Latest News

ODT seeks tax rule comments by Jan. 2

Written on May 1, 2020

The Ohio Department of Taxation on Dec. 19 announced it is seeking comments on proposed changes to the Financial Institutions Tax rules.

That was followed a day later by a request for comments on rule changes for the Commercial Activity Tax.

Set aside your hot cocoa, because comments are due Jan. 2 on the following:

 Rule Number Rule Title Proposed Change
Financial Institutions Tax5703-33-01 Electronic filing of annual or estimated tax reports and tax payments Updated citation to Revised Code to refer to correct R.C. section where OBG is defined, correct “website” and correct web address

5703-33-03 Notification of change in ownership or applicability of chapter Updated to indicate that account changes may be made via the Ohio business gateway and updated form name and form revision dates

5703-33-05 Reporting of total equity capital Updated to provide guidance on law changes from Am.Sub.H.B. 166 (limitation to total equity capital based on 14% of total assets)
Commercial Activity Tax5703-29-02Application of common owners and joint venturesUpdated to provide standard for retroactive consolidation and other clarifications

5703-29-19Changes in ownershipUpdated to reference Ohio business gateway and delete outdated language

All the proposed rules are available in their entirety at https://www.tax.ohio.gov/legal/rules.aspx. Send your comments to the Department of Taxation at TaxRules@tax.state.oh.us by Jan. 2.