2014 Commercial Activity Tax (CAT) Changes
Beginning Jan. 1, 2014, changes to the annual minimum tax (AMT) will go into effect. While taxpayers with receipts of $1 million or less will see no increase in their CAT liabilities, if you have taxable gross receipts in excess of $1 million, you will see an increase in your annual minimum tax amount. The increase is as follows:
Taxable Gross Receipts
|
Annual Minimum Tax
|
CAT
|
$1 Million or less
|
$150
|
No Additional Tax
|
More than $1 Million but less than or equal to $2 Million
|
$800
|
0.26% x (Taxable Gross Receipts - $1 Million)
|
More than $2 Million but less than or equal to $4 Million
|
$2,100
|
0.26% x (Taxable Gross Receipts - $1 Million)
|
More than $4 Million
|
$2,600
|
0.26% x (Taxable Gross Receipts - $1 Million)
|
Electronic Filing and Payment
Ohio Information Release CAT 2013-03, issued in draft format in July 2013, will now require annual CAT filers (those with Ohio taxable gross receipts of less than $1 million) to file and pay their annual CAT electronically, via the Ohio Business Gateway, beginning with returns and payments filed on or after January 1, 2014.
Posted on
Fri, November 22, 2013
by Anthony Longano