News & Notes March 7, 2014
News: Legislature won’t go crazy on severance tax rate, Hannah News Notes: Representative David Hall discusses the proposed severance tax bill (HB 375) with the Ohio Oil and Gas Association. The bill proposes a rate of 2.25% with many exemptions and credits. According to Hall, the Governor might propose a rate of 2.75% to finance another income tax cut. We have the need for many investments in Ohio, and do not need further income tax cuts. Many groups have advocated for the severance tax to finance the costs of regulation, capping orphan wells, and economic stability for the region now and into the future. These ideas all serve Ohioans better than another income tax cut.
News: John Kasich hints at coming proposals on welfare, business regulations, Columbus Dispatch Notes: The Governor will release his Mid-Biennium Review (MBR) next week and Budget Director Keen will address the Ohio House of Representatives on Tuesday. The Governor’s main goal in this process is to reduce the top income tax rate below 5% on incomes over $208,500 a year. This will cost Ohioans hundreds of millions of dollars that would be better spent on our schools, parks, community safety, and social service programs.