As Reported by House Finance and Appropriations Committee 1
123rd General Assembly 4
Regular Session Sub. S. B. No. 108 5
1999-2000 6
SENATORS LATTA-OELSLAGER-WATTS-BLESSING-MUMPER-WHITE- 8
NEIN-WACHTMANN-CUPP-HOTTINGER-CARNES-ARMBRUSTER-SPADA- 9
JOHNSON-DRAKE-RAY-GARDNER-SCHAFRATH-HORN-DiDONATO-KEARNS- 10
REPRESENTATIVES COUGHLIN-WILSON-PERRY-BOYD-OGG-BARRETT-SULLIVAN- 11
CORBIN-MEAD-AMSTUTZ-WOMER BENJAMIN-MOTTLEY-KREBS-DAMSCHRODER- 12
EVANS-HOOPS-METZGER-NETZLEY-PETERSON-O'BRIEN-STAPLETON-CAREY- 13
KILBANE 14
_________________________________________________________________ 15
A B I L L
To amend sections 1339.412, 5731.02, 5731.14, 17
5731.21, 5731.47, and 5731.48 and to enact 18
section 5731.20 of the Revised Code to reduce the
estate tax by increasing the credit amount, to 19
exempt the value of family-owned businesses from 20
the estate tax when such a business passes to
family members, to reduce the share of the estate 21
tax paid to the state, and to specify that a
trustee of a trust qualifying for the estate tax 23
marital deduction has a duty to annually 24
distribute income from an IRA to the surviving
spouse.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF OHIO: 26
Section 1. That sections 1339.412, 5731.02, 5731.14, 28
5731.21, 5731.47, and 5731.48 be amended and section 5731.20 of 29
the Revised Code be enacted to read as follows: 30
Sec. 1339.412. (A) Except as provided in division (B) of 40
this section, an instrument that creates an inter vivos or 41
testamentary trust shall not require or permit the accumulation 42
for more than one year of any income of property that satisfies 44
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both of the following:
(1) The property is granted to a surviving spouse of the 46
testator or other settlor. 47
(2) The property qualifies for the federal estate tax 49
marital deduction allowed by subtitle B, Chapter 11 of the 51
"Internal Revenue Code of 1986," 26 U.S.C. 2056, as amended, or 56
the estate tax marital deduction allowed by division (A) of 57
section 5731.15 of the Revised Code. 58
(B)(1) Division (A) of this section does not apply if an 61
instrument that creates an inter vivos or testamentary trust 62
expressly states the intention of the testator or other settlor 63
that obtaining a marital deduction as described in division 64
(A)(2) of this section is less important than requiring or 65
permitting the accumulation of income of property in accordance 67
with a provision in the instrument that requires or permits the 68
accumulation for more than one year of any income of property. 69
(2) Division (A) of this section does not apply to any 72
beneficiary of an inter vivos or testamentary trust other than 73
the surviving spouse of the testator or other settlor or to any
inter vivos or testamentary trust of which the surviving spouse 74
of the testator or other settlor is a beneficiary if an interest 75
in property does not qualify for a marital deduction as described 76
in division (A)(2) of this section. 77
(C)(1) THE TRUSTEE OF A TRUST THAT QUALIFIES FOR AN ESTATE 79
TAX MARITAL DEDUCTION FOR FEDERAL OR OHIO ESTATE TAX PURPOSES AND 81
THAT IS THE BENEFICIARY OF AN INDIVIDUAL RETIREMENT ACCOUNT HAS A
FIDUCIARY DUTY, IN REGARD TO THE INCOME DISTRIBUTION PROVISION OF 82
THE TRUST, TO WITHDRAW AND DISTRIBUTE THE INCOME OF THE 83
INDIVIDUAL RETIREMENT ACCOUNT, AT LEAST ANNUALLY, TO THE 84
SURVIVING SPOUSE OF THE TESTATOR OR OTHER SETTLOR.
