Key Votes
HB 510 - Repeals the Corporate Franchise Tax - Key Vote
Ohio Key Votes
Stages
- Dec. 20, 2012 Executive Signed
- Dec. 11, 2012 House Concurrence Vote Passed
- Dec. 5, 2012 Senate Bill Passed
- May 16, 2012 House Bill Passed
- April 12, 2012 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - Dec. 20, 2012
Title: Repeals the Corporate Franchise Tax
Signed by Governor John Kasich
Legislation - Concurrence Vote Passed (House) (77-16) - Dec. 11, 2012
Legislation - Bill Passed (Senate) (25-8) - Dec. 5, 2012
Legislation - Bill Passed (House) (75-23) - May 16, 2012 (Key vote)
Title: Repeals the Corporate Franchise Tax
Vote Smart's Synopsis:
Vote to pass a bill that establishes the financial activities tax in place of the current corporate franchise tax.
Highlights:
- Establishes the financial activities tax for financial institutions that do business in the state to be the greater of the following (Sec. 1):
- At least $1,000; or
- The product of the total Ohio equity capital of the financial institution multiplied by the following:
- $0.008 for each dollar of the first $200 million of equity capital;
- $0.004 for each dollar of total equity capital greater than $200 million and less than $1.3 billion; and
- $0.0025 for each dollar of total equity capital above $1.3 billion.
- Exempts financial institutions from the corporate franchise tax (Sec. 1).
- Repeals the tax on dealers in intangibles, effective January 1, 2014 (Sec. 1).
- Requires dealers in intangibles to pay the commercial activity tax, effective January 1, 2014 (Sec. 1).
- Requires the tax commissioner to decrease each tax rate provided in this bill by the percentage of state revenue collected from the tax provisions established in this bill over $200 million (Sec.1).
- Requires the tax commissioner to increase the tax rate on Ohio equity capital above $1.3 billion if the total amount of taxes collected by the provisions of this bill is less than 90 percent of $200 million (Sec. 1).
- Requires the real estate of a financial institution or dealer in intangibles to be taxed in the place where it is located (Sec. 1).
Legislation - Introduced (House) - April 12, 2012
Title: Repeals the Corporate Franchise Tax
Sponsors
Co-sponsors
- Richard N. Adams (OH - R)
- William G. 'Bill' Batchelder (OH - R)
- Peter A. Beck (OH - R)
- Terry Blair (OH - R)
- Louis W. Blessing Jr. (OH - R) (Out Of Office)
- Terry R. Boose (OH - R)
- Danny R. Bubp (OH - R) (Out Of Office)
- Robert D. 'Bob' Hackett (OH - R)
- Michael E. Henne (OH - R)
- Jay Hottinger (OH - R)
- Matt Huffman (OH - R)
- Jeffrey A. McClain (OH - R)
- Margaret Ann Ruhl (OH - R)
- Robert C. Sprague (OH - R)
- Gerald L. 'Jerry' Stebelton (OH - R)
- Joseph W. Uecker (OH - R) (Out Of Office)
- Lynn R. Wachtmann (OH - R)
