Senate accelerates tax cut reduction, approves legislation for automatic corrections of tax overpayments - Richland Source: News

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Senate accelerates tax cut reduction, approves legislation for automatic corrections of tax overpayments

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Posted: Friday, June 13, 2014 5:00 pm

COLUMBUS– State Senator Larry Obhof (R–Medina) announced the Senate’s recent passage of bills to accelerate the implementation of the state’s 10 percent income tax reduction passed by the legislature last year.

House Bill 483 updates Ohio’s two-year operating budget and speeds up the phase-in period for the state’s planned 10 percent income tax cut. The bill also temporarily increases the small business income tax deduction from 50 percent to 75 percent (for tax year 2014).

“House Bill 483 is an important step in ensuring Ohio’s long-term fiscal stability,” said Obhof. “It is also important to provide additional tax relief to Ohio’s citizens, and I am glad we were able to do so in this bill.”

Senate Bill 263 would require the Ohio Department of Taxation to notify businesses when they overpay their taxes and to provide automatic refunds in such situations. Current law does not require the Department to proactively refund amounts that were overpaid, instead leaving the burden of locating and reporting errors on individual businesses. Senate Bill 263 was introduced after it was discovered that the Department of Taxation was withholding millions of dollars in overpayments without notifying the affected taxpayers.

“Senate Bill 263 will protect taxpayers and will help ensure that problems like this do not happen again,” Obhof said.

Both bills will now proceed to the Governor for his signature.

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