Taxes

Ohio Budget Passes Senate, Heads To House For Friday Vote

Jun 25, 2015

State senators on Thursday passed a sweeping $71.2 billion, two-year budget that provides an income tax cut for Ohioans, funds public schools and seeks to change health care policies.
 
The House is planning to vote on the measure Friday. The deadline for Republican Gov. John Kasich to sign the bill into law is Tuesday. Some things to know as the measure moves toward his desk:
 
     EDUCATION:
 

Lawmakers scrapped Gov. Kasich's proposal that would have given schools less money.
User Thoth188 / Flickr/Creative Commons

The State Senate has released its version of Ohio's budget. The chamber plans to send $71.3 billion over two years, which is about one billion less than both the House and Gov. John Kasich's proposed spending plans. 

Senate President Keith Faber of Celina is happy with his caucus’ proposal – which he says has a smaller bottom line than the previous two budget plans. Tax cuts are the big feature in the proposal.  

“We are continuing today to build on our commitment to fund what matters and return to the taxpayers what’s not essential,” Faber said.

Corn harvest
United Soybean Board / Flickr/Creative Commons

More than 150 farmers gathered in Trotwood Monday evening to share their concerns about taxes with a group of state legislators.

Kasich Receives Mixed Reaction For Severance Tax Proposal

Feb 4, 2015
Ohio Statehouse News Bureau

House leaders are looking over Gov. John Kasich’s budget proposal which includes a big swing of the bat when it comes to a tax increase on oil and gas drilling. But the industry is ready to fight the plan.

Kasich is trying again to raise the so-called severance tax, this time proposing to move it to 6.5 percent, which he says would raise $325 million. 

Shawn Bennett with the Ohio Oil and Gas Association says the industry is already hurting because of a drop in prices. He claims a higher tax rate will further discourage investment. 

Sherrod Brown
WCPN

Ohio’s Democratic U.S. Senator Sherrod Brown is grinding the ax of tax reform in advance of Tuesday’s State of the Union address. Brown wants to expand the Earned Income Tax Credit (EITC) under a proposal he’s calling the “Working Families Tax Relief Act.”

money
401kcalculator.org/Flickr/Creative Commons

A national report by the Institute on Taxation and Economic Policy ranks Ohio 18th in the country for most imbalanced tax systems. In a “regressive” tax system, low- and middle-income people pay a larger balance of their incomes in state and local taxes than high earners. The study finds very few states with “progressive” tax systems, and ranks Washington, Florida, Texas, South Dakota and Illinois as the top five for regressive systems.

City of Springfield

  A tax reform bill passed in the Ohio statehouse Wednesday has lots of city and town leaders riled up. The bill, HB 5, set out to reform local income taxes by adding some uniform regulations, including changing the system for companies that work in multiple municipalities. Right now, municipal income taxes are a patchwork, with different policies in over 600 municipalities around the state.

Columbus Area Agency Fails To Make Nationwide Loan Payments

Oct 17, 2014
Mike Small / Flickr Creative Commons

The complex deal to use casino-tax money to buy Nationwide Arena has hit a snag: there’s not enough money to make loan payments. Officials expected to pay off the loans with taxes from the new Columbus casino. But casino tax revenues are below projections. The city and county have not made a single loan payment for the arena.

A little history

To keep the Blue Jackets from leaving town, the Franklin County Convention Facilities Authority bought Nationwide Arena and gave the team free rent.

Chris Potter / Flickr Creative Commons

Ohio’s looking at an $800 million surplus at the end of its fiscal year, and Republican Governor John Kasich has been touting $400 million in tax cuts in the latest mid-term budget, known as the mid-biennium review.

A new study shows Ohio’s property taxes have been shifting from business to residential and agricultural for 35 years, a shift that’s accelerated over the last 20 years.

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