(2) A TRUSTEE'S FIDUCIARY DUTY AS DESCRIBED IN DIVISION 86
(C)(1) OF THIS SECTION IS SATISFIED IF THE TERMS OF THE TRUST 87
INSTRUMENT EXPRESSLY PROVIDE THE SURVIVING SPOUSE A RIGHT TO 88
WITHDRAW ALL OF THE ASSETS FROM THE TRUST OR A RIGHT TO COMPEL 89
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THE TRUSTEE TO WITHDRAW AND DISTRIBUTE THE INCOME OF THE 90
INDIVIDUAL RETIREMENT ACCOUNT TO THE SURVIVING SPOUSE. 91
(D) Divisions (A) and, (B), AND (C)(1) of this section are 95
intended to codify certain EXISTING fiduciary and trust law 96
principles relating to the interpretation of a testator's or 97
other settlor's intent with respect to the INCOME provisions of a 98
trust. Divisions (A) and, (B), AND (C) of this section apply to 100
trust instruments executed prior to and existing on the effective 101
date of this section, unless the OCTOBER 1, 1996, OR EXECUTED 102
THEREAFTER. THE trustee of a trust of that nature DESCRIBED IN 104
DIVISION (A) OR (B) OF THIS SECTION, in a written trust 105
amendment, elects to do otherwise MAY ELECT TO NOT APPLY 106
DIVISIONS (A) AND (B) OF THIS SECTION TO THE TRUST. Any election 108
of that nature, when made, is irrevocable.
Sec. 5731.02. (A) A tax is hereby levied on the transfer 117
of the taxable estate, determined as provided in section 5731.14 118
of the Revised Code, of every person dying on or after July 1, 119
1968, who at the time of his death was a resident of this state, 120
as follows: 121
If the taxable estate is: The tax shall be: 123
Not over $40,000 2% of the taxable estate 124
Over $ 40,000 but not over $800 plus 3% of the excess 125
$100,000 over $40,000 126
Over $100,000 but not over $2,600 plus 4% of the excess 127
$200,000 over $100,000 128
Over $200,000 but not over $6,600 plus 5% of the excess 130
$300,000 over $200,000
Over $300,000 but not over $11,600 plus 6% of the excess 132
$500,000 over $300,000
Over $500,000 $23,600 plus 7% of the excess 134
over $500,000.
(B) A credit shall be allowed against the tax imposed by 136
division (A) of this section equal to the lesser of five hundred 138
dollars or the amount of the tax FOR PERSONS DYING ON OR AFTER 139
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JULY 1, 1968, BUT BEFORE JANUARY 1, 2001; THE LESSER OF SIX 140
THOUSAND SIX HUNDRED DOLLARS OR THE AMOUNT OF THE TAX FOR PERSONS 142
DYING ON OR AFTER JANUARY 1, 2001, BUT BEFORE JANUARY 1, 2002; OR 143
THE LESSER OF THIRTEEN THOUSAND NINE HUNDRED DOLLARS OR THE 145
AMOUNT OF THE TAX FOR PERSONS DYING ON OR AFTER JANUARY 1, 2002. 147
Sec. 5731.14. For purposes of the tax levied by section 156
5731.02 of the Revised Code, the value of the taxable estate 157
shall be determined by deducting from the value of the gross 158
estate deductions provided for in sections 5731.15 to 5731.17 AND 159
5731.20 of the Revised Code.
Sec. 5731.20. (A) AS USED IN THIS SECTION: 161
(1) "TAX DIFFERENTIAL WITH RESPECT TO THE ESTATE" MEANS 163
THE EXCESS OF (a) THE AMOUNT THAT THE ESTATE TAX LIABILITY WOULD 164
BE UNDER SECTION 5731.02 OF THE REVISED CODE IF THE DEDUCTION 166
UNDER THIS SECTION HAD NOT BEEN DEDUCTED FROM THE VALUE OF THE 167
GROSS ESTATE, OVER (b) THE ESTATE TAX LIABILITY UNDER THAT 168
SECTION AFTER THE DEDUCTION UNDER THIS SECTION. 169
(2) "TAX DIFFERENTIAL ATTRIBUTABLE TO A QUALIFIED 171
FAMILY-OWNED BUSINESS INTEREST" MEANS AN AMOUNT THAT BEARS THE 172
SAME RATIO TO THE TAX DIFFERENTIAL WITH RESPECT TO THE ESTATE AS 173
THE VALUE OF THAT INTEREST BEARS TO THE VALUE OF ALL QUALIFIED 174
FAMILY-OWNED BUSINESS INTERESTS THAT ARE INCLUDED IN THE VALUE OF 175
THE GROSS ESTATE FOR THE PURPOSES OF SECTION 2057(b) OF THE 176
INTERNAL REVENUE CODE. 177
(3) ANY TERM USED IN THIS SECTION HAS THE SAME MEANING AS 179
USED IN SECTION 2057 OF THE INTERNAL REVENUE CODE EXCEPT AS 181
OTHERWISE PROVIDED IN THIS SECTION.
