· June 9, 2011

IO calls for a fix to Ohio’s estate tax

Today we called on the General Assembly to “mend, not end” Ohio’s estate tax. Our recommendation comes after the Senate on June 8 joined the House in eliminating the tax in Ohio’s budget. The estate tax was not eliminated in Gov. Kasich’s original budget proposal and Innovation Ohio suggests that it be removed in conference committee. Our release proposes to fix, rather than eliminate the tax, by increasing the threshold, ensuring that middle class Ohioans are unaffected by the tax, and raising the rate on estates over $1 million. This approach would reduce the number of Ohioans paying the tax from 7-10% of the population to less than 1%, while continuing to raise a similar amount of revenue for local governments. Read the press release.