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Ohio Estate Tax Really Gone?

Posted on 6/29/2011 by David Cusack in Estate Taxes

It appears the Ohio Estate Tax is really going to become a thing of the past. That tax was repealed for estates of individuals who die on or after January 1, 2013. You may refer to House Bill 153 of the 129th general Assembly for the legislation. Many outlets were actively reporting the repeal of the Ohio Estate Tax was almost a certainty for some time. Some prognosticators outside the media believed the lack of public awareness of the tax and the number of communities that benefited from the revenue would prevent repeal.

Many people are not aware 80% of the tax revenue from the Ohio Estate Tax goes to the local government where the decedent resided. It will be interesting to see how the more affluent communities that quietly received huge amounts of estate tax revenue deal with the absence of that revenue stream. The State of Ohio receives the other 20%. For a basic description of the Ohio Estate Tax in its current form, please see the news post on this site from February.

It appears the Ohio Estate Tax is really going to become a thing of the past. That tax was repealed for estates of individuals who die on or after January 1, 2013. You may refer to House Bill 153 of the 129th general Assembly for the legislation. Many outlets were actively reporting the repeal of the Ohio Estate Tax was almost a certainty for some time. Some prognosticators outside the media believed the lack of public awareness of the tax and the number of communities that benefited from the revenue would prevent repeal.

Many people are not aware 80% of the tax revenue from the Ohio Estate Tax goes to the local government where the decedent resided. It will be interesting to see how the more affluent communities that quietly received huge amounts of estate tax revenue deal with the absence of that revenue stream. The State of Ohio receives the other 20%. For a basic description of the Ohio Estate Tax in its current form, please see the news post on this site from February.

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