(B) THIS SECTION APPLIES TO THE ESTATES OF DECEDENTS DYING 183
ON OR AFTER JANUARY 1, 2001. 184
FOR THE PURPOSES OF THE TAX LEVIED UNDER SECTION 5731.02 OF 186
THE REVISED CODE, THE VALUE OF THE TAXABLE ESTATE SHALL BE 187
DETERMINED BY DEDUCTING FROM THE VALUE OF THE GROSS ESTATE THE 188
ADJUSTED VALUE OF ANY QUALIFIED FAMILY-OWNED BUSINESS INTEREST 189
DEDUCTIBLE FROM THE VALUE OF THE FEDERAL GROSS ESTATE UNDER 190
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SECTION 2057 OF THE INTERNAL REVENUE CODE, TO THE EXTENT THE 192
AMOUNT DEDUCTIBLE UNDER THAT SECTION IS INCLUDED IN THE VALUE OF
THE GROSS ESTATE AS DEFINED IN SECTION 5731.01 OF THE REVISED 193
CODE AND NOT OTHERWISE DEDUCTED IN THE DETERMINATION OF THE 194
TAXABLE ESTATE. THE DEDUCTION SHALL BE MADE ONLY IF ELECTED 195
PURSUANT TO DIVISION (D) OF THIS SECTION, BUT MAY BE MADE 196
REGARDLESS OF WHETHER A DEDUCTION IS MADE FOR FEDERAL ESTATE TAX 197
PURPOSES UNDER SECTION 2057 OF THE INTERNAL REVENUE CODE. 198
(C) IF ANY OF THE EVENTS THAT WOULD CAUSE ADDITIONAL 201
FEDERAL ESTATE TAX TO BE IMPOSED PURSUANT TO SECTION 2057(f) OF 202
THE INTERNAL REVENUE CODE OCCUR WITHIN TEN YEARS AFTER THE DATE 204
OF THE DECEDENT'S DEATH AND BEFORE THE DEATH OF THE QUALIFIED 205
HEIR, AN ADDITIONAL ESTATE TAX IS HEREBY IMPOSED. THE ADDITIONAL 206
TAX SHALL EQUAL THE SUM OF THE FOLLOWING: 207
(1) THE APPLICABLE PERCENTAGE, AS DETERMINED UNDER SECTION 209
2057(f) OF THE INTERNAL REVENUE CODE, OF THE TAX DIFFERENTIAL 211
ATTRIBUTABLE TO THE QUALIFIED FAMILY-OWNED BUSINESS INTEREST 212
ACQUIRED BY OR PASSING TO THE QUALIFIED HEIR; 213
(2) INTEREST ON THE AMOUNT DETERMINED UNDER DIVISION 215
(C)(1) OF THIS SECTION AT THE RATE DETERMINED UNDER SECTION 216
5703.47 OF THE REVISED CODE FOR THE PERIOD BEGINNING ON THE DATE 217
THE ESTATE TAX LIABILITY WAS DUE UNDER SECTION 5731.02 OF THE 218
REVISED CODE AND ENDING ON THE DATE THE ADDITIONAL ESTATE TAX IS 219
DUE.
THE ADDITIONAL TAX IS DUE ON THE FIRST DAY OF THE SEVENTH 221
MONTH AFTER THE EVENT CAUSING THE IMPOSITION OF ADDITIONAL 222
FEDERAL ESTATE TAX OCCURS. 223
THE QUALIFIED HEIR IS PERSONALLY LIABLE FOR THE ADDITIONAL 225
TAX IMPOSED UNDER THIS DIVISION. 226
(D) THE ELECTION TO MAKE THE DEDUCTION PROVIDED IN THIS 228
SECTION SHALL BE MADE ON THE RETURN FILED PURSUANT TO SECTION 229
5731.21 OF THE REVISED CODE AND AS PRESCRIBED BY RULE OF THE TAX 230
COMMISSIONER. THE ELECTION, ONCE MADE, IS IRREVOCABLE. 233
AN ELECTION MAY BE MADE UNDER THIS SECTION WITH RESPECT TO 235
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A QUALIFIED FAMILY-OWNED BUSINESS INTEREST ONLY IF EACH PERSON IN 236
BEING HAVING AN INTEREST IN ANY PROPERTY DESIGNATED IN THE 237
AGREEMENT CONSENTS TO THE APPLICATION OF DIVISION (C) OF THIS 238
SECTION WITH RESPECT TO SUCH PROPERTY BY WRITTEN AGREEMENT SIGNED 239
BY EACH SUCH PERSON, UNDER RULES OF THE TAX COMMISSIONER. THE 240
TAX COMMISSIONER MAY EXTEND THE TIME FOR SUBMITTING THE 241
INFORMATION AND ANY SIGNATURES REQUIRED TO MAKE AN ELECTION UNDER 242
THIS DIVISION.
