(Center Square) – A bill that passed the Ohio House of Representatives eliminates the steps corporate owners have to take to file taxes with state and local governments, creating more jobs and doing business. Free up time to expand ..
The law allows businesses to choose a system operated by the Ohio Tax Department to pay the state a net profit tax, and the state will notify each municipality of the tax. Currently, employers can decide to participate in the state system, but they must notify the municipality itself rather than a one-time notification.
“Ohio’s current system for filing net income taxes creates unnecessary paperwork for hard-working business owners,” said Bill Roemer, Congressman R-Richfield. “As if the complexity of the tax law itself is not enough, the state also requires companies to jump over unnecessary controls to meet their tax obligations. The bill goes through this process. To streamline and simplify, our business owners can spend more time creating jobs and contributing to the local economy instead of following cumbersome application requirements. “
House building 228 Uses an existing system by leveraging an existing web portal at the Tax Department to securely transfer information between national and local governments.
It also extends the taxpayer’s opt-in or opt-out deadline for local tax profit tax state management to April 15, the same as the taxpayer’s first due date.
Another part of the bill allows some entities or companies to deduct pensions or retirement benefits paid to retired partners, shareholders, or members. According to the Ohio Legislative Services Commission, this is likely to result in uncertain state-wide revenue losses for local governments.
Ohio may make it easier to file business taxes | Ohio
Source link Ohio may make it easier to file business taxes | Ohio