✔️ HB617
Enact the Ohio Capital Gains Tax Repeal Act
Current Status: Introduced In House
Summary
The bill exempts capital gains from state and municipal income taxation in Ohio, effectively repealing the taxation of such gains. It amends sections 718.01 and 5747.01 of the Revised Code and repeals section 5747.79, applying to taxable years ending on or after the effective date. A report on the fiscal impact of the act is required by June 30, 2027.
Rationale
The bill aligns with the Libertarian Party and Libertarian Party of Ohio platforms by promoting economic liberty through the repeal of taxes on capital gains, which supports free market principles and individual property rights. Both platforms advocate for reduced taxation and government interference in economic matters.