House Bills 62 and 166 were signed by Ohio Governor Mike DeWine on August 23, 2019. These bills will enact several important changes to the Ohio income tax law for the 2019 tax year. These changes will apply to income tax returns due on April 15, 2020.
The upcoming tax changes are explained below:
• Ohio is combining the bottom three tax brackets. The tax rate for the new configuration is 0%. This means taxpayers with Ohio Taxable Nonbusiness income of $21,750 or less will pay $0 in Ohio income tax.
• All Ohio income tax rates have been reduced by 4%. The top tax rate is now 4.797%.
• There will be no adjustment for Ohio’s personal and dependent exemption amounts for 2019. The 2019 adjustments will be the same as tax year 2018.Read More