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OH HB61
Bill
Status
3/4/2009
Primary Sponsor
John Adams
Click for details
AI Summary
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Increases the estate tax credit from $13,900 to $15,575 for decedents dying on or after July 1, 2009, with annual adjustments based on the consumer price index beginning in 2010.
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Raises the filing threshold for estate tax returns to $366,250 gross estate value for decedents dying on or after July 1, 2009, with annual adjustments tied to consumer price index changes.
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Allows townships and municipal corporations to adopt resolutions or ordinances exempting all estate property within their jurisdiction from estate taxes, effective the first day of the month following adoption.
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Permits electors to initiate ballot measures through petition to either adopt estate tax exemptions or repeal previously adopted exemptions in their township or municipal corporation.
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Distributes 100 percent of estate tax revenue from jurisdictions that do not adopt exemptions to those jurisdictions (rather than splitting with the state), effective for decedents dying on or after July 1, 2009.
Legislative Description
To reduce the estate tax by increasing the credit amount, 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-increase credit amount/local option
Last Action
To Ways & Means
3/4/2009