Ohio HB30 phases down the state income tax to a flat rate of 2.75% over two years.

Ohio HB30 amends the state income tax structure to phase down the tax rate to a flat 2.75% over two years. For taxable years starting in 2023, the tax is set at 3.5% for income over $26,050 but not more than $100,000, and 3.125% for income over $100,000. For 2024 and beyond, the tax rate is 2.75% for income over $26,050 but not more than $100,000, and 3.125% for income over $100,000. The bill also includes provisions for trusts and estates, adjusting tax rates and credits accordingly.

Ohio HB30 phases down the state income tax to a flat rate of 2.75% over two years.

Ohio HB30 amends the state income tax structure to phase down the tax rate to a flat 2.75% over two years. For taxable years starting in 2023, the tax is set at 3.5% for income over $26,050 but not more than $100,000, and 3.125% for income over $100,000. For 2024 and beyond, the tax rate is 2.75% for income over $26,050 but not more than $100,000, and 3.125% for income over $100,000. The bill also includes provisions for trusts and estates, adjusting tax rates and credits accordingly.