A new online resource center has been launched to help Ohio businesses and individuals stay apprised of the significant tax changes and financial implications proposed by Ohio Governor John Kasich's biennial budget bill (House Bill 59).
The website was developed by Mark Engel, a highly-respected expert on state tax issues at the Columbus, Ohio law firm of Bricker & Eckler LLP. A partner in Bricker's Business, Tax & Estates group, Engel will update this online resource center as the budget bill moves through the Ohio General Assembly.
As part of his 2013 State of the State address, Ohio Governor Kasich announced details of his budget plan for the next two years and his proposal to revamp the state's sales tax and tax assessment regulations. The plan, H.B. 59, includes sweeping tax changes that will mean a fundamental shift in how state government is funded, including:
Proposal to reduce taxes on income and investment, and increase reliance on taxing consumption and spending. Proposed extension of the sales tax base to include services and transactions involving intangibles, impacting almost every person, business, and organization located, or doing business, in Ohio.
Changes in the personal income and severance taxes that will impact a wide swath of individuals and the business community.
"The proposed changes in how taxes would be assessed will affect every Ohio business, consumer and resident. The proposal is complicated and not without controversy," said Engel.
"Because of the widespread implications of the bill, we've created this resource center to provide analysis and updates on the tax changes as the bill moves through the legislative process."
Engel's practice is taxation, with concentrated experience in all aspects of state and local taxation, including tax planning, compliance, and litigation in sales and use, income, commercial activity, public utility, and property taxation.
In addition, he works in the areas of economic development, federal personal and corporate taxation and nonprofit and social enterprise tax issues. He is the author of Baldwin's Ohio Tax Service and is an annual keynote speaker at the Ohio Tax Conference.
Individuals and businesses can sign up for free e-mail updates, bulletins and breaking news alerts regarding the proposed tax changes and pending implications.