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