News

New Ohio Income Tax Tables Will Save Taxpayers $25 Million

The Ohio Department of Taxation recently unveiled its first-ever adjustment of Ohio’s individual income tax tables for inflation, a move that will save Ohioans an estimated $25 million annually starting with the returns due next spring.

Ohio Tax Commissioner Richard A. Levin said that the income levels associated with each of Ohio’s nine income tax brackets will be adjusted by 0.9 percent for the 2010 taxable year. This adjustment, based on federal economic data released July 27, will translate into an estimated $25 million annual savings when compared to what Ohio taxpayers would have collectively paid without the adjustment.

The IRS release, along with a schedule of Ohio's new individual income tax brackets is available here.

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