❌ HB69
Regards taxpayer deduction for depreciation, enhanced expensing
Summary
This bill amends sections of the Ohio Revised Code to allow taxpayers to deduct the full bonus depreciation and enhanced expensing allowances they claim for federal income tax purposes in a single year. It affects taxpayers who utilize pass-through entities and trusts, specifying the conditions under which these deductions can be applied. The bill outlines the definitions and calculations necessary for determining adjusted qualifying amounts and the treatment of related transactions.
Rationale
The bill supports tax deductions which align with free market principles, but it also involves government regulation of tax policy that could be seen as increasing state control over economic matters. Both LP and LPO platforms advocate for minimal government intervention in economic affairs, leading to a mixed alignment score.
Risks and Concerns
- Potential for increased government control over economic decisions
- May lead to unintended consequences in tax policy
- Could create dependency on government tax incentives