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Mitigation of Risk for Owners of Brokerage and Bank Accounts
Important Changes to the Ohio Commercial Activity Tax
Effective January 1, 2024, the Commercial Activity Tax (CAT) underwent major changes. Please see below for a summary of changes that went into effect for tax periods beginning on and after January 1, 2024.
New Exclusion Amount Coming in 2025! – Effective January 1, 2025, the exclusion amount will double from $3 million to $6 million. This means that taxpayers with taxable gross receipts of $6 million or less per calendar year will no longer be subject to the CAT.
Act Now! – Quarterly taxpayers who anticipate having $6 million or less in taxable gross receipts in tax year 2025 may cancel their CAT account immediately. Simply cancel your CAT account with an effective date of December 31, 2024.
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