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Key Votes

HB 510 - Repeals the Corporate Franchise Tax - Key Vote

Ohio Key Votes

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Legislation - Signed (Executive) -

Title: Repeals the Corporate Franchise Tax

Legislation - Concurrence Vote Passed (House) (77-16) -
Legislation - Bill Passed With Amendment (Senate) (25-8) -
Legislation - Bill Passed (House) (75-23) - (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) -

Title: Repeals the Corporate Franchise Tax

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