COLUMBUS, OH - State Representative Tom Young (R-Washington Township) today highlighted House Bill 617, the Ohio Capital Gains Tax Repeal Act, at a press conference.

House Bill 617 works to exempt net capital gains from both Ohio's state income tax and municipal income taxes. The legislation aims to position Ohio as a more competitive destination for investors, entrepreneurs, and retirees by removing a tax burden that can influence where individuals choose to live and invest.

"Ohio should be a place that rewards investment and economic success, not one that discourages it," said Rep. Young. "Capital is mobile, and if we want to attract and retain opportunity, we must ensure our tax policies reflect that reality."

The legislation does not impact property taxes, sales taxes, and the Commercial Activity Tax. Instead, the bill removes net capital gains from the taxable base, using the existing federal definition to ensure clarity and avoid the creation of new administrative burdens.

The bill is currently awaiting another hearing in the House Ways Means Committee.

To watch the press conference, click here.