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New Ohio Tax Laws Target Corporations for Revenue
The Willis and Cole bills pass the senate and ready for immediate effect. They impose 1 percent on gross incomes for quasi public and 0.1 percent on capital stock for private for profit corporations, with other taxes on foreign and non profit entities. The measures aim to shift revenue from property taxes to corporate levies, reduce local equalization powers, and fund an expanded tax plan, alongside a 24% premium tax on foreign insurers expected to raise about $800,000 yearly. Regulations require filings by May for private Ohio profit firms and by September for foreign for profit firms, with penalties for noncompliance and appeals through state offices. Nationwide impact includes newly covered public service and interurban rail lines and a constitutional amendment proposal to alter uniform property taxation.