(E) IF SECTION 2057(g) OF THE INTERNAL REVENUE CODE WOULD 247
APPLY TO A QUALIFIED HEIR, ANY INTEREST PASSING TO THAT HEIR MAY
BE TREATED AS A QUALIFIED FAMILY-OWNED BUSINESS INTEREST UNDER 249
THIS SECTION ONLY IF THE INTEREST PASSES, IS ACQUIRED, OR IS HELD 250
IN A QUALIFIED TRUST AS DEFINED IN SECTION 2057(g) OF THE 251
INTERNAL REVENUE CODE. 252
Sec. 5731.21. (A)(1)(a) Except as provided under division 261
(A)(3) of this section, the executor or administrator, or, if no 262
executor or administrator has been appointed, then such other 263
person in possession of property, the transfer of which is 264
subject to estate taxes under section 5731.02 or division (A) of 265
section 5731.19 of the Revised Code, shall file an estate tax 266
return, within nine months of the date of the decedent's death, 267
in the form prescribed by the tax commissioner, in duplicate, 268
with the probate court of the county. The return shall include 269
all property the transfer of which is subject to estate taxes, 270
whether such property is transferred under the last will and 271
testament of the decedent or otherwise. The time for filing the 272
return may be extended by the tax commissioner. 273
(b) The estate tax return described in division (A)(1)(a) 275
of this section shall be accompanied by a certificate, in the 276
form prescribed by the tax commissioner, that is signed by the 277
executor, administrator, or other person required to file the 278
return, and that states all of the following: 279
(i) The fact that the return was filed; 281
(ii) The date of the filing of the return; 283
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(iii) The fact that the estate taxes under section 5731.02 285
or division (A) of section 5731.19 of the Revised Code, that are 286
shown to be due in the return, have been paid in full; 287
(iv) If applicable, the fact that real property listed in 289
the inventory for the decedent's estate is included in the 290
return; 291
(v) If applicable, the fact that real property not listed 293
in the inventory for the decedent's estate, including, but not 294
limited to, survivorship tenancy property as described in section 295
5302.17 of the Revised Code, also is included in the return. In 296
this regard, the certificate additionally shall describe that 297
real property by the same description used in the return. 298
(2) The probate court shall forward one copy of the estate 300
tax return described in division (A)(1)(a) of this section to the 301
tax commissioner. 302
(3) If the value of the gross estate of the decedent is 304
twenty-five thousand dollars or less and the decedent was a 305
resident of this state, the A person otherwise required to file a 307
return may file a return, but shall not be required to do so, 309
FILE A RETURN UNDER DIVISION (A) OF THIS SECTION IF THE DECEDENT 310
WAS A RESIDENT OF THIS STATE AND THE VALUE OF THE DECEDENT'S 312
GROSS ESTATE IS TWENTY-FIVE THOUSAND DOLLARS OR LESS IN THE CASE 313
OF A DECEDENT DYING ON OR AFTER JULY 1, 1968, BUT BEFORE JANUARY 314
1, 2001; TWO HUNDRED THOUSAND DOLLARS OR LESS IN THE CASE OF A 315
DECEDENT DYING ON OR AFTER JANUARY 1, 2001, BUT BEFORE JANUARY 1, 317
2002; OR THREE HUNDRED THIRTY-EIGHT THOUSAND DOLLARS OR LESS IN
THE CASE OF A DECEDENT DYING ON OR AFTER JANUARY 1, 2002. 318
(4)(a) Upon receipt of the estate tax return described in 320
division (A)(1)(a) of this section and the accompanying 321
certificate described in division (A)(1)(b) of this section, the 322
probate court promptly shall give notice of the return, by a form 323
prescribed by the tax commissioner, to the county auditor. The 324
auditor then shall make a charge based upon the notice and shall 325
certify a duplicate of the charge to the county treasurer. The 326
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treasurer then shall collect, subject to division (A) of section 327
5731.25 of the Revised Code or any other statute extending the 328
time for payment of an estate tax, the tax so charged. 329
(b) Upon receipt of the return and the accompanying 331
certificate, the probate court also shall forward the certificate 332
to the auditor. When satisfied that the estate taxes under 333
section 5731.02 or division (A) of section 5731.19 of the Revised 334
Code, that are shown to be due in the return, have been paid in 335
full, the auditor shall stamp the certificate so forwarded to 336
verify that payment. The auditor then shall return the stamped 337
certificate to the probate court. 338
(5)(a) The certificate described in division (A)(1)(b) of 340
this section is a public record subject to inspection and copying 341
in accordance with section 149.43 of the Revised Code. It shall 342
