Sales Tax Holidays by State, 2021
Although state budgets may be in unusual places this year, sales tax holidays remain the same as they always have been—ineffective and inefficient.
4 min readHow does Ohio’s tax code compare? Ohio has a graduated state individual income tax, with rates ranging from 2.750 percent to 3.500 percent. There are also jurisdictions that collect local income taxes. 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. Ohio has a 1.30 percent effective property tax rate on owner-occupied housing value.
Ohio does not have an estate tax or inheritance tax. Ohio has a 38.5 cents per gallon gas tax rate and a $1.60 cigarette excise tax rate. The State of Ohio collects $5,343 in state and local tax collections per capita. Ohio has $8,017 in state and local debt per capita and has an 81 percent funded ratio of public pension plans. Overall, Ohio’s tax system ranks 36th on our 2024 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Ohio is no exception. The first step towards understanding Ohio’s tax code is knowing the basics. How does Ohio collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures 2024: How Does Your State Compare?
Although state budgets may be in unusual places this year, sales tax holidays remain the same as they always have been—ineffective and inefficient.
4 min readAs states close their books for fiscal year 2021, many have much more revenue on hand than they anticipated last year. Eleven states have responded by reducing income tax rates and making related structural reforms as they strive to solidify a competitive advantage in an increasingly competitive national landscape.
29 min readA rosy revenue outlook has allowed Ohio to join eight other states in providing tax relief this legislative session. The Ohio legislature agreed on a two-year budget, which includes individual income tax cuts.
4 min readThirteen states have notable tax changes taking effect on July 1, 2021, which is the first day of fiscal year (FY) 2022 for every state except Alabama, Michigan, New York, and Texas. Individual and corporate income tax changes usually take effect at the beginning of the calendar year for the sake of maintaining policy consistency throughout the tax year, but sales and excise tax changes often correspond with the beginning of a fiscal year.
11 min readKrispy Kreme may have started the vaccine incentive ball rolling, but many states are putting big money into the effort with vaccine lotteries. Unlike a normal lottery, no one is paying for tickets—but the tax collector still gets paid when someone wins.
2 min readOhio is one of a growing number of states which experienced revenue increases despite the economic slowdown from the coronavirus pandemic and is now looking to return some of that through tax relief.
5 min readState taxation of GILTI is unconventional and economically uncompetitive and will become even more so if the federal government adopts a more aggressive approach to taxing GILTI, as outlined in the American Jobs Plan Act.
32 min readA landmark comparison of corporate tax costs in all 50 states, Location Matters provides a comprehensive calculation of real-world tax burdens, going beyond headline rates to demonstrate how tax codes impact businesses and offering policymakers a road map to improvement.
8 min readWith so many federal changes occurring in such a short amount of time—including some federal provisions changing more than once and a major change to the treatment of UC income occurring in the middle of tax filing season—state legislators have faced the challenge of responding to these changes quickly in order to provide certainty to taxpayers.
24 min readNew Yorkers faced the highest burden, with 14.1 percent of income in the state going to state and local taxes. Connecticut (12.8 percent) and Hawaii (12.7 percent) followed.
19 min read