A temporary Ohio budget extension was recently approved to keep the government open for business. Ohioans may expect the Ohio General Assembly to vote on a final state budget bill between now and July 17; the lengthy legislation will then be sent to the Governor for his review and approval.
Among the many issues GCP is engaged in, the Senate’s budget bill would require state agencies to review and repeal regulatory restrictions over the course of the next four years, an element of regulatory reform measure Senate Bill 1, legislation which GCP supported.
In addition, the Senate budget maintains language for an Opportunity Zone tax credit, including allowing the transfer of credits and increasing the share of invested assets in zone property from 90% to 100%. An amendment supported by GCP—to create an Opportunity Zone Study Committee to study best implementation practices from other states and impact investment strategies that support more highly distressed rural and urban communities—was not included in the final bill.
After the Governor prescribed no significant tax changes earlier this year, the Ohio Senate recommended an 8 percent income tax decrease and the Ohio House approved a 6.6 percent income tax cut. That aside, GCP has continually requested state leaders consider the following when it comes to predictable tax policy entrepreneurs can plan for:
-Preserve Ohio’s current small business tax deduction, which is utilized by our members for reinvestment back into their companies, workforces, and communities.
-Maintain the 3% flat tax rate that pass-through businesses pay on earnings over $250,000.
To a view a comparison of budget priorities up until this point between the Governor, Ohio Senate, and Ohio House, click here.