News & Notes January 13, 2014
News: Senate Leaders Look ahead to 2014. NPR Statehouse News Bureau Notes: Senate Minority Leader Joe Schiavoni (D- Boardman) wants to see more state investment in schools, specific industries, training and communities. He highlights that potential revenue from an increased severance tax on oil and natural gas drillers as the revenue source. Senate President Keith Faber (R- Celina) highlights a desire for more income tax rate cuts with the continued belief that this will create jobs.
News: Taxes, Construction, election changes await state lawmakers, Dayton Daily News (Premium Content) Notes: Legislators will address a few notable pieces of budget-related legislation over the next few months -including a slight increase in Ohio’s Capital Budget spending, a proposal to increase state debt amounts, and a mid-biennium review (MBR) of the current state operating budget. Likely the MBR will include proposals to cut Ohio’s income tax rates further – primarily benefiting the wealthiest Ohioans. The legislator officially returns this week for general sessions.
News: Panel might not give tax estimate, Columbus Dispatch News: The Ohio Legislative Services Commission drafts non-partisan summaries of legislation introduced. They also include a ‘fiscal note’ that highlights all the budgetary impacts of the legislation. With HB 375, the LSC cannot make an educated guess on how much revenue the bill will produce for the newly created accounts to fund regulatory costs and capping orphan wells in Ohio. They were able to estimate that the new tax credits and exemptions will cost the state over $8.5 million from the states general operating funds.