Follow Main Street Monroe: Facebook  Twitter

Ohio Tax Update: Death Taxes
Wednesday, May 23, 2007 11:42:33 AM - Monroe Ohio

by John Beagle

Only two things are inevitable, death and taxes. But what about the ‘death tax’ in Ohio?

Why is Ohio reluctant to reduce or eliminate the death tax? Now with bills from Representatives Latta and Wolpert, a reduction in death taxes might be possible.

Issue Background: In the state of Ohio, the death tax generates approximately $300-400 million per year which is split between state and local governments. Although legislation has been introduced during recent general assemblies both state and local government officials have strongly opposed any efforts to lessen or repeal the tax.

House Bill 3 (Representative Latta) This legislation would eliminate the death tax by 2008 unless individual local governments vote to continue it. This bill would also raise the threshold at which the tax would apply from the current $338,333 to $600,000.

House Bill 4 (Representative Wolpert) This legislation would reduce the death tax while prohibiting state government from keeping any of the revenue it generates and instead, allowing local governments to keep all of the revenue. This plan would allow individual local governments to vote to eliminate the death tax while raising the threshold at which it would apply to $362,000 with an automatic annual increase based on the rate of inflation.

Current Ohio Death Tax Rates

If the net taxable estate is:

The tax shall be:

Over $338,333 but not over $500,000

$13,900 plus 6 percent of the excess over $338,333

Over $500,000

$23,600 plus 7 percent of the excess over $500,000

To support these bills contact your state representative and state senator and ask them to support small businesses by making repeal/reduction of the death tax a priority.

The Voice | Weather | Advertisers | Advertising Information | Lending Library | Monroe Church Directory

Archived Monroe News From: 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012

Website Design © Xponex Web and Media Services | Contact | Terms of Use | Copyright ©2020