Ohio: Transfer tax under consideration

ICSC is following H.B. 449, legislation introduced in December in the Ohio House by State Representatives Doug Green (R) and Michael Skindell (D). The bill has the potential to dramatically increase the amount of tax owed on real estate transactions.

Currently in Ohio transfers of an interest of a pass-through entity that owns real estate are not subject to the conveyance fee tax. Under H.B. 449, this will no longer be the case. Not only will transactions involving real estate where there is a “qualifying transfer” (transfer involving more than 50% of the ownership interest) require payment of the tax, it will also lead to additional filings by boards of education to increase real estate tax assessments. 

H.B. 449 stands to drastically change Ohio’s current real estate transfer law and has the potential to significantly impact ICSC members. The bill has been assigned to the House Ways and Means Committee where it is awaiting hearings. 

ICSC plans to be fully engaged in opposing the bill but you can help! The annual Ohio Day at the Capitol event is Wednesday, April 29 and presents an opportunity to weigh in with legislators on this and other important issues facing the retail real estate community in Ohio. 

For more information or to RSVP, please contact Betsy Laird at gpp@icsc.com.