To: The Ohio State House, The Ohio State Senate, and Governor Mike DeWine
Reinstate Ohio's Estate Tax
Ohio's Estate Tax currently provides needed revenues to local governments and should be renewed when it expires at the end of this year (2012). All estates of $1,000,000 to $5,000,000 should be taxed at the rate of five (5) percent. All estates above $5,000,000 should be taxed at the rate of eight (8) percent. All estates under $1,000,000 will be exempt from payment of this tax.
Why is this important?
Ohio's Estate Tax will expire at the end of 2012. It applies only to estates above $338,300. Currently, 80 percent of this revenue goes to local governments that use it for special projects or to supplement their budgets. This loss of substantial revenues will affect all taxpayers because, to make up this shortfall local governments will have to cut needed services or convince voters to pass new tax levies.