Ohio Income Tax
The new budget bill for the state of Ohio reduces the Income Tax Rates in each bracket by 21%. This reduction is phased in over a 5 year period until in 2009 the entire reduction becomes effective. Starting in 2010 the bracket income amounts will be adjusted for inflation. It will be interesting to see if these adjustments will ever come to pass based on our legislature's track record for keeping its word.
The deduction for qualified tuition and fees for state universities and other postsecondary education located in Ohio will be eliminated for years after 2005.
A special nonrefundable credit for taxpayers with Ohio Taxable Income under $10,000 begins in 2005. This credit will effectively eliminate the Ohio income tax for taxpayers who have income under $10,000. If married Ohio taxpayers each earned $10,000 and file separate returns, their tax would b $-0-. If they file a joint return, the tax would be approximately $260.
Effective in 2005, the taxation of trusts become permanent.
posted by James E. Newland, CPA | 5:05 AM
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