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Governor Signs Tax Break for Teachers, Attorneys and Lobbyists into Law

Posted by Zinner & Co. Tax Team on Nov 11, 2019 10:47:05 AM

Governor Mike DeWine has signed a bill into law that will allow Attorneys and Lobbyists to take the Business Income Deduction (BID) deduction.The law was backed by the Ohio Society of CPAs, and was viewed as a fix to a part of the biennial budget that was thought to be unfair in its treatment of two specific professions.

As we wrote about when the bill first passed the General Assembly of the House in October, the law, in part, allows lawyers and lobbyists to take the same deductions as other types of pass-through entities. The law also contains two other provisions of note:

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Topics: Ohio business owners, income tax, business income deduction, ohio

Ohio House Passes Bill Reducing Taxes for Lawyers, Lobbyists & Teachers

Posted by Zinner & Co. Tax Team on Oct 15, 2019 5:45:00 AM

The Ohio General Assembly unanimously passed a bill that reverses a previous tax measure, passed in July, that required lawyers and lobbyists to pay tax on the first $250,000 of income they earned.

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Topics: Ohio business owners, income tax, SALT, business income deduction

Changes to Ohio’s Business Income Deduction Still Undecided

Posted by Zinner & Co. Tax Department on Jul 1, 2019 11:14:00 AM

Ohio's state constitution requires that the state's biennial budget be approved by June 30. That deadline has come and gone and Ohio's Legislature has not yet passed a budget. The house and senate both approved a measure that extends state funding at current levels for 17 days while lawmakers try to compromise on the 3,000+-page budget bill.

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Topics: income tax, business income deduction

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