OH HB599

Repeals the tax rate adjustment mechanism for financial institutions that was scheduled to take effect for tax year 2017.

Maintains financial institution tax rates at eight mills per dollar for the first $200 million in equity capital, four mills for $200 million to $1.3 billion, and 2.5 mills for $1.3 billion and above.

Removes provisions that would have automatically adjusted tax rates up or down based on whether collected taxes fell below 90% or exceeded 110% of target amounts for tax year 2016.

Applies to tax years beginning January 1, 2017 and later.

Designated as an emergency measure to ensure tax rate stability before the 2017 tax year begins, taking effect immediately upon passage.