Ohio has enacted two tax amnesties: Significant tax savings are available

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Ohio’s budget bill provides taxpayers with tremendous tax savings opportunities!

By including two “tax amnesty” provisions in the biennial budget bill, Governor John Kasich and the Ohio General Assembly have provided thousands of Ohio businesses and individuals a unique opportunity to effectively eliminate multiple years of Ohio consumer use tax liability, as well as avoid penalties and interest on many other types of delinquent state taxes. Amended Substitute House Bill 153 (the Budget Bill) included a General Tax Amnesty program and a Consumer Use Tax Amnesty program, as well as a new time limitation on Ohio consumer use tax assessments.

While these programs contain various technical prerequisites, they offer taxpayers a unique opportunity to come clean with the Ohio Department of Taxation (ODT) and avoid penalties and interest and, in some situations, completely eliminate years of tax exposure.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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