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OH HB583
Bill
Status
8/14/2012
Primary Sponsor
Danny Bubp
Click for details
AI Summary
HB 583 Summary
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Adds a new deduction (division 32) to Ohio's income tax code for the value of prizes or awards won in Olympic Games athletic competition.
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Allows taxpayers to deduct Olympic prize amounts to the extent not otherwise deducted or excluded in computing federal or Ohio adjusted gross income.
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Applies to taxable years ending on or after the bill's effective date.
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Amends section 5747.01 of the Revised Code to incorporate this Olympic athlete prize deduction into Ohio's adjusted gross income calculations.
Legislative Description
To provide an income tax deduction for the value of any prize or award won by a taxpayer in athletic competition in the Olympic Games.
Income tax deduction-Olympic prizes/awards
Last Action
To Ways & Means
8/14/2012