The Ohio estate tax will disappear on January 1, 2013, under a provision of the Ohio budget bill singed into law yesterday by Governor Kasich.
Only 22 states still have some sort of death tax, and the Ohio tax has the lowest exemption amount of any of them. It hits any estate in which $338,333 or more will be passing to beneficiaries other than a surviving spouse. This means that a lot of middle class families and small business owners end up paying an estate tax in Ohio who would not have to worry about it in most other states. Eliminating the tax will simplify the process of settling estates for Ohio families who aren't affected by the federal estate tax.
Read more about recent changes in state estate tax laws here.
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