Loading chat...
OH HB517
Bill
Status
4/8/2014
Primary Sponsor
Ryan Smith
Click for details
AI Summary
HB 517 Summary
-
Replaces the motor fuel receipts tax (based on gross receipts) with a petroleum activity tax effective July 1, 2014, calculated using gallonage multiplied by average wholesale prices of unleaded regular gasoline and diesel fuel.
-
Tax commissioner must determine and publish statewide average wholesale prices quarterly for gasoline and diesel fuel, excluding federal and state excise taxes, rounded up to the nearest one-tenth of one cent.
-
Changes the tax rate calculation from 6.5 mills per dollar to 0.65% (sixty-five one-hundredths of one percent) applied to modified gross receipts.
-
Allows taxpayers to bill the petroleum activity tax separately to purchasers and recognizes motor fuel exchanges and bad debts as exclusions from taxable receipts.
-
Renames related funds and administrative provisions from "motor fuel receipts" to "petroleum activity" throughout Ohio's tax code.
Legislative Description
To change the motor fuel receipts tax to be imposed on gross receipts to a petroleum activity tax to be imposed on a hybrid of gallonage and the average wholesale price of gasoline and diesel fuel.
Motor fuel tax-change to petroleum activity tax-gallonage+wholesale price
Last Action
To Ways and Means
4/8/2014