Republican state lawmakers on Tuesday started their push to do away with Ohio's tax on money and possessions left after death _ a priority of the new Ohio governor and House Speaker.
A story from the AP says, Reps. Cheryl Grossman and Jay Hottinger introduced a bill Tuesday to repeal the estate tax, which they argue drives people away from the state. They say they have one Democrat, Rep. Mark Okey of Carrollton, backing the plan so far.
Hottinger, a Newark Republican, said the tax leads to successful Ohioans taking their lucrative estates to other states before they die.
"You know, warm weather and golf are not the only reasons that there is a significant exodus of Ohioans to states like Florida and other places," Hottinger said.
Ohio requires the tax on estates worth more than $338,333 before distribution to heirs or other beneficiaries. The House bill would eliminate that tax for people dying on or after Jan. 1 of this year.
How much people currently pay depends on their wealth.
A credit worth up to $13,900 is available to all estates. For estates valued between $338,333 and $500,000, the tax is 6 percent of the amount over $338,333. For estates worth more than $500,000, the tax is $9,700 plus 7 percent of the amount over $500,000.
Eighty percent of the money from the tax goes to local governments, which have strongly opposed any changes.
Click here to read more of this story from the AP.
