Tax Professionals - Municipal Income Tax Law Changes - Regional …

Municipal Income Tax Law Changes. IMPORTANT INFORMATION. On July 3, 2023, House Bill 33, the Ohio state budget bill (the “Bill”) was signed into law. The municipal income tax provisions included in the Bill are listed below. Publication Requirements for JEDDs or JEDZs Adopting …

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Tax Professionals - Municipal Income Tax Law Changes - Regional …

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The law included a provision that put a time-frame on the 50% limitation. Ohio Revised Code 718.01(D)(3)(c) indicated for tax years beginning in 2018-2022 the 50% limit applied, but for …

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Analyzing The Impacts Of Repealing Emergency Municipal Income …

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Apr 7, 2021 · Potential Impact of Changing Municipal Income Tax Laws on Smaller Ohio Cities details that 85% of the 300 small cities and villages examined by the Regional Income Tax …

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Tax Professionals - Penalty And Interest Rates - Regional Income …

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2023. 7.00%. 2024. 10.00%. 2025. 10.00%. Tax filings and tax payments are subject to the penalty and interest rates and late filing penalties, if any, imposed by each municipal income …

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Ohio Budget Passed With Changes To Local Employee Withholding ...

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Aug 2, 2021 · The budget also permits an employee to request refunds for withholding throughout 2021 only. For example, an employee may have city withholding at 2% but they have been …

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FAQs about Tax Professionals - Municipal Income Tax Law Changes - Regional … Coupon?

When will income tax be exempt from municipal income tax?

Beginning with tax year 2024, the income of all individuals under 18 years of age will be exempt from municipal income tax in all municipalities. Existing Language Correction. The Bill makes a cross-reference correction to existing language regarding the net operating loss carryforward. The correction is effective for tax year 2023. ...

Who is exempt from municipal income tax?

Minors Exempt From Municipal Income Tax. Beginning with tax year 2024, the income of all individuals under 18 years of age will be exempt from municipal income tax in all municipalities. Existing Language Correction. The Bill makes a cross-reference correction to existing language regarding the net operating loss carryforward. ...

What happens if a municipality files a late tax return?

Beginning with tax year 2023, the penalty municipalities may charge a taxpayer for a late filed return is reduced to a maximum of $25, from the current maximum of $150. The Bill also requires that a municipality waive the fee the first time a taxpayer files a late return. The penalties and interest for late payment remain in place and unchanged. ...

How much Nol can a municipality use to offset income?

In the process of making NOLs uniform, the law imposed a 50% limitation on the amount of NOL that could be used to offset income for municipalities that had a tax prior to January 1, 2016. In effect, the NOL was limited to the lesser of 50% of the adjusted federal taxable income or 50% of the unutilized NOL. ...

What is the new tax portal?

The portal will provide direct filing capabilities and increased control over their accounts. This will be the first major enhancement to the Division's tax-filing system in over 40 years. The portal will fundamentally change how tax filers and preparers interact with the Division of Taxation. ...