✔️ SB325
Authorize CAT exclusion for contractor payments to subcontractors
Current Status: In Senate Committee (Ways and Means)
Summary
This bill amends section 5751.01 of the Revised Code to authorize a commercial activity tax exclusion for contractor payments made to subcontractors, with an exclusion amount of three million dollars beginning in 2024 and six million dollars beginning in 2025. The amendment applies to tax periods ending on or after the effective date of the section.
Rationale
The bill supports economic liberty by reducing tax burdens on contractors, aligning with the Libertarian Party's principles of free markets and minimal government interference in economic activities. Both the LP and LPO advocate for reduced taxation and support free market principles, which this bill promotes by excluding certain payments from taxation.