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OH HB284
Bill
Status
9/23/2009
Primary Sponsor
John Hagan
Click for details
AI Summary
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Increases the marginal income tax rate on income exceeding $200,000 from 5.925% to 7.5% for taxable years beginning in 2009 or thereafter, restoring the pre-2005 rate.
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Changes the tax calculation for high-income earners: those with income over $200,000 would pay $9,090.00 plus 7.5% (instead of 5.925%) on the amount exceeding $200,000.
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Maintains all other tax brackets and rates unchanged for lower income levels ($5,000 through $200,000).
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Applies to individuals, trusts, and estates with Ohio adjusted gross income or modified Ohio taxable income exceeding $200,000.
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Establishes annual adjustments to income brackets beginning in 2010 based on the gross domestic product deflator, with rates held constant.
Legislative Description
To increase the marginal income tax rate applicable to income in excess of $200,000 to its pre-2005 rate.
Income tax-increase marginal rate-incomes over $200,000-to pre-2005 rate
Last Action
To Ways & Means
9/23/2009