The Tithing Protection Act amends the Ohio tax code to modify the calculation of depreciation expense for pass-through entities.

The Tithing Protection Act amends the Ohio tax code to modify the calculation of depreciation expense for pass-through entities. Specifically, it changes the calculation from five-sixths of the depreciation expense to the entire amount. Additionally, the tax commissioner may waive the add-backs related to a pass-through entity if the taxpayer owns less than five percent of the entity. The act also includes definitions and provisions for various tax terms and scenarios, such as resident and nonresident status, business income, and qualifying trust amounts.

The Tithing Protection Act amends the Ohio tax code to modify the calculation of depreciation expense for pass-through entities.

The Tithing Protection Act amends the Ohio tax code to modify the calculation of depreciation expense for pass-through entities. Specifically, it changes the calculation from five-sixths of the depreciation expense to the entire amount. Additionally, the tax commissioner may waive the add-backs related to a pass-through entity if the taxpayer owns less than five percent of the entity. The act also includes definitions and provisions for various tax terms and scenarios, such as resident and nonresident status, business income, and qualifying trust amounts.