Sub. S.B. 194

128th General Assembly

(As Reported by S. Finance & Financial Institutions)

Sens.     Kearney, D. Miller, Fedor, Goodman, Jones, Morano, Turner, Schiavoni, Sawyer

BILL SUMMARY

· Permits individual taxpayers to direct the state to transmit an income tax refund directly to the taxpayer's savings account or individual retirement account.

CONTENT AND OPERATION

The bill requires the Tax Commissioner to permit individual taxpayers, at the time they file an annual return, to instruct the Tax Department to cause any refund of overpaid income taxes to be deposited directly into a savings account or an individual retirement account or individual retirement annuity, as designated by the taxpayer.  Such instructions can be given to the Department regardless of whether the taxpayer files a paper return or transmits the return electronically or telephonically.  (R.C. 5747.08(L).)

HISTORY

ACTION	DATE
Introduced	10-27-09
Reported, S. Finance & Financial Institutions	01-27-10

s0194-rs-128.docx/kl