Starting January 1, 2024, a new tax law (H.B.33) eliminates the annual Commercial Activity Tax (CAT) minimum tax, requires quarterly tax filings, and provides an increase in the exclusion of $2-$5 million over a two-year period. The exclusion increase starts January 1, 2024, and increases again January 1, 2025. Further, taxpayers with $3 million or less in taxable gross receipts in 2024 and $6 million or less in 2025 will not be required to file a CAT return. These changes will save Ohio business taxpayers thousands of dollars.
Additional details about the changes and filing instructions can be found in this information release and the online resource page provided by the Ohio Department of Taxation.
Business owners with questions about these changes, or who need assistance with other state or federal tax issues, should contact GYF at 412-338-9300 for assistance.
