New Albany

Licking, Franklin Counties

http://www.newalbanyohio.org

Recent Tax and Credit History

From Date Thru Date Tax Rate Credit Factor
(Tax Credit)
Credit Rate
(Credit Limit)
01/01/2011 current 2.000 % 100.000 % 2.000 %

* History displayed for the past 7 years.

Special Notes and Tax Documents

RULES & REGULATIONS View Document
TAX ORDINANCE View Document
2106 BUSINESS EXPENSES 2106 Business Expenses are limited to the amount deductible for federal tax purposes.
AGE EXEMPTION Individuals under 18 years of age are exempt from paying municipal income tax.
BALANCE DUE/OVERPAYMENT INFORMATION Amounts under $10.01 will not be collected or refunded.  The $10.01 de minimis threshold does not apply to amounts required to be withheld by employers. 
ESTIMATED PAYMENT REQUIREMENTS Quarterly payments of estimated tax are required if the anticipated amount due is $200 or more.
LOTTERY/GAMBLING WINNINGS Lottery and gambling winnings are taxable - no minimum. Gambling losses may not offset gambling winnings unless the taxpayer is a professional gambler per IRS regulations.
NET OPERATING LOSS Beginning with losses incurred in 2017, a net operating loss may be carried forward for 5 years. For losses incurred in tax years 2017, 2018, 2019, 2020 and 2021, only 50% of the carried forward loss may be deducted in each subsequent year. For pre-2017 losses see Special Notes For Tax Years 2015 and Prior.
S-CORPS S-Corp distributive shares that do not represent wages are generally not taxable and should not be reported on Form 37, Schedule J.
WITHHOLDING FILING FREQUENCY If withholding amount is $12,000 or more in the previous calendar year or more than $1,000 in any month of the preceding calendar year, file semi-monthly - due the 3rd banking day after the 15th day of the month and the 3rd banking day after the last day of the month. If withholding amount is less than $12,000 but more than $2,399 in the preceding calendar year or less than $1,000 but more than $200 in any month of the preceding calendar quarter, file monthly - due the 15th day of the following month. Employers not required to file semi-monthly or monthly, file quarterly - due the last day of the month following the end of the quarter.
RULES & REGULATIONS View Document
TAX ORDINANCE View Document
2106 BUSINESS EXPENSES 2106 Business Expenses are allowed.
3903 MOVING EXPENSES 3903 Moving Expenses are allowed.
AGE EXEMPTION Individuals under 18 years of age are exempt from paying municipal income tax.
BALANCE DUE/OVERPAYMENT INFORMATION Amounts of less than $1 will not be collected or refunded.
ESTIMATED PAYMENT REQUIREMENTS Quarterly payments of estimated tax must be made if the anticipated amount is over $100.
LOTTERY/GAMBLING WINNINGS Lottery/Gambling winnings are taxable - no minimum.
NET OPERATING LOSS A net operating loss may not be carried forward.
RENTAL INCOME Rental income is taxable regardless of the total gross rental received.
S-CORPS S-Corp distributive shares that do not represent wages are generally not taxable and should not be reported on Form 37 Schedule J.
WITHHOLDING FILING FREQUENCY If withholding amount is: 1) $12,000 or more in a previous calendar year or $1,000 or more in any month in a preceding quarter, file semi-monthly - due 5 banking days after the 15th and 5 banking days after the end of each month. 2) More than $1,199, but less than $12,000 in the prior calendar year or $100 or more in a previous month, file monthly - due on or before the 15th day of the following month, except the 3rd, 6th, 9th, and 12th months which are due on or before the last day of the following month. 3) All employers not required to file semi-monthly or monthly, file quarterly - due on or before the last day of the month following the end of each quarter.