be kept in the records of the probate court pertaining to the 343
decedent's estate and is not subject to the confidentiality 344
provisions of section 5731.90 of the Revised Code. 345
(b) All persons are entitled to rely on the statements 347
contained in a certificate as described in division (A)(1)(b) of 348
this section if it has been filed in accordance with that 349
division, forwarded to a county auditor and stamped in accordance 350
with division (A)(4) of this section, and placed in the records 351
of the probate court pertaining to the decedent's estate in 352
accordance with division (A)(5)(a) of this section. The real 353
property referred to in the certificate shall be free of, and may 354
be regarded by all persons as being free of, any lien for estate 355
taxes under section 5731.02 and division (A) of section 5731.19 356
of the Revised Code. 357
(B) An estate tax return filed under this section, in the 359
form prescribed by the tax commissioner, and showing that no 360
estate tax is due shall result in a determination that no estate 361
tax is due, if the tax commissioner within three months after the 362
receipt of the return by the department of taxation, fails to 363
file exceptions to the return in the probate court of the county 364
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in which the return was filed. A copy of exceptions to such a 365
return, when the tax commissioner files them within that period, 366
shall be sent by ordinary mail to the person who filed the 367
return. The tax commissioner is not bound under this division by 368
a determination that no estate tax is due, with respect to 369
property not disclosed in the return. 370
(C) If the executor, administrator, or other person 372
required to file an estate tax return fails to file it within 373
nine months of the date of the decedent's death, the tax 374
commissioner may determine the estate tax in such estate and 375
issue a certificate of determination in the same manner as is 376
provided in division (B) of section 5731.27 of the Revised Code. 377
Such certificate of determination has the same force and effect 378
as though a return had been filed and a certificate of 379
determination issued with respect to the return. 380
Sec. 5731.47. The fees of the sheriff or other officers 389
for services performed under Chapter 5731. of the Revised Code, 391
and the expenses of the county auditor shall be certified by the 392
county auditor by a report filed with the tax commissioner. If 394
the tax commissioner finds that such fees and expenses are
correct and reasonable in amount, he THE COMMISSIONER shall 395
indicate his approval OF THE FEES AND EXPENSES in writing to the 397
county auditor. The auditor shall pay such fees and expenses out
of the state's share of the undivided inheritance taxes in the 398
county treasury and draw his warrants payable from such taxes, on 400
the county treasurer in favor of the fee funds or officers 402
personally entitled thereto. IF THE FEES AND EXPENSES APPROVED 403
BY THE TAX COMMISSIONER EXCEED THE AMOUNT OF THE STATE'S SHARE OF 404
UNDIVIDED INHERITANCE TAXES IN THE COUNTY TREASURY, THE COUNTY 405
AUDITOR SHALL CERTIFY THE AMOUNT OF THE EXCESS TO THE TAX 406
COMMISSIONER, WHO SHALL CERTIFY THE AMOUNT TO THE DIRECTOR OF 407
BUDGET AND MANAGEMENT. THE DIRECTOR SHALL PROVIDE FOR PAYMENT OF 408
THE EXCESS FROM THE GENERAL REVENUE FUND TO THE COUNTY TREASURY, 409
AND THE COUNTY AUDITOR SHALL DRAW WARRANTS ON THE COUNTY
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TREASURER IN FAVOR OF THE APPROPRIATE FEE FUNDS OR OFFICERS. 410
Sec. 5731.48. (A) If a decedent dies on or after July 1, 419
1989, AND BEFORE JANUARY 1, 2001, sixty-four per cent of the 421
gross amount of taxes levied and paid under this chapter shall be 424
for the use of the municipal corporation or township in which the 426
tax originates, and shall be credited as follows PROVIDED IN 427
DIVISION (A)(1), (2), OR (3) OF THIS SECTION: 428
(A)(1) To the general revenue fund in the case of a city; 430
(B)(2) To the general revenue fund of a village or to the 432
board of education of a village, for school purposes, as the 433
village council by resolution may approve; 434
(C)(3) To the general revenue fund or to the board of 436
education of the school district of which the township is a part, 437
for school purposes, as the board of township trustees by 438
resolution may approve, in the case of a township. 439
Where THE REMAINDER OF THE TAXES LEVIED AND PAID SHALL BE 442
FOR THE USE OF THE STATE AND SHALL BE CREDITED TO THE GENERAL 443
REVENUE FUND AFTER ANY DEDUCTION FOR FEES AND COSTS CHARGED UNDER 444
SECTION 5731.47 OF THE REVISED CODE.
