Ohioans due a refund on their state income tax are getting about 43 percent more money this year than in 2013.
Data gathered by the Ohio Department of Taxation, based on returns already filed with the state as Tuesday’s deadline approached, showed that the average refund was $505. For tax year 2012 (last year’s tax filings), the average was $288.
The data reflects amounts requested for refunds on actual returns. Those returns still have to be processed, so there could be some fluctuation in the numbers.
Of the 4.5 million taxpayers who had filed their returns, more than 3.2 million claimed a refund. About 5.4 million people in Ohio are in the population that could pay state income taxes.
The increase in returns is principally due to changes made last June to Ohio’s tax codes in the 2014-15 state budget. That budget included an 8.5-percent cut in the state’s income tax rates for 2013. It also created the Ohio Earned Income Tax Credit and included a 50 percent deduction that small businesses could apply to the first $250,000 of net income.
The Department of Taxation estimated the savings this year to small businesses will be about $147.5 million. Nearly 238,000 filers had claimed the deduction as Tuesday’s deadline approached.
More than 512,000 taxpayers had claimed the new EITC, saving nearly $62.4 million.
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