COLUMBUS - 

State Representative Gary Scherer (R-Circleville) has announced that the lower tax withholding rates that were enacted in the state budget will take effect on September 1st, which will allow Ohioans to immediately see the benefits of the tax cut and keep more of their own hard-earned money.


The tax cut is part of a comprehensive package of tax reforms that reduces income tax rates for Ohioans by 10 percent over three years, cuts small business taxes by 50 percent, and moves Ohio toward consumption-based taxes by adjusting the base sales tax from 5.5 percent to 5.75 percent. Overall, the package will reduce Ohioans’ taxes by $2.7 billion over the next three years.


“This is just another step in moving Ohio in the right direction,” Scherer said. “We need to continue to put more of the taxpayers’ hard-earned money back in their pockets.”


The lower withholding rates mean that Ohio employers should deduct 9 percent less state tax from employees’ paychecks beginning on September 1st. The new rate, which will be in effect through the end of 2014, incorporates an 8.5 percent tax cut for 2013 and an additional 0.5 percent cut in 2014.


The tax reforms that were enacted in Amended Substitute House Bill 59 aim to make Ohio more conducive to economic development and business growth. Ohio workers will benefit from the income tax cut through the withholding changes and fully capture the benefit for all of 2013 when they file their state tax returns next spring.


Further instructions for the income tax change are posted on the Ohio Department of Taxation’s website at www.tax.ohio.gov.

 
 
 
  
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