Substitute Senate Bill 208 Summary

• Modifies Ohio's commercial activity tax by excluding receipts from the sale of certain consumer products within integrated supply chains that meet specific geographic and acreage requirements.

• Establishes a graduated tax rate system for business income under $125,000 (married filing separately) or $250,000 (other taxpayers) for tax year 2015, while income above these thresholds remains subject to the 3% flat tax.

• Repeals numerous tax credit sections and makes technical changes to state income tax law affecting business and individual taxation.

• Modifies the formula for calculating reimbursement payments to school districts for loss of tangible personal property tax revenue and establishes new supplemental foundation aid payment formulas for fiscal years 2016-2017.

• Takes effect immediately upon enactment as the bill is exempt from referendum requirements under Ohio Constitution Article II, Section 1d.