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The FIT is based on the total equity capital in proportion to the taxpayer's gross receipts sitused in Ohio, with situs based on either where a taxpayer's customers are deemed to benefit from the taxpayer's services or, in the case of some receipts, where the taxpayer's regular places of business are located.

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Ohio's combined state and local general revenues were $131.6 billion in FY 2021, or $11,190 per capita. National per capita general revenues were $12,277. Ohio does not levy a corporate income tax but reports some revenue because it has a special tax on financial institutions.

Ohio does not have a corporate income tax but does levy a state gross receipts tax. Ohio has a 5.75 percent state sales tax rate and an average combined state and local sales tax rate of 7.24 percent.

New – Important Changes to the Ohio Commercial Activity Tax 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.

Franchise Tax Phase-Out For most taxpayers, the franchise tax was phased out dur ing the 2006 through 2010 franchise tax report years (for busi ness activities in the taxable years ending in 2005 through 2009).

The bill phases-out the state income tax on nonbusiness income over six years, resulting in the full repeal of the tax in 2030. Under current law, Ohio levies a tax on both business income and nonbusiness income.

As of January 1, 2013, the state of Ohio no longer imposes an estate tax on the transfer of assets from resident decedents (or on Ohio assets of nonresidents). In previous years the rates and amounts varied. The 2012 tax rates are shown in the table below.

Ohio is one of a handful of states that don't impose corporate income or franchise taxes. Instead, it levels a type of gross receipts tax called the Commercial Activity Tax (CAT).