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GCP, COSE reiterate employers' perspectives on state tax policies
The Greater Cleveland Partnership and its small business partner, COSE, recently submitted written testimony to the Ohio 2020 Tax Policy Study Commission to reiterate the perspective of small, mid-sized and large employers as it relates to tax policy in Ohio.
The testimony from GCP Senior Vice President of Advocacy Marty McGann highlights several key points made by GCP and COSE during the state operating budget process:
- Seek greater efficiencies in state government to allow for personal income tax reductions versus shifting the tax burden from one group of businesses to another.
- Permanently preserve the 100 percent tax exemption on the first $250,000 in business income.
- Maintain or lower the current commercial activity tax (CAT) rate and maintain or increase the current CAT exemption level.
- Be thoughtful about the implications of expanding the sales tax base and/or increasing the rate.
“We continue to share the vision of our state leaders to strengthen Ohio by providing for a positive economic development environment that creates opportunity for all,” said McGann. “Small business tax relief and greater government efficiency versus shifting taxes are smart approaches to get us there.”
The Ohio 2020 Tax Policy Study Commission was created in the recently passed state budget, HB 64. The commission is a bi-partisan group of state legislators charged with examining Ohio’s tax structure to determine any reforms that might be necessary in the next state budget cycle that will strengthen Ohio’s economic competitiveness.
Click here to read the full testimony.