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Business professionals in a modern conference room discussing Ohio budget updates.

Ohio budget updates: Significant tax cuts, resident credit for PTET, and more

August 29, 2023 / 5 min read

The Ohio operating budget for fiscal years 2024–2025 was finalized, with most changes taking effect in the fall. Changes to individual income tax, sales and use tax, property tax, and more are included. Our Ohio tax professionals discuss.

On July 3, 2023, Ohio Governor Mike DeWine signed Amended Substitute House Bill 33, the state operating budget for fiscal years 2024–2025. This legislation funds the state government and enacts a series of tax law changes that impact a large variety of taxpayers. Most of the changes in the 6,200-page bill will take effect in the fall. Below is a summary of various tax changes by tax type included in Ohio’s budget.

Individual income tax

Commercial Activity Tax (CAT)

Sales and use tax

Municipal net profit and income taxes

Property tax

Other key taxation provisions

Overall, the Ohio budget authorized significant tax cuts for individuals and businesses operating in Ohio. If you have any questions on how the provisions in the budget impact you or your business or any other state and local tax matters, please feel to reach out to us.

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