COLUMBUS - State Rep. Mark Okey (D-Carrollton) announced Feb. 25 he has introduced House Bill 456 which would repeal Ohio's estate tax.
The measure builds on Ohio's previous efforts to reduce the state income tax by 17 percent over the last four years, while providing additional relief for Ohio families and farmers.
"Over the last few years, Ohio has undergone major reforms to reduce the tax burden on families and businesses," said Okey. "Repealing Ohio's estate tax is the next important step we must take to provide relief to Ohio's families and especially our family farmers."
A majority of states do not have an estate tax. Of those states that have an estate tax, Ohio's tax is one of the most egregious. Local governments often rely on estate-tax revenue to offset budgetary shortfalls, but local governments cannot factor such revenue into their actual budget. The recent approval of casino gambling in Ohio will soon provide financial relief to local governments and this source of revenue can replace any reliance on estate taxes.
House Bill 456 will be referred to a committee where it will receive public hearings. Repeal of the Ohio estate tax would take effect in Jan. 1, 2011, if the bill becomes law.
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