SB325

Ohio SB325 amends the definition of gross receipts for excise tax purposes, excluding certain contractor payments to subcontractors.

Ohio SB325 modifies the definition of "gross receipts" in the Ohio Revised Code to exclude payments made by contractors to subcontractors under a construction contract. This exclusion applies to receipts under a construction contract to the extent the taxpayer is obligated to pay those receipts to a subcontractor under a subcontract. The bill also repeals the existing section 5751.01 of the Revised Code and applies these amendments to tax periods beginning on or after the effective date of the act.