Legislation has been introduced in the Ohio House to reduce/eliminate the Ohio estate or "death" tax. NFIB/Ohio is currently gathering information on the effects of the Ohio death tax on small employers. Please fill out the below survey to the best of your ability. The answers and information provided will be used in the aggregate, and any and all personal information will be kept confidential.
Background: The Ohio death tax is levied against the value of a resident decedent's gross estate less deductions and exemptions. The tax is figured upon the gross value of an estate at the time of death. Some of the most common assets that must be reported include, but are not limited to: real estate located in Ohio, bank accounts, stock, tangible personal property (i.e. autos, boats, furniture, etc.), trust assets, business interests, and life insurance proceeds paid to the decedent's estate.
| Ohio Death Tax Rates | |
| If the net taxable estate is: | The tax shall be: |
| Over $338,333 but not over $500,000 | $13,900 plus 6 percent of the excess over $338,333 |
| Over $500,000 | $23,600 plus 7 percent of the excess over $500,000 |
1. Is the Ohio death tax an issue of concern for the future of your business?
64% Yes, it is critical to my business
29% Somewhat
7% Not at all
2. Based upon the above tax structure and your personal and business assets, how much death tax would you owe as of today?
15% <$20,000
17% $20 - $35k
13% $35k - $50k
13% $50k - $75k
8% $75k - $100k
16% $100k – 250k
10% $250k - $500k
10% > $500k
3. Have you hired a financial planner to help you manage succession planning for the death tax?
42% Yes
57% No
If yes, how much have you spent on these services?
18% < $1,000
28% $1,000 - $2,500k
23% $2,500k - $5k
17% $5k - $10k
4% $10k - $15k
3% $15k – 20k
2% $20k - $25k
5% > $25k
4. Do you purchase any insurance products to help defray the cost of the death tax?
43% Yes
57% No
If yes, how much have you spent on these services?
10% < $1,000
26% $1,000 - $2,500k
22% $2,500k - $5k
42% $5k - $10k
5. Have you hired legal counsel to help you in succession planning or to minimize the cost of the death tax? (Set up a trust, re-title assets, corporate structure, etc.)
61% Yes
39% No
If yes, how much have you spent on attorney fees?
15% < $1,000
38% $1,000 - $2,500
22% $2,500k - $5k
15% $5k - $10k
4% $10k - $15k
2% $15k – 20k
2% $20k - $25k
2% > $25k
6. Is the Ohio death tax a contributing factor in determining where you will live during your retirement?
60% Yes
40% No
7. Have you purchased a home in another state to avoid the death tax in Ohio?
8% Yes
92% No
If yes, what state are you a legal resident of?
Florida and Arizona: top 2 responses
8a. Do you give charitably to any charities/causes or community organizations?
82% Yes
18% No
If yes, to what charities/causes do you give?
Local churches, American Cancer Society, March of Dimes, Boy Scouts, Special Olympics, United Way, Salvation Army, and numerous other charitable organizations/causes.
8b. How much do you give to charitable organizations on an annual basis?
14% $100 - $500
15% $500 - $1k
34% $1k - $5k
18% $5k - $10k
8% $10k - $15k
2% $15k – 20k
2% $20k - $25k
8% > $25k
9. Are you willing to share your insights regarding the Ohio death tax with NFIB, an Ohio legislative committee, and/or the press?
