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Ohio law already gives tax credits to megaproject developers SB 45 would add in other businesses providing goods and services toward the project. Such megaprojects are defined as those involving a major investment into “unique sites, extremely robust utility service, and a technically skilled workforce.” One other separate bill being considered by lawmakers, Senate Bill 45, would provide another CAT exclusion for Ohio businesses that are suppliers for a “megaproject” operator. Their plan is co-sponsored by more than a dozen other Republican lawmakers.Īlso last week, the Ohio General Assembly unanimously voted to exclude Bureau of Workers’ Compensation dividends and Paycheck Protection Program loans from being taxed under CAT. Jennifer Gross of West Chester and Riordan McClain of Upper Sandusky, proposes to phase out CAT by the year 2026. House Bill 234, introduced last week by Republican state Reps. This structure would only affect larger, more profitable companies, the group asserts. The think tank proposes that Ohio retain CAT and reinstate the corporate income tax - with businesses paying one or the other depending on which is higher. The group points to data showing CAT has resulted in a sizable tax cut for Ohio businesses, which it argues has impacted state funding toward education and local governments. Policy Matters Ohio, a progressive think tank, is more critical of the “two-for-one swap” in 2005 that enacted CAT in place of other taxes.
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Hederman argued last year that CAT is “particularly damaging” during “periods of economic distress” such as the pandemic, with businesses on the hook for paying the tax amid a difficult 2020. Hederman Jr., a vice president of policy for The Buckeye Institute, called CAT an “antiquated, Depression-era tax that hampers growth and prosperity for employers and employees across the country.” The group argues doing so would lessen the burden on existing businesses as well as make Ohio a more attractive climate for other businesses to relocate here. The Buckeye Institute think tank advocates for repealing the tax. Still, more than a decade later, critics say CAT disproportionately hurts struggling businesses by taxing all earnings instead of profits. CAT was enacted here in 2005 as part of a business tax overhaul that saw Ohio phase out its version of a corporate income tax as well as a separate tax on business machinery and equipment. Ohio is one of the few states that taxes businesses on their total sales rather than on profits through a corporate income tax. The taxed rate is 0.26% for gross receipts beyond $1 million. This tax is levied on businesses with over $150,000 in yearly taxable gross receipts - in other words, regardless of the net profits or losses recorded in a given calendar year. Some Republican lawmakers want to do away with an Ohio business tax that helps to fund state services.Ī new bill proposes to repeal Ohio’s “commercial activity tax” (CAT for short) by phasing it out over the next five years.
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