With filing season opening Jan, 21, the State of Ohio Department of Taxation has released “What’s New for Tax Year 2019.”
Among the new policies are:
• Ohio Income Tax Tables. For tax year 2019, Ohio’s individual income tax brackets have been modified so that individuals with Ohio taxable nonbusiness income of $21,750 or less are not subject to income tax. Additionally, all Ohio income tax rates have been reduced by 4%.
• Ohio Nonresident Statement. Nonresident taxpayers who are eligible to file form IT NRS may now make their statement using the IT 1040 in place of filing the IT NRS. For more information, see pages 12 and 48 of the 2019 individual income tax instructions.
• Ohio Political Party Fund. Beginning with tax year 2019, taxpayers may no longer designate $1 of their tax liability to go to the Ohio Political Party Fund.
• Opportunity Zone Credit. A new credit is available for certain individuals who invest in Ohio opportunity zones. See page 22 of the individual income tax instructions.
For more information, visit www.tax.ohio.gov.