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OH HB510
Bill
Status
3/27/2013
Primary Sponsor
Kevin Bacon
Click for details
AI Summary
HB 510 Summary
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Creates new financial institutions tax effective January 1, 2014, imposed on financial institutions based on total equity capital with tiered rates (8 mills, 4 mills, and 2.5 mills per dollar depending on equity capital levels) and a $1,000 minimum tax.
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Eliminates corporation franchise tax and dealers in intangibles tax for financial institutions and most dealers in intangibles after 2013; requires non-financial institution dealers in intangibles to pay commercial activity tax, except small dollar lenders which become subject to the new financial institutions tax.
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Expands commercial real estate broker liens to include purchase agreements (previously only sale/lease/conveyance) with new filing deadlines and extends the time to file suit from one year to two years.
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Requires county auditors to account for effects of police powers and governmental actions when determining true value of real property for tax assessment purposes.
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Establishes apportionment methods for financial institutions' gross receipts based on customer location and provides various tax credits for financial institutions and pass-through entities claiming portions of the tax burden.
Legislative Description
, and to repeal Section 757.51 of Am. Sub. H.B. 487 of the 129th General Assembly to impose a new tax on financial institutions, effective January 1, 2014, to provide that such institutions and dealers in intangibles are no longer subject to the corporation franchise tax or dealers in intangibles tax after 2013, to require dealers in intangibles that are not owned by a financial institution to pay the commercial activity tax after 2013 except for "small dollar lenders," which will become subject to the new financial institutions tax, to make changes to the law regarding commercial real estate broker liens, to require county auditors to account for the impact of police powers and other governmental actions in the valuation of real property, and to accelerate the application of provisions of Am. Sub. H.B. 487 of the 129th General Assembly affecting the valuation of real property.
Financial institutions tax
Last Action
Effective Date
3/27/2013