Substitute House Bill 228 Summary

• Amends municipal net profits tax administration by allowing taxpayers to elect state tax commissioner administration as sole administrator instead of individual municipal administration for sections 718.80-718.95.

• Modifies election procedures requiring taxpayers to notify tax commissioner and list municipal corporations where business is conducted by the 15th day of the fourth month of the taxable year.

• Establishes web portal through Department of Taxation for secure information exchange between state and municipal corporations regarding tax administration, assessment, and reporting requirements.

• Changes treatment of pension and retirement benefit payments by allowing them as deductible expenses for pass-through entities when paid to retired partners, shareholders, or members.

• Authorizes conveyance of state-owned real estate in Cincinnati (Hamilton County) to Yukon Investments, LLC or alternate purchaser for $1.6 million, with net proceeds deposited into University of Cincinnati accounts.