H.B. No. 777 - Income Tax Reduction Act

• Lowers Ohio income tax rates by rounding each rate percentage down to the nearest one-tenth of one percent, effective for taxable years beginning in 2018.

• Requires all future tax rates to be expressed in increments of one-tenth of one percent rather than allowing more granular decimal expressions.

• Updates income tax brackets and corresponding tax dollar amounts to reflect the rounded-down rates across all income levels for individuals, trusts, and estates.

• Applies to individuals, trusts, and estates earning income in Ohio, including lottery winnings, casino gaming winnings, and other taxable income sources.

• Maintains existing provisions for annual adjustments to income brackets based on gross domestic product deflator calculations, with tax rates themselves remaining constant.