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May

Unemployment tax relief on the horizon for employers

Several years ago, Ohio’s unemployment rate increased and the state’s unemployment fund was ill-prepared to cover the costs. The federal government subsequently provided Ohio with a loan to continue paying jobless benefits.

With the exception of interest, employers were, and still are, solely responsible for paying the balance of the debt incurred. If no action is taken, employers’ unemployment tax bills will continue to incrementally rise through 2017 until the debt is paid.

The Greater Cleveland Partnership/COSE has been working methodically with its members, policymakers, and partners towards a solution to this important issue. And, an encouraging proposal is expected to be introduced and passed in the state legislature this week that would pay Ohio’s debt to the federal government. Read more.

Preserving tax credits will help spur investment in catalytic projects

Greater Cleveland Partnership's President and CEO Joe Roman recently provided testimony before the Ohio 2020 Tax Policy Study Commission on the importance of essential development tools like the Ohio Historic Preservation Tax Credit and New Market Tax Credit.

Both tax credits have been instrumental in much of the revitalization of Cleveland's urban core. Click to read the testimony.

Above image: Rendering of a new St. Martin de Porres High School. Ohio New Market Tax Credits, provided by Cleveland Development Advisors, the GCP’s real estate and business development finance affiliate, are helping support the capital campaign to construct a new school building. The $17.9 million first phase will construct a 43,100 square-foot wing of the building.