An Ohio Tax Policy Study Committee has been conducting significant Committee hearings and public testimony in an effort to recommend a more rational and, perhaps, more fair taxing policy for state residents and businesses.
Created by a temporary law provision of the most recent state budget, the Ohio 2020 Tax Policy Study Commission mission is to review the state’s tax structure and policies and make recommendations to the General Assembly on how to maximize Ohio’s competitiveness by the year 2020.
The Committee has determined that the State has awarded over $9 billion in tax credits, exemptions and deductions in recent years. Although the state's economy remains on solid ground, recent erosion of revenues has spurred a debate among lawmakers interested in crafting tax policy that continues to incent business expansion but treats individual taxpayers in a more equitable fashion. The recently pass business pass through reductions has cost the state almost $1 billion in lost revenue --- the same amount of last year's budget deficit. Like all tax debates, new recommendations or elimination of existing programs are difficult to adopt or agree upon.
The General Assembly will continue its deliberations and debate on the appropriate tax policy for Ohio taxpayers. Call with questions or comments.
Governor Justice's much touted $1.6 billion road bond issue was resoundly approved by West Virginia voters. The winning margin was 73% to 27%, much better than most political pundits predicted or expected. Only 11% of eligible state voters cast ballots in the one issue election. The bond program was approved in 54 of the state's 55 counties. Only Ritchie County rejected the road spending plan. Northern panhandle voters overwhelmingly approved the proposal with Ohio County leading the way with a whopping 88% approval vote.
Governor Justice will likely call a special session in conjunction with next week's planned legislative Interim meetings. The Governor is expected to submit legislation that will expedite the process, administration and hiring necessary to get the highway projects in "shovel ready" condition for spring of 2018 kickoff.
Source: OVCEC Lobbyist Pat McCune