Court: Ohio must refund tax penalty to congressman, wife
COLUMBUS (AP) — Ohio’s Supreme Court has directed the state tax commissioner to refund a nearly $360,000 penalty to a Republican congressman and his wife who delayed paying tax on income earned by a trust because they relied on an earlier legal interpretation that put the tax on the trust.
The ruling today ordered a refund of the penalty and interest to U.S. Rep Jim Renacci and Tina Renacci. The Wadsworth couple paid the $1.4 million in Ohio income tax owed for 2000 in 2007, but continued pursuing a refund of the tax penalty they paid in 2008.
The ruling says the Renaccis had “reasonable cause” to believe they didn’t owe tax on profits going into the trust.