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OH HB378
Bill
Status
11/19/2009
Primary Sponsor
Tyrone Yates
Click for details
AI Summary
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Eliminates municipal corporation authority to exempt compensation from stock options, stock option exercises, and stock purchases under stock options from municipal income tax.
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Eliminates municipal corporation authority to exempt compensation attributable to nonqualified deferred compensation plans from municipal income tax.
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Removes provisions in Section 718.03 that allowed municipal corporations to deduct stock option compensation and nonqualified deferred compensation from the definition of "qualifying wages" for withholding purposes.
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Makes these changes applicable to taxable years beginning on or after January 1, 2010.
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Repeals and replaces existing Sections 718.01, 718.02, and 718.03 of the Ohio Revised Code.
Legislative Description
To eliminate authority of municipal corporations to exempt stock options and nonqualified deferred compensation from municipal income taxation.
Municipal income tax-apply to stock options/nonqualified deferred compensation
Last Action
To Ways & Means
11/19/2009