The bill, introduced by Senator Cutrona, amends section 5747.01 of the Revised Code to allow a personal income tax deduction for gym memberships and personal training expenses, promoting health and wellness among Ohio residents. This new deduction, which permits individuals to deduct up to $1,500 per taxable year for these expenses, expands the current list of allowable deductions under the state income tax code. The bill maintains existing definitions and adjustments related to adjusted gross income, emphasizing the importance of physical fitness in overall well-being without deleting any current provisions.

Additionally, the bill refines tax law concerning irrevocable inter vivos trusts and pass-through entities by introducing new definitions and clarifications, such as "qualifying investee" and "modified adjusted gross income." It specifies that a trust must have at least one qualifying beneficiary domiciled in the state to qualify for certain tax provisions and outlines criteria for ownership and asset recognition for pass-through entities. The bill also repeals the existing section 5747.01 and presents a composite version that incorporates previous legislative amendments, ensuring compliance with state tax regulations for taxable years ending on or after the effective date of the bill.

Statutes affected:
As Introduced: 5747.01