Advocacy Alert: Ohio Gov. Kasich’s tax reform proposal introduced — many businesses to see a tax increase

budget

From OAR: Columbus-based Zaino Hall & Farrin LLC, one of the nation’s leading tax experts, put together a summary of various tax components included in the Ohio House Bill 64, the proposed biennial budget, that was introduced last week. The summary looks at the following proposed tax law changes:

  • Commercial Activity Tax
  • Sales and Use Taxes
  • Personal Income Tax
  • Cigarette Tax
  • Severance Tax

The bill contains the language for Gov. John Kasich’s Blueprint for a New Ohio, which includes major tax law changes which decrease taxes for some and increase taxes for others. The budget proposal also increases general revenue spending by 18 percent over Fiscal Year 2015. The tax proposal would reduce the income tax burden of individuals and small business owners, while increasing the tax burden of many medium and most large businesses, especially C corporations.

ZHF, which assisted the Ohio Association of REALTORS in 2012 when Gov. Kasich called for an expansion of the state sales tax on all real estate services, will be providing a closer examination of the proposed budget’s impact on real estate as the legislation is being debated by the House Ways & Means Committee.

Interested in the budget plan’s possible impact on you? Click here to access an eight step Estimated Business Tax Impact Tool calculator created by ZHF.

– See more at: http://ohiorealtors.org/2015/02/17/ohio-gov-kasichs-tax-reform-proposal-introduced-many-businesses-to-see-a-tax-increase/#sthash.TGAmTDxi.dpuf 

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3 responses to “Advocacy Alert: Ohio Gov. Kasich’s tax reform proposal introduced — many businesses to see a tax increase

  1. Cece Fox says:

    Are agents considered small businesses?

    • ACAR says:

      Small business is generally defined in how you report your income. Generally, a small business is a Sole Proprietorship, a LLC, LLP – anyone who reports business income on their individual tax return would be able to claim the small business exemption. You should consult with a tax professional for further information.

      • Cece Fox says:

        We probably need a politician to answer my question. Kasich probably has his own definition. And his tax division probably has theirs.

        I’d appreciate the small tax reduction as a sole proprietor reporting Schedule C income but I’m not going to be hiring anyone if that’s what he’s thinking.

        I thought we had a liaison to state government.

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