HB 483 - Reduces State Income Tax Rates - Ohio Key Vote
Larry Obhof, Jr. voted Yea (Conference Report Vote) on this Legislation.
Timeline
- Executive Vetoed
- June 16, 2014
- Senate Conference Report Adopted
- June 4, 2014
- House Conference Report Adopted
- June 4, 2014
- House Concurrence Vote Failed
- May 28, 2014
- Senate Bill Passed
- May 21, 2014
- House Bill Passed
- April 9, 2014
- Introduced
- March 18, 2014
Related Issues
Stage Details
Title: Reduces State Income Tax Rates
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to adopt a conference report that reduces state income tax rates.
Highlights:
- Reduces the individual income tax rate by 10 percent for all taxable years, beginning in 2014 (Sec. 5747.02).
- Authorizes the following tax exemptions on Ohio adjusted gross income for individuals, spouses, and each dependent, beginning in 2014 or 2015 (Sec. 5747.025):
- $2,200 for individuals with incomes less than or equal to $40,000 per taxable year;
- $1,950 for individuals with incomes greater than $40,000 but less than or equal to $80,000 per taxable year; and
- $1,700 for individuals with incomes greater than $80,000 per taxable year.
- Authorizes a small business to deduct up to 75 percent or $250,000 on their “Ohio small business investor income” for the taxable year, beginning in 2014 (Sec. 512.70).
- Increases the earned income tax credit from 5 percent to 10 percent for “low-income” taxpayers for all taxable years, beginning in 2014 (Sec. 5747.71).
Title: Reduces State Income Tax Rates
Vote Smart's Synopsis:
Vote to adopt a conference report that reduces state income tax rates.
Highlights:
- Reduces the individual income tax rate by 10 percent for all taxable years, beginning in 2014 (Sec. 5747.02).
- Authorizes the following tax exemptions on Ohio adjusted gross income for individuals, spouses, and each dependent, beginning in 2014 or 2015 (Sec. 5747.025):
- $2,200 for individuals with incomes less than or equal to $40,000 per taxable year;
- $1,950 for individuals with incomes greater than $40,000 but less than or equal to $80,000 per taxable year; and
- $1,700 for individuals with incomes greater than $80,000 per taxable year.
- Authorizes a small business to deduct up to 75 percent or $250,000 on their “Ohio small business investor income” for the taxable year, beginning in 2014 (Sec. 512.70).
- Increases the earned income tax credit from 5 percent to 10 percent for “low-income” taxpayers for all taxable years, beginning in 2014 (Sec. 5747.71).
Title: Reduces State Income Tax Rates