The Ohio Society of CPAs (OSCPA) in June released a comprehensive white paper to state leaders outlining a series of tax changes CPAs believe will drive a more competitive business environment in Ohio.
The recommendations are the work of OSCPA’s member-led Ohio Tax Reform Task Force, formed after Ohio’s 2020 Tax Policy Study Commission asked the Society to evaluate the state’s tax structures. The Society has a long history of partnering with government leaders to solve statewide financial challenges and advance pro-business initiatives that drive growth.
Most recently, OSCPA helped drive significant overhauls to Ohio’s municipal income tax system – one of the most complicated in the nation. In 2010, OSCPA’s Ohio Budget Advisory Task Force offered recommendations for filling a multi-billion dollar state budget shortfall through improved government efficiencies. Many of these recommendations were adopted into law.
“OSCPA is committed to advancing ideas that will make Ohio a magnet for business growth and a model for quality tax policy,” said Scott Wiley, CAE, president and CEO of The Ohio Society of CPAs. “These represent the ideas of Ohio’s best tax and financial professionals who are addressing the concerns business owners are experiencing firsthand.”
A state’s tax structure is just one element of its ability to attract and retain businesses, but it’s an important one that’s easy to measure and compare against other states.
Matt Yuskewich, CPA and Chair of the Ohio Tax Reform Task Force, told the Ohio 2020 Tax Policy Study Commission that the task force followed best practice guidelines in evaluating the tax code. These same five tenets are widely accepted as the key elements of a quality tax system: competitiveness, simplicity, stability, equity/fairness and neutrality.
The Ohio Tax Reform Task Force outlined several areas the state should evaluate including a reduction in the number of personal income tax brackets, further easing municipal income tax administration through centralized collection, simplifying Ohio’s Commercial Activity Tax (CAT) and the sales/use tax, ensuring fair tax treatment and application in key industries, which could drive much-needed state revenue, and shared services across jurisdictional lines.
Read the full Ohio Tax Reform Task Force recommendations.
The Ohio Society of CPAs is a leading partner and influential voice for a thriving business environment. We are a community of 85,000 CPAs and financial professionals leading important advocacy initiatives that protect the public and create a healthy and sustainable business climate in Ohio.