The Ohio Judicial Conference has issued a bench card, a copy of which is attached, that gives Ohio’s Common Pleas Court judges a checklist they may use when presented with an order seeking judgment on a note containing a warrant of attorney. While the bench card is merely advisory, it represents a victory for
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Ohio Bank Tax Legislation
On September 26, 2016, Rep. Armstutz introduced two pieces of legislation in the Ohio House that could impact the tax rate of the Ohio financial institutions tax (“FIT”) that is paid by banks and other financial institutions doing business in Ohio. These bills are H.B. 599 and H.B. 600. These bills are alternatives. Both would…
Ohio Financial Institutions Tax and National Banks
In September, at the request of an Ohio-based national bank, the Office of the Comptroller of the Currency issued an opinion challenging the application of the Ohio Financial Institutions Tax (FIT) to national banks with their principal office in Ohio.
The opinion held that the FIT contradicted a federal statute that provides a national bank…
Ohio Financial Institutions Tax – Draft Regulations
The Ohio Department of Taxation recently released draft administrative regulations (the “Regulations”) designed to implement the new Ohio financial institutions tax. The new tax takes effect Jan. 1, 2014 and replaces the corporation franchise tax and dealers in intangible tax, which financial institutions have historically paid in Ohio.
The Regulations state that the tax has…
Tax Treatment of OREO
The Internal Revenue Service has recently reversed course regarding federal income tax treatment for banks for certain costs associated with OREOs (“other real estate owned”). The newer guidance should liberalize the ability of banks to take immediate deductions with respect to certain costs associated with OREOS. The IRS has released a Chief Counsel Memorandum stating…
Ohio General Assembly Approves Bank Tax Reform Legislation
On December 11, 2012, the Ohio General Assembly approved a measure (H.B. 510) that will reform how banks and other financial institutions are taxed by the State of Ohio. Governor John Kasich is expected to sign the bill into law today. If enacted, the changes will take effect for tax years starting in 2014.
This bill expands…
Financial Institutions Tax Reform Stalled in Ohio Senate
Legislation to significantly change the way Ohio taxes financial institutions is tied up in the Ohio legislature – for the time being, anyway. Although the Ohio House of Representatives passed H.B. 510 to overhaul Ohio taxation of financial institutions in the spring, the Ohio Senate stalled work on the legislation before its summer recess.
Stated reasons…
Ohio Financial Institutions Tax Reform
The Ohio House of Representatives has passed H.B. 510 which overhauls the taxation of financial institutions by the State of Ohio. The legislation is expected to move through the Ohio Senate committee process immediately. The governor and others are touting the bill as shifting the relative tax burden from smaller banks to larger banks while lowering rates…
Historically Low Interest Rates Create Estate Planning Opportunities
For good or for bad, interest rates are currently near all-time lows, including the “applicable federal rate” (“AFR”) which is used to set minimum interest rates for certain gift and estate tax planning techniques. While bankers and financial institution executives routinely consider the implications of such low rates for their institutions, they also should carefully consider…
IRS Releases Additional FATCA Guidance, Although Many Questions Remain
In Notice 2011-34 issued April 8, 2011, the IRS provided supplemental guidance regarding foreign financial account reporting requirements under the Foreign Account Tax Compliance Act (“FATCA”). All businesses that makes payments to foreign financial institutions should be aware of these rules which take effect in 2013. The recently released supplemental guidance, which is expected to be…