Tax News

CCH (cch.taxgroup.com) reports:

Ohio Governor Ted Strickland has released new personal income tax withholding tables resulting in a 4.2% decrease in income tax withholding rates for 2008. This cut is another step in the phase-in of a 21% across-the-board income tax cut that will be completed by the 2009 tax year.
Overall, the 2008 withholding rates will be 16.8% lower than they were in 2004, in line with income tax rates that will also be 16.8% lower than 2004. The new income tax withholding tables will take effect for pay periods ending on or after January 1, 2008. They replace the tables previously issued by the Ohio Department of Taxation, effective October 1, 2006.
The Governor also announced that Ohio employers will receive information about the new withholding tables in the mail beginning this week. The new tables are also available online at http://tax.ohio.gov/divisions/employer_withholding/.
Release, Ohio Governor Ted Strickland, October 24, 2007.