HB 200 Summary

• Adds a new deduction to Ohio income tax law allowing individuals to deduct up to $10,000 in net capital gains from the sale, exchange, or other disposition of capital assets, including capital gain distributions.

• The deduction applies to net capital gains not otherwise allowable as a deduction or exclusion in computing federal or Ohio adjusted gross income for the taxable year.

• Extends the same $10,000 capital gains deduction to estates and trusts in their computation of Ohio taxable income.

• Applies to taxable years ending on or after the effective date of the legislation.