Ohio financial institution tax reform passes legislature: New tax on equity capital, dealers in intangibles subject to CAT

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Update: House Bill 510 was signed by Governor Kasich on December 20, 2012.

On December 11, 2012, House Bill 510 passed both houses of the legislature and will be presented to Ohio Governor John Kasich's office for signature. The bill: (1) replaces the existing franchise tax on financial institutions based on net worth with a new privilege tax based on equity capital and (2) repeals the dealer in intangibles tax and subjects dealers in intangibles to the Ohio commercial activity tax (CAT). If enacted, these provisions will take effect starting in tax year 2014.



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