Bill > SB116

This bill amends Ohio's tax code to reduce the tangible personal property tax assessment rate for pipeline companies from 88% to 25% of true value, starting in tax year 2025. Tangible personal property tax is a tax levied on physical assets owned by businesses, such as equipment and infrastructure. Currently, different types of utility companies are assessed at varying tax rates, with pipeline companies previously taxed at 88%. The bill changes this specific provision to align pipeline companies' tax assessment rate with other utility types like water transportation companies and natural gas companies, which are taxed at 25%. This reduction means pipeline companies will pay lower taxes on their physical assets, potentially making Ohio more attractive for pipeline-related businesses and reducing their tax burden. The change will apply to tax year 2025 and all subsequent tax years, representing a significant shift in how these companies are taxed in the state.

Transportation and Infrastructure

https://www.legislature.ohio.gov/legislation/136/sb116