November 7, 2019 •
Ohio Gov. Signs Bill Restoring Tax Exemption for Attorneys
Ohio Gov. Mike DeWine
Gov. Mike DeWine signed Senate Bill 26 into law on November 6, repealing a state budget amendment that would have caused many Ohio attorneys to pay higher income taxes beginning in 2020. Under Senate Bill 26, attorneys who derive their […]
Gov. Mike DeWine signed Senate Bill 26 into law on November 6, repealing a state budget amendment that would have caused many Ohio attorneys to pay higher income taxes beginning in 2020.
Under Senate Bill 26, attorneys who derive their income from entities such as LLCs and LLPs qualify to pay no tax on the first $250,000 of income and will pay a flat 3 percent tax rate on income above that threshold.
Senate Bill 26 also allows educators to claim an income tax deduction for out-of-pocket classroom expenses.
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