Ohio expands tax breaks, depleting needed revenue
Posted September 16, 2015 in Press Releases
Tax breaks yield questionable benefits; accountability is lacking.
For immediate release
Contact: Zach Schiller, 216.361.9801
The new state budget adds significant new tax breaks to a tax code that already included 128 of them, worth more than $8 billion a year. This leaves the state with more tax breaks, totaling hundreds of millions of dollars a year, than the number when the year began, according to a new report released today by Policy Matters Ohio. The report reviews new tax exemptions, credits and deductions approved as part of the budget. It found that by far the largest new tax break in the budget is an expanded deduction for business income that is unlikely to generate significant new jobs, just as the earlier form of this deduction did not do so. Many business owners didn’t bother claiming the original tax break