Ohio House Bill 5 requires municipalities to publish the interest rate for tax underpayments by October 31st, for the next calendar year.
Interest shall be imposed on unpaid income tax, unpaid estimated tax and unpaid withholding tax.
Per calculations required by House Bill 5, the annual interest rate for 2016 will be 5.00%.
Due to the passage of Ohio House Bill 5, The Municipal Tax Reform Bill, all Ohio municipalities will be required to make significant changes to their existing local tax ordinances. Most of these changes are being mandated by the state. All municipal tax ordinances must be amended by January 1, 2016, to comply with requirements of the new law. Click here to see changes for individuals and businesses.