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Ohio House, Senate approve state budget with 6.3 percent personal income tax cut
Last week, the Ohio House and Senate approved the state budget and sent it to Governor Kasich for his signature. The budget spending plan maintains a 6.3 percent across-the-board personal income tax cut, further reduces taxes on small businesses, and eliminates earlier proposals to raise/expand the sales tax and Commercial Activities Tax.
“We are pleased with the General Assembly’s work on the tax reform plan in the state budget,” said Greater Cleveland Partnership President and CEO Joe Roman. “We are grateful that we were able to work in partnership with our elected leaders to ensure Ohio’s tax plan keeps Ohio competitive and primed for further economic growth.” Read more.
GCP Annual Meeting highlights economic progress spurred by public-private partnerships
Optimism about Cleveland’s future is well-grounded in reality and results, even while challenges remain.
The Greater Cleveland Partnership’s Annual Meeting held June 17 at the Cleveland Convention Center highlighted many of the successes that have added to the community’s positive momentum as well as the work that’s yet to be done for sustainable economic progress. More than 1.200 business, community and civic leaders attended the event.
GCP Board Chair Beth Mooney, chairman and CEO of KeyCorp (photo left), noted that the city is moving forward propelled by a strong collaboration among stakeholders in the private and public sectors. Read more.
Ohio’s Historic Preservation Tax Credit program is essential
to economic development
The Greater Cleveland Partnership, Cleveland Development Advisors and several metro chambers from across the state have joined in opposition to proposed changes to the Historic Preservation Tax Credit that was unveiled in the Senate version of the state operating budget late last week.
The proposed change would have suspended the tax credit program for 2016 and 2017 and converted it into a grant program in 2018.
“This tax credit is a critical tool in advancing redevelopment projects throughout the City of Cleveland,“ said GCP President and CEO Joe Roman. “The proposed changes would have a devastating effect on the current and future development momentum in our region.”
Ohio Senate releases its state operating budget
The Ohio Senate today unveiled its version of the state operating budget. The Greater Cleveland Partnership has closely monitored several key issues including tax reform, education, and health care.
Major highlights include a net income tax cut of $1.7 billion over the biennium without raising or expanding the sales tax or increasing the Commercial Activities Tax rate. The budget also eliminates income taxes on all small businesses up to $250,000 and increases the cigarette tax per pack by 40 cents.
Click for the budget overview and GCP's priorities.
$200M+ EB-5 investments supporting Northeast Ohio job-creating projects
Learn more about the EB-5 program in this interview with Steve Strnisha, CEO of the Cleveland International Fund
EB-5 is an employer-based immigration program that allows overseas investors/applicants to invest in job-creating projects. Investors and their families receive conditional residency in the U.S. and, ultimately, permanent residency.
CiF is a regional center that invests EB-5 dollars. More than $200M has been raised for Northeast Ohio projects. Click to watch.