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OH SB115
Bill
Status
3/9/2011
Primary Sponsor
Eric Kearney
Click for details
AI Summary
SB 115 Summary
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Adds new deduction (A)(30) to Ohio income tax code for gains realized from sale, exchange, or involuntary conversion of section 1245 or 1250 property (depreciable business property) purchased in 2011 or 2012 from Ohio-located persons and held for at least two years.
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Applies the deduction only to gains apportionable or allocable to Ohio under existing state tax allocation and apportionment rules.
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Creates parallel deduction (S)(15) in taxable income section for estates and trusts recognizing gains from such property dispositions under the same conditions.
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Amends section 5747.01 of the Revised Code defining adjusted gross income and related tax terms, effective for applicable taxable years.
Legislative Description
To exempt from income taxation any gains from the sale of Ohio property used in a trade or business and held for at least two years.
Income tax-exempt gains from trade/business property if held at least two years
Last Action
To Ways & Means & Economic Development
3/9/2011