Read more about the current Greenbook proposals. ...
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On January 30, Ohio Governor John Kasich released his budget proposal for the next two fiscal years, which includes a number of changes to Ohio’s tax system. Ohio recently ranked 45th in the Tax Foundation’s State Business Tax Climate Index, largely due to municipal income taxes and the administrative burden placed on business. The governor has proposed a system where the state administers the net profits tax, including a single return and payment. The return and payment will be made through the Ohio Business Gateway. Employer withholding and individual returns will continue to be administered by the municipalities.
Other significant tax reforms in the budget include:
Now that the governor has released his proposals, attention will turn to the Ohio legislature as it begins its work on the budget this week. The governor’s proposed increase in severance taxes on the oil and gas industry is unlikely to garner sufficient support from the Republican majority General Assembly to become law. Other lawmakers have expressed concern over the increase in the state sales tax rate as a tax shifting scheme they oppose. Under Ohio law, the budget must be signed by the governor before the 2018 fiscal year that begins July 1, 2017.
Contact us with questions regarding Ohio's tax system and visit the “Our Thoughts On” blog for additional updates as the budget process unfolds this spring.
Read more about the current Greenbook proposals. ...
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