Estate Tax Form 2 - Ohio Estate Tax Return For All Resident Filings For Dates Of Death On Or After January 1, 2002 Page 11
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12Explanation of Elections
Qualified Family-Owned Business Interest Deduction
(O.R.C. Section 5731.20) –
REPEALED*
Effective for estates of decedents dying on or after January 1,
business interest,” “qualified heir,” “member of the family,”
2001, O.R.C. Section 5731.20 allows a deduction for qualified
“material participation,” “applicable percentage” and “adjusted
family-owned business interests. For a qualifying estate, the
tax difference” will have the same meaning and effect for pur-
maximum deduction allowed cannot exceed $675,000. To
poses of Section 5731.20, unless otherwise provided.
claim the deduction, the executor must make a Section 5731.20
For Ohio, if an estate qualifies, the election to claim the de-
election (see page 2, Elections by the Executor, item 4) and
duction can be made even if no federal return is required to be
attach completed IRS form 706, Schedule T (Qualified Fam-
filed. Where a federal return is required to be filed, the election
ily-Owned Business Interest Deduction) and federally requested
can be made for Ohio, even if not made federally. All qualified
statements to the Ohio estate tax return. In addition, each
heirs shall be deemed to have met the Ohio requirement of
person having an interest in the property must sign a written
consenting to the additional (recapture) tax by signing the
agreement consenting to the application of the 10-year addi-
agreement contained in Federal Form 706, Schedule T. When
tional (recapture) tax. The deduction for the value of the quali-
applicable, the tax plus statutory interest will be due no later
fying business interest is claimed under Recapitulation of De-
than the first day of the seventh month following the event
ductions, page 2, of the Ohio return.
causing the imposition of the additional (recapture) tax.
Section 5731.20 incorporates by way of statutory referencing
*Repealed for all estates with a date of death on or after
all dispositive language contained in Section 2057 of the Inter-
July 1, 2005. See below for a detailed explanation.
nal Revenue Code. Every definition and term used in Section
2057 such as “adjusted value of the qualified family-owned
ET 2006-01 – Estate Tax Unit Information Release – Estate Tax Updates As A
Result Of Amended Substitute House Bill 66 (HB 66) – January 2006
The purpose of this information release )
prospective and applies to decedents dates of death occurring
divisions/communications/information_releases/estate/
on or after July 1, 2005.
ET200601.stm) is to provide a brief summary of significant
In addition to the preceding, uncodified section 557.03 of HB
estate tax changes resulting from the recent passage of HB
66 grants a temporary credit to those estates impacted by
66.
the EGTRRA legislation. The amount of additional estate tax
that is due after application of the section 557.03 credit is the
Updated References to the Internal Revenue Code
same amount that would be due had the amendments to IRC
The estate tax, chapter 5731. of the Ohio Revised Code (R.C.),
2011 been incorporated in 2002. This has the effect of
has been amended to provide a general definition of the Internal
mitigating the excess additional estate tax claim for the
Revenue Code (IRC) for purposes of Ohio’s estate tax law
difference between any pre-EGTRRA and post-EGTRRA
(R.C. 5731.01(F)). This is similar to how the IRC is referenced
additional tax assessments.
for both Ohio’s personal income tax (R.C. 5747.01), and
corporation franchise tax (R.C. 5733.04).
Repeal of Estate Tax Deduction for Qualified
As a result of the amendment to R.C. 5731.18, the Ohio
Family-Owned Business Interests
additional tax statute references a more current version of the
R.C. 5731.20 previously provided for a maximum deduction
IRC. Because The Economic Growth and Tax Relief
not to exceed $675,000 for qualifying family-owned business
Reconciliation Act of 2001 (EGTRRA) totally repealed the
interests. Uncodified section 612.24 of HB 66 repeals outright
federal credit allowed for state death taxes (IRC 2011) for
the estate tax deduction for qualified family-owned business
dates of death occurring on or after January 1, 2005, the Ohio
interests. The repeal is effective for decedents dates of death
Additional Tax is constructively repealed. This change is
occurring on or after July 1, 2005.
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