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.
November 22, 2013 12:00 am
