$7 Billion In Ohio Tax Breaks, and Nobody’s Watching
March 25, 2011
Ohio’s tax expenditure report examines credits, deductions and exemptions in the tax code that reduce the amount of revenue the state would otherwise receive. This year’s report, prepared by the Ohio Department of Taxation, estimated that in both Fiscal Years 2012 and 2013, 128 such exemptions and credits will amount to more than $7 billion in foregone revenue to the state’s General Revenue Fund. Remarkably, Gov. John Kasich’s proposed budget would not limit or eliminate any tax expenditures, though it calls for huge reductions in aid to local governments and proposed cutbacks to public education and higher education spending, programs for children, and many other important items. The Ohio General Assembly should closely examine the report, and limit or eliminate unnecessary credits and exemptions.
Policy Matters Ohio presents some highlights of the report in this March 2011 brief. Earlier Policy Matters reports provide additional information on tax breaks in Ohio and how to limit them.
The FY 2012-13 Tax Expenditure Report (Click on Book Two, Tax Expenditure Report)