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OH HB326
Bill
Status
10/21/2009
Primary Sponsor
John Adams
Click for details
AI Summary
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Estate tax reduced effective January 1, 2010: estates valued at $366,250 or less pay no tax; larger estates pay 80% of the tax computed under previous rates.
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Estate tax credit increased to $15,575 (adjusted annually for inflation beginning in 2011) for decedents dying on or after January 1, 2010, with credits indexed to consumer price index each December.
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Filing threshold for estate tax returns raised to $366,250 for decedents dying on or after January 1, 2010, eliminating requirement for returns below this amount.
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Allows townships and municipal corporations to adopt resolutions or ordinances exempting all estate property within their jurisdiction from estate tax, with exemptions taking effect the first day of the month following adoption.
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Distributes 100% of estate tax revenue to the township or municipal corporation where tax originates (effective for deaths on or after January 1, 2010) if that jurisdiction does not adopt an exemption; authorizes initiative petitions by electors to adopt or repeal exemptions.
Legislative Description
To reduce the estate tax, to authorize townships and municipal corporations, or electors thereof by initiative, to exempt from the estate tax any estate property located in the township or municipal corporation, and to distribute all estate tax revenue originating in a township or municipal corporation that does not exempt property from the tax to the township or municipal corporation.
Estate tax-reduce/territorial exemption by intiative/revenue returned to origination
Last Action
To Ways & Means
10/21/2009