The bill, introduced by Senator Cutrona, amends section 5747.01 of the Revised Code to allow personal income tax deductions for gym memberships and personal training expenses, promoting health and wellness among Ohio residents. The new language specifically permits taxpayers to deduct expenses related to these fitness services from their taxable income, with a cap of $1,500 per taxable year. This initiative aims to encourage individuals to invest in their physical health, potentially leading to broader public health benefits.

In addition to the fitness-related deductions, the bill introduces various tax clarifications and deductions for Ohio taxpayers, including provisions for capital gains from investments in Ohio venture capital operating companies. It specifies the treatment of business and nonbusiness income, ensuring taxpayers understand what qualifies for deductions. The bill also addresses the tax implications for trusts and pass-through entities, clarifying definitions and ownership criteria, and repeals the existing section 5747.01 to present a harmonized version of the tax code. The amendments are set to apply to taxable years ending on or after the effective date of the bill.

Statutes affected:
As Introduced: 5747.01