Part of the reason Ohio’s economy is floundering is because the corporate tax system in the state is prohibitive and askew from the rest of the country. As a result, companies don’t want to station themselves here. But get this little gem in reference to personal taxes, as stated in the Ohio Grantmakers Forum newsletter:
The federal IRA charitable rollover included in the Pension Protection Act of 2006 provides a new federal exclusion from income for distributions from individual retirement accounts to qualified charities. In Ohio, however, individuals who take advantage of this provision have to pay state income tax on the distribution. OGF and others are working with state legislators to correct this issue during the remainder of the legislative session.
For all of you Buckeyes, you might want to head on over to Congress.org, find out who your state legislators are and pen them an email.