HB 508 Summary

• Amends Ohio tax laws governing assessment, levy, and collection of taxes across multiple chapters, including income tax, sales tax, motor fuel tax, and estate tax provisions

• Increases motion picture tax credit cap from $20 million to $40 million per fiscal biennium (beginning July 1, 2011) and increases annual per-production limit from $5 million

• Modifies commercial activity tax provisions, including changing the annual exclusion amount to $1 million for all taxpayers and adjusting registration fee structures for consolidated and combined taxpayer groups

• Revises property tax exemption rules for convention centers and arenas in specific counties and restricts exemptions in new community districts where rental-based development charges apply

• Repeals section 5751.032 and makes conforming changes to public accounting firm peer review requirements, registration procedures, and tax administration provisions