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News & Notes November 12, 2013

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News: Municipal income tax reform bill set to move ahead despite opposition from local governments, Plain Dealer Notes: The House is expected to vote on HB 5 on Wednesday. This bill will reform what local communities can do with their local income taxes. It does more than create uniformity in filing requirements.  HB5 will also require cities to give away revenue to corporations through a 5 year loss carry-forward. This means that if company A has a ‘loss’ in year 1, they can deduct that loss off their income taxes when they are most profitable in year 5. Sophisticated and profitable businesses are capable of having losses, even when profitable. This change will impact different cities differently. For example, Cleveland already has this policy, but it will cost the city of Dayton $2million annually. On top of recent cuts to the Tangible Personal Property Tax (TPP), Local Government Fund (LGF), Estate Tax.

News: Columbus State considers a 2.5% tuition hike, Columbus Dispatch Notes: When will we see a headline, “Local Colleges prepare to lower tuition?” A few simple steps could make this happen. First we need the state to remember that these state institutions are a sound public investment. We have seen that Ohio’s universities and colleges attract students from around Ohio, the country and the world. Next, business leaders continue to express their need for a well trained workforce. Ohio’s Community Colleges are a key component of that training. We need to invest in higher education today-We Need to Invest in Ohio’s Future!

News: Beshear’s tax reform plan gathering dust, Cincinnati Enquirer Notes: The Governor of Kentucky asked for a study to be done on tax reform in 2012. The answer was that Kentucky should increase revenues by $659 million of their $9.5billion budget. Experts and researchers in many states agree that state revenue systems could be more effective at generating revenue. In Ohio proposals such as eliminating ineffective corporate tax loopholes, updating our severance tax on oil and gas drilling, and maintaining our progressive income tax are important steps to reform and improve Ohio’s tax system. 

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