The Ohio Department of Taxation has updated its website with two new documents:
Personal income tax brackets indexed for tax year 2012
Section 5747.02(A)(6) of the Ohio Revised Code (ORC) instructs the Department of Taxation to index the personal income tax brackets beginning in TY 2010. The indexing uses the same measure of inflation that is used to index the personal exemption each year in accordance with ORC section 5747.025. That measure is the GDP deflator, as produced by the Bureau of Economic Analysis (BEA) for the period of Jan. 1 to Dec. 31 of the preceding year.
Personal exemption for taxpayer, spouse and dependents indexed for tax year 2012
Section 5747.025 of the Ohio Revised Code (ORC) instructs the Department of Taxation to index the personal income tax exemption granted to taxpayers, taxpayer’s spouse, and dependents. The indexing is to be done using the GDP deflator, as produced by the Bureau of Economic Analysis for the period of Jan. 1 to Dec. 31 of the preceding year.