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OH HB268
Bill
Status
9/19/2013
Primary Sponsor
Louis Blessing
Click for details
AI Summary
HB 268 Summary
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Adds a new deduction (division A(32)) to Ohio income tax law for losses from wagering transactions that are allowed as itemized deductions under federal income tax law and were deducted on the taxpayer's federal return.
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The deduction applies to wagering losses under Internal Revenue Code section 165 that were claimed as itemized deductions in computing federal taxable income.
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The deduction is available to the extent such losses were not otherwise deducted or excluded in computing federal or Ohio adjusted gross income for the taxable year.
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Amendment applies to taxable years beginning on and after January 1, 2013.
Legislative Description
To authorize an income tax deduction for any loss from wagering transactions allowed as an itemized deduction for federal income tax purposes that the taxpayer deducted in computing federal taxable income.
Income tax deduction-gambling losses
Last Action
To Ways and Means
9/19/2013