Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

HB 510 - Repeals the Corporate Franchise Tax - Key Vote

Ohio Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Repeals the Corporate Franchise Tax

Legislation - Concurrence Vote Passed (House) (-) -
Legislation - Bill Passed With Amendment (Senate) (-) -
Legislation - Bill Passed (House) (75-23) - (Key vote)

Title: Repeals the Corporate Franchise Tax

Vote Result
Yea Votes
Nay Votes
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

Sponsors

  • Ron Amstutz (OH - R) (Out Of Office)

Co-sponsors

  • Richard N. Adams (OH - R) (Out Of Office)
  • William G. 'Bill' Batchelder (OH - R) (Out Of Office)
  • Peter A. Beck (OH - R) (Out Of Office)
  • Terry Blair (OH - R) (Out Of Office)
  • Louis W. Blessing Jr. (OH - R) (Out Of Office)
  • Terry R. Boose (OH - R) (Out Of Office)
  • Danny R. Bubp (OH - R) (Out Of Office)
  • Robert D. 'Bob' Hackett (OH - R) (Out Of Office)
  • Jay Hottinger (OH - R) (Out Of Office)
  • Matt Huffman (OH - R) (Out Of Office)
  • Jeffrey A. 'Jeff' McClain (OH - R) (Out Of Office)
  • Margaret Ann Ruhl (OH - R) (Out Of Office)
  • Gerald L. 'Jerry' Stebelton (OH - R) (Out Of Office)
  • Joseph W. 'Joe' Uecker (OH - R) (Out Of Office)
  • Lynn R. Wachtmann (OH - R) (Out Of Office)
Skip to top

Help us stay free for all your Fellow Americans

Just $5 from everyone reading this would do it.

Back to top