By Brian Ravencraft
The recent enactment of H.B. 33 of the 135th Ohio General Assembly has changes that may eliminate the requirement for many businesses to file the Ohio CAT tax. H.B. 33 increases the CAT exclusion to $3 million in taxable gross receipts for tax periods beginning in 2024 and $6 million for tax periods beginning in 2025. The CAT rate will remain at .26% for taxpayers with taxable gross receipts exceeding these increased exclusion amounts. Combined or consolidated elected taxpayer groups are treated as one taxpayer. The annual filing minimum tax (AMT) will be eliminated after the 2023 annual return. Only quarterly returns will be accepted beginning in the calendar year 2024.
What this means for taxpayers
Annual taxpayers must file their 2023 return by May 10, 2024. Since the annual minimum tax for 2023 was prepaid with the 2022 return, no tax will be due with the final return unless taxable gross receipts exceeded $1 million in 2023.… Continue readingRead More »