COLUMBUS—The Ohio Senate passed legislation Wednesday harmonizing recent changes to the federal tax code with Ohio’s income tax law. This legislation ensures that Ohio’s combat-injured veterans can take advantage of tax savings for the benefits they have earned for their service.
“Ohio’s veterans have already paid so much in their service to our country,” said Sen. Bob Peterson (R-Washington Court House). “Eliminating this burdensome tax on the benefits that our brave combat-injured veterans have rightfully earned further demonstrates our commitment to improving the quality of life for our service members as they return home.”
House Bill 11, sponsored by Rep. Gary Scherer (R-Circleville), also ensures that Olympic and Paralympic athletes whose Federal Adjusted Income is less than $1 million do not have to pay income tax on the medals they receive.
“As a CPA, I am well aware some of the tax laws can be a bit dull and difficult to understand, however, this legislation is necessary so we can ensure Ohioans are able to fully benefit from the new federal laws this tax season,” said Scherer.
This legislation reflects provisions in Senate Bill 22, sponsored by Peterson, which passed the Senate last month.