HB 492 Summary

• Amends multiple sections of Ohio's tax code to modify administration and collection procedures for various state taxes, including income tax, motor fuel tax, cigarette/tobacco tax, and commercial activity tax

• Creates new petroleum activity tax on motor fuel suppliers (replacing motor fuel receipts tax) with a tax rate of 0.65% on calculated gross receipts from first sales of motor fuel in Ohio, effective for tax periods beginning July 1, 2014

• Expands tax credit eligibility under sections 122.17 and 122.171 to allow credits against the new petroleum activity tax and modifies baseline income tax revenue calculations for job creation credits

• Modernizes tax administration procedures by requiring electronic filing and payment for certain taxpayers, updating mail service provisions to accept alternative delivery services, and streamlining cigarette tax stamp sales administration

• Makes various technical corrections and clarifications to tax definitions, reporting requirements, and fund distributions across multiple tax chapters