House Bill 510, weakened, awaits Senate action A proposed new tax on Ohio’s banks would provide millions of dollars in tax cuts to mortgage lenders, securities brokers, payday lenders, finance companies, and other so-called “dealers in intangibles.” It also would create a new way for insurance-company affiliates to cut taxes
A new tax on Ohio’s banks, a chief aim of which originally was to cut loopholes in the old taxes, would add new exemptions, credits and exclusions in its latest version. One result: Mortgage lenders, securities brokers, payday lenders, finance companies, and other so-called “dealers in intangibles” would get a
Ohio’s venture-capital program, slated for expansion, does not meet Ohio investment requirements. Eleven of 25 funds that have received money from the Ohio Venture Capital Fund have not invested at least half of the money in Ohio, as required by law, and some have not invested in the state at
A new Financial Institutions Tax, proposed by Ohio Gov. John Kasich, would close loopholes that have allowed big, multistate banks to legally avoid what they would otherwise pay under the state’s corporate franchise tax. Unfortunately, it would transfer those gains back to banks in the form of lower rates, depriving
Under Gov. Kasich’s proposal, one out of every four dollars cut in taxes would go to the top 1 percent; more than 40 percent of the cut would go to the top 5 percent, those Ohioans making more than $137,000 a year. Press releaseDownload brief Poor and middle-income Ohioans would
Tax cut to wealthiest is problematic, severance tax worth expanding Ohio should have a stronger tax on the depletion of the state’s natural resources. For that reason, Policy Matters Ohio found merit in the severance tax portion of Ohio Gov. John Kasich’s Mid-Biennium Review (MBR), released in a news conference
Policy Matters Ohio today issued a brief on the state income tax as a resource for the public and policymakers alike. Ohio’s income tax is the only major tax that is based on ability to pay. As your taxable income goes up, you pay a higher rate. Yet despite this,
Report outlines what higher rates on top earners would mean A research brief released today by Policy Matters Ohio analyzes a proposal that would reinstitute the state income-tax rate of 7.5 percent on income over $250,000 and implement a new, 8.5 percent rate on income over $500,000. This combination would
Public services, though sometimes invisible, are a crucial element in a thriving economy. To restore critical services and invest in the future, Ohio should boost income-tax rates on its highest earners. Download PDFPress release Related brief: Ohio needs a strong income tax What higher rates on top earners would mean
“Congress should extend federal benefits to help struggling families, but also to help Ohio emerge from the weak economy more quickly.” Zach Schiller, research director Download PDFOhio House approves extension Many more to lose benefits without Congressional action Some 20,000 Ohioans will lose their unemployment compensation benefits after January 28
If no action is taken to improve the solvency of Ohio’s unemployment compensation trust fund, Ohio employers and the state itself will pay close to half a billion dollars in taxes and interest between September 2011 and the end of 2013. Ohio underfunded its UC system, leaving it among the
Zach Schiller, research director PDF version (4 pages) Good morning, Chairman Adams and members of the committee. Thank you for the opportunity to testify today on Ohio’s tax structure. I am Zach Schiller, research director of Policy Matters Ohio, a nonprofit, nonpartisan research institute with offices in Cleveland and Columbus.
