OH HB592

Removes small business investment companies from the definition of "bank organization" under Ohio's financial institutions tax by striking the reference to entities licensed under the Small Business Investment Act of 1958.

Small business investment companies licensed under 15 U.S.C. 661, et seq. will no longer be subject to the financial institutions tax and instead be subject to the commercial activity tax.

The amendment is characterized as remedial and clarifies existing law rather than making a substantive change.

The amendment applies retroactively to tax years beginning on or after January 1, 2014.