Taxes

WYSO/Lewis Wallace

A story in Bloomberg earlier this week found that hedge fund Magnetar has bought up a significant chunk of the rental stock in Montgomery County’s Huber Heights—and then requested a major reduction in those properties’ values. That reduction, if approved, could affect the city’s taxes and levies.

One of the Republican Senators who voted to allow the state to accept two and a half billion federal dollars for Medicaid expansion has introduced a bill to give Ohioans a tax break. The legislation is designed to capture savings in state government and give that money back to Ohio taxpayers.

Openclipart/Kib

School levies are among the biggest issues on the ballot in the upcoming November 5, 2013 election. Ohio schools depend on these levies as an essential funding stream, and many are facing new or additional levies that can be difficult to pass.

Money for Ohio’s public schools comes from three sources: federal funds, state funds, and local tax levies.

“Levies then become the source really of their chief operating funds,” explains Mark Smith of Cedarville University. “For most cases those local schools are very dependent upon those local property taxes.”

Two big changes are coming to taxes in Ohio this weekend – the state sales tax goes up, and the state’s personal income tax goes down.

The income tax for individuals will drop by 8.5%, while the state sales tax increases from 5.5% to 5.75%.
Tax Commissioner Joe Testa says most people won’t notice the sales tax increase unless they’re making major taxable purchases, such as buying cars. But he says even then it’s more than a wash.

Tax Revenues End Above Estimates

Jul 15, 2013

Ohio’s economic recovery is showing up in the figures on tax revenue that state government is taking in. The final money tally from state budget year that just ended has Ohio up three percent compared to original estimates.

The newly released final numbers from the budget year which ended June 30 show the state getting more money than predicted, $670 million more over the past year to be exact.

That figure is about three percent more than original estimates.

Business Groups Weigh Kasich’s Tax Proposal

Mar 11, 2013

As Gov. John Kasich’s budget moves through the Statehouse, lobbying groups are meeting with lawmakers, talking with the governor’s office and giving testimony. Among the more controversial pieces is Kasich’s proposal to cut the state’s sales tax and extend it to include services, most of which are currently untaxed. For Ohio Public Radio, WCPN's Nick Castele reports business group lobbyists are weighing how to respond.

A fellow Republican state official has come out against Gov. John Kasich's proposed tax increase on drillers.

Ohio Treasurer Josh Mandel tells a meeting of the Ohio Oil and Gas Association he believes the governor's proposal to increase the severance tax stands to scare away Ohio oil and gas investment at a critical time.

Mandel's remarks Thursday mark the second time in under a month he has bucked the governor on a major policy issue.

The state of Ohio wants a federal judge to dismiss the city of Riverside’s lawsuit that seeks to tax civilian employees and contractors who work at Wright-Patterson Air Force Base. 

Back in 2007, the city of Riverside announced it would begin collecting taxes on civilian employees who work on the portion of Wright-Patt that falls within Riverside city limits – that’s Area B.  Riverside’s lawsuit argues that an unconstitutional provision in Ohio's municipal income tax law prevents them from collecting taxes from those employees. 

Gov. John Kasich's plan to expand Ohio's sales tax might take some of the fun out of going to concerts, high school football games and amusement parks.

Kasich wants to cut the state's overall sales-tax rate while also applying the lower 5 percent tax on new items like bowling alleys, pool halls, circuses and arcade games.

Admission to fairs, museums, and theme parks would come under Ohio's sales tax for the first time. So would tickets to pro, college and high school games.

Gov. John Kasich has long said Ohio needs to be competitive when it comes to taxes – it’s his argument for lowering and eventually eliminating the state income tax. With both tax cuts and tax increases in it, along with the expansion of Medicaid, Kasich’s second budget has generated both praise and controversy.

Neil Clark was the chief financial officer for the Ohio Senate Republican Caucus in the 80s, and is an expert on budgets and taxes. He doesn’t have much love for the plan to levy sales taxes on services where there were no sales taxes before.

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