Estate Tax Legislation Reaches the Desks of Ohio's Leaders

State Representative Mark Okey has recently proposed the repeal of Ohio’s estate tax.

Okey says House Bill 456 would repeal Ohio’s estate tax and says the measure builds on Ohio’s previous efforts to reduce the state income tax by 17 percent over the last four years, while providing additional relief for Ohio families and farmers.

Okey says the introduction of the Bill also comes at a time when the federal estate tax is in limbo.

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Okey says it’s also important to note that a majority of states do not have an estate tax.

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Okey says the revenue generated from the estate tax is currently divided in two, and says 20 percent heads to the state level, while 80 percent heads to local governments.

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Okey says Ohio has undergone major reforms over the past few years to reduce the tax burden on families and businesses, and says repealing the estate tax is the next step that should be taken to provide relief to Ohio’s families and family farmers.

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Okey says he believes that the recent approval of casino gambling in the state will provide financial relief to local governments that rely heavily on estate taxes.

If the bill becomes law, repeal of the Ohio Estate Tax would take effect on January 1^st of 2011.