As reported by the Columbus Dispatch, Gov. Kasich is strongly considering reforming Ohio taxes, again. Over the last decade, Ohio’s tax structure dramatically changed due to the advent of the commercial activity tax, while Ohio corporate franchise and personal property taxes were eliminated and the Ohio personal income tax rate reduced. Gov. Kasich now seeks to further cut Ohio’s personal income tax rate, which he described as “ridiculously high for our state.” To fund this tax cut, Ohio sales and use tax would undergo substantial changes, including the elimination of several exemptions, referred to by the Governor as “loopholes.”
Stay tuned as there will certainly be much debate and controversy to come over Gov. Kasich’s proposals. In the meantime, review our posts and outline describing how to maximize Ohio’s sales and use tax exemptions.