In a previous client alert here, released on June 12, 2020, Vince Nardone and Mike Sorice discussed a proposed tax amnesty plan passed by the Ohio House of Representatives set to begin on January 1, 2021. Although the program passed the House of Representatives in mid-May, to date, the proposed tax amnesty is still under review by the Ohio Senate’s Ways and Means Committee, even with the proposed amnesty period right around the corner.
On May 20, 2020, the Ohio House of Representatives unanimously approved a new tax amnesty proposal (HB 609) that would raise revenues for the state and provide relief for taxpayers while Ohio’s economy recovers from the COVID-19 pandemic. The tax amnesty program would establish an amnesty period during which taxpayers with unreported or underreported Ohio taxes could discharge their tax debts by paying the delinquent tax without paying penalties and interest.
If approved by the Senate and signed by Governor DeWine, the temporary amnesty period would run from January 1, 2021, to March 31, 2021. For more information on the proposed tax amnesty program, including covered taxes, please visit our previous alert on this topic here.
Mike Sorice is a law clerk in the Columbus office of Walter | Haverfield. He recently graduated from the Ohio State University Moritz College of Law.
Vince Nardone is Partner-in-Charge of Walter | Haverfield’s Columbus office. He serves as a business advisor to owners and executives of closely-held businesses, counseling them on business planning, tax planning and controversy, cash-flow analysis, succession planning, and legal issues that may arise in business operations.