Saul to testify as SALT bill takes another step forward

OSCPA staff report

Proponent testimony on Senate Bill 246 is set for Tuesday, May 17 in the House Ways and Means Committee with OSCPA’s Director of Tax Policy, Greg Saul, Esq., CAE, scheduled to speak in favor of the measure. 

This OSCPA legislative priority, known as the SALT cap parity bill, would authorize a pass-through entity (PTE) owner to claim a refundable credit against the owner’s Ohio income tax liability equal to the owner’s proportionate share of the tax paid by the PTE. A change to IRS Notice 2020-75 allows states to enact legislation to clarify that taxes paid by a PTE do not count towards an owner’s $10,000 state and local tax limitation deduction for federal income tax purposes. 

“We want to join the 27 other states that have passed this type of legislative remedy for PTEs,” said Saul. “It’s something we know is important to our members and their clients and we are eager to bring this measure across the finish line for them.”

The bill was voted out of the Senate unanimously. This is the second of at least three hearings on the matter in the House Ways and Means Committee. Click here to view Saul’s testimony live, which is scheduled for 4:00 p.m on May 17.