OH HB600

Amends section 5726.04 of the Revised Code to correct the financial institutions tax rate adjustment mechanism for tax year 2017.

Changes the "second target tax amount" from 106% of the first target tax amount ($200 million) to a fixed amount of $212 million.

Modifies the tax rate adjustment formula for tax year 2016 by specifying a new tax rate of 2.5 mills per dollar for equity capital equal to or greater than $1.3 billion, with a specific numerator of $190.8 million instead of a percentage-based calculation.

Specifies that tax rate adjustments for 2016 apply to tax years beginning on or after January 1, 2017.

Declares the act an emergency measure to ensure the financial institutions tax rate is adjusted to the intended rate before the beginning of the 2017 tax year, making it effective immediately.