New Ohio State-Administered Municipal Net Profit Tax

New Ohio State-Administered Municipal Net Profit Tax

When an Ohio business operates in multiple municipalities, they file a separate net profit tax return with each municipality. Under Ohio’s new budget bill (Am. Sub. H.B. 49), a business may elect to have the state of Ohio administer the business’ municipal tax. This would allow the business to file a single return for all the municipalities they need to file in.

For clients filing in multiple Ohio municipalities this could result in a more simplified way to remit payments and file tax returns as it would all be centralized to the Ohio Business Gateway. The deadline to elect in to the program is March 31, 2018 for the 2018 tax filing year. The rules do not apply to sole proprietorships, individuals and disregarded entities.

If you would like to discuss your situation or have questions about if this program is beneficial for your business, please contact our professionals at 859-331-1717.

Rudler PSC e-Tip: New Ohio State-Administered Municipal Net Profit Tax