Ohio Enacts New Elective Pass-Through Entity Tax

Last month, Governor Mike DeWine signed Senate Bill 246, authorizing Ohio pass-through entities (PTE), including S corporations, partnerships and limited liability companies taxed for federal income tax purposes as partnerships, to elect to pay a PTE level tax as a workaround to the $10,000 ($5,000 in the case of a married individual filing a separate return) federal income tax deduction cap on state and local taxes (SALT) paid by the owners....
By: Kohrman Jackson & Krantz LLP