The Ohio Department of Taxation has revised its proposed rule on the no-interest payment plan allowed under the consumer’s use tax amnesty program established by H.B. 153. In place of guarantors, the taxpayer may provide a surety bond, an irrevocable letter of credit, or other security equal to the total consumer’s use tax liability due under the amnesty plus an additional 20%. The bond, letter of credit, or security must be in effect for the duration of the payment plan. If the taxpayer that has provided a bond, letter of credit, or other security fails to comply with the terms of the payment plan, the Tax Commissioner will collect the unpaid balance, including interest and any fees, from the issuer of the bond, letter of credit, or other security.
Proposed Rule 5703-9-60, Ohio Department of Taxation, October 17, 2011