11/18/2023
Fantastic News about Ohio Cat Tax for business owners.
You no longer have to file and pay the Ohio Cat Tax if your gross sales is less than $3,000,000 (3 Million) for the year.
If you have a Cat Tax account you can cancel it now.
From Ohio Website:
Pursuant to Am. Sub. H.B. 33 of the 135th Ohio General Assembly, the Commercial Activity Tax (CAT) will undergo major changes beginning January 1, 2024. For tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated, and the exclusion amount is increased from $1 million to $3 million. For calendar year 2025 and thereafter, the exclusion amount is increased to $6 million.
Beginning on January 1, 2024, the Commercial Activity Tax (CAT) will undergo major changes. For tax periods beginning on and after January 1, 2024, the CAT annual minimum tax is eliminated, and the exclusion amount is increased from $1 million to $3 million. Therefore, taxpayers with taxable gross receipts of $3 million or less per calendar year will no longer be subject to the CAT.
Act Now! – No need to wait until 2024 to cancel your CAT account! Both annual and quarterly taxpayers who anticipate having less than $3 million in taxable gross receipts in tax year 2024 may cancel their CAT account immediately with an effective date of December 31, 2023.