(B) IF A DECEDENT DIES ON OR AFTER JANUARY 1, 2001, AND 446
BEFORE JANUARY 1, 2002, SEVENTY PER CENT OF THE GROSS AMOUNT OF 448
TAXES LEVIED AND PAID UNDER THIS CHAPTER SHALL BE FOR THE USE OF 450
THE MUNICIPAL CORPORATION OR TOWNSHIP IN WHICH THE TAX ORIGINATES 451
AND CREDITED AS PROVIDED IN DIVISION (A)(1), (2), OR (3) OF THIS 452
SECTION, AND THE REMAINDER SHALL BE FOR THE USE OF THE STATE AND 453
CREDITED TO THE GENERAL REVENUE FUND AFTER ANY DEDUCTION FOR FEES 455
AND COSTS CHARGED UNDER SECTION 5731.47 OF THE REVISED CODE.
(C) IF A DECEDENT DIES ON OR AFTER JANUARY 1, 2002, EIGHTY 458
PER CENT OF THE GROSS AMOUNT OF TAXES LEVIED AND PAID UNDER THIS 459
CHAPTER SHALL BE FOR THE USE OF THE MUNICIPAL CORPORATION OR 461
TOWNSHIP IN WHICH THE TAX ORIGINATES AND CREDITED AS PROVIDED IN 462
DIVISION (A)(1), (2), OR (3) OF THIS SECTION, AND THE REMAINDER 463
SHALL BE FOR THE USE OF THE STATE AND SHALL BE CREDITED TO THE 464
GENERAL REVENUE FUND AFTER ANY DEDUCTION FOR FEES AND COSTS 465
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CHARGED UNDER SECTION 5731.47 OF THE REVISED CODE.
(D) IF a municipal corporation is in default with respect 468
to the principal or interest of any outstanding notes or bonds, 469
one half of the taxes distributed under this section shall be 470
credited to the sinking or bond retirement fund of the municipal 471
corporation, and the residue shall be credited to the general 472
revenue fund. 473
(E) The council, board of trustees, or other legislative 475
authority of a village or township may, by ordinance in the case 476
of a village, or by resolution in the case of a township, provide 477
that whenever there is money in the treasury of the village or 478
township from taxes levied under this chapter, not required for 479
immediate use, that money may be invested in federal, state, 480
county, or municipal bonds, upon which there has been no default 481
of the principal during the preceding five years. 482
The remainder of the taxes levied and paid under this 484
chapter, after deducting the fees and costs charged against the 485
proceeds of the tax under this chapter, shall be for the use of 486
the state, and shall be paid into the state treasury to the 487
credit of the general revenue fund. 488
Section 2. That existing sections 1339.412, 5731.02, 490
5731.14, 5731.21, 5731.47, and 5731.48 of the Revised Code are 491
hereby repealed.
Section 3. No later than December 1, 2001, the members of 494
the Joint Committee on Estate and Death Taxes, which is hereby 495
created, shall report to the Governor and to the majority and
minority leaders of both the House of Representatives and Senate 496
on a proposal to eliminate or phase out all remaining estate 497
taxes by 2006. This proposal shall move Ohio toward a true 498
"pick-up tax" or "sponge tax" and shall incorporate any effort by 499
the federal government to expedite the elimination of, or 500
eliminate entirely, federal estate tax. The Joint Committee on
Estate and Death Taxes shall be comprised of six members, three 501
from each house, with two from the majority party and one from 502
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the minority party. The committee shall choose co-chairs, one 503
from each house. The committee shall take into consideration 504
testimony presented to it. The committee shall cease to exist
after it issues its report. 505