business receipts in Ohio. The first $1 million being exempt to protect small businesses.