HB39
Allow state income tax deduction for overtime wages
Current Status: In House Committee (Ways and Means)
Summary
This bill amends section 5747.01 of the Revised Code to allow a state income tax deduction for overtime wages paid to employees. The deduction applies to taxable years ending on or after the effective date of the amendment. It is applicable to wages paid in accordance with state and federal overtime laws.
Rationale
The bill supports economic liberty by allowing individuals to retain more of their earnings through tax deductions, which aligns with the Libertarian principles of minimal government interference in personal finances. However, it still involves government regulation of taxation, which may not fully align with the LP and LPO's advocacy for reduced taxation and government spending.
Risks and Concerns
- Potential for increased government complexity in tax regulations.
- May lead to unintended consequences in labor market dynamics.