HB617

Enact the Ohio Capital Gains Tax Repeal Act

House | Introduced In House

📋 What This Bill Does

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.

Plain English summary · Non-partisan · Auto-generated

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.

Risks and Concerns

Platform Citations (4)

2.1 Aggression, Property, and Contract SUPPORTS

The bill supports property rights by eliminating taxes on capital gains.

2.0 Economic Liberty SUPPORTS

The repeal of capital gains tax enhances economic freedom.

taxation_spending SUPPORTS

The bill calls for the repeal of the state income tax, aligning with LPO's goals.

free_markets SUPPORTS

The bill promotes free market principles by removing taxation on capital gains.