Insights

Lauren Fromme, associate in the Vorys Columbus office, authored an article in the proceedings of the Forty-First and Forty-Second Annual Energy & Mineral Law Institute titled “Tax-Free Exchanges of Energy and Mineral Properties”.

Effective July 1, 2022, Congress has revived the Superfund Excise tax on Taxable Chemicals and Taxable Substances that previously existed from 1980 through 1995.

On June 1, 2022, the Ohio General Assembly passed Substitute Senate Bill Number 225 (S.B. 225) to expand the Ohio Opportunity Zones Tax Credit Program and the Ohio Historic Preservation Tax Credit Program and amend certain other provisions.

Perhaps the most significant change in decades to Ohio real property tax valuation contests has been adopted by the Ohio General Assembly and was signed into law by Governor DeWine on April 21, 2022.

Covering real property taxation across the United States

Taxpayers seeking to contest real property tax values established by assessing jurisdictions across the country often have a short window of opportunity to contest their new valuation.

The State of Ohio requires counties to reappraise real property tax values every six years. In the interim, the counties are required to update values in the middle of that cycle.

The Ohio Senate recently passed, by a 24-7 vote, Amended House Bill 126 (“HB 126”) that will significantly change the administration of Ohio’s real property tax system if it is also passed by the House and signed by the Governor. It is unusual for us to report on pending legislation, but given the significance of the changes and the fact that it is already impacting pending matters this unusual step is warranted.

Vorys is a law firm, not an accounting firm. Nevertheless, because the topic addressed herein is important and timely for our economic development incentives clients, we decided to publish this client alert.

December 31, 2021 is the final date for taxpayers to invest in an entity treated as a “qualified opportunity fund” (QOF) and be eligible for all three types of federal income tax benefits available under the qualified opportunity zone (QOZ) program.

Among the new economic development programs created in Amended Substitute House Bill 110 (H.B. 110 or the Budget Bill) are enhanced potential incentives for megaprojects.

As part of Ohio’s Budget Bill, H.B. 110, which Governor DeWine signed on July 1, 2021, owners of real property listed as exempt from real property taxation will be subject to new reporting requirements. The Budget Bill included an amendment to R.C. 5713.083 that now requires owners of property included on the list of exempt property to notify the county auditor where the property is located if the property ceases to qualify for real property tax exemption.

As a follow-up to the Vorys Tax Alert issued June 29, 2021, we now can confirm that Governor DeWine signed the legislation, which officially repeals the sales tax imposed by Ohio on employment services.

On June 30, 2021, Governor Mike DeWine signed Amended Substitute House Bill 110 (H.B. 110 or the Budget Bill), which creates the biennial budget for State fiscal years (SFY) 2022-2023 (July 1, 2021-June 30, 2023).

On June 28th, the Ohio General Assembly approved Sub. H.B. 110 (H.B. 110). In so doing, the General Assembly effectively extended to December 31, 2021, the temporary, COVID-driven, pro-employer local withholding tax provisions contained in section 29 of Am. Sub. H.B. 197 (which were set to expire on July 18).

When parties enter into an agreement for an economic development incentive, it’s almost always with a sense of optimism.

Taxpayers have searched for ways around the sales tax imposed by Ohio on employment services for nearly 30 years.  The Ohio House and Senate voted to repeal the tax as part of the State’s Budget Bill, H.B. 110. 

Taxpayers have searched for ways around the sales tax imposed by Ohio on employment services for nearly 30 years.  The Ohio House and Senate voted to repeal the tax as part of the State’s Budget Bill, H.B. 110. 

On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (H.R. 1319) (ARP) into law.