Bibb and Ronayne oppose HB 1, which aims to establish a statewide income tax rate of 2.75%. That would result in a lower income tax rate for all taxpayers but would raise residential and agricultural property taxes while cutting business property taxes.
Bibb and Ronayne submitted written testimony to a meeting of the Ohio House Ways and Means Committee as lawmakers consider a flat-tax proposed by House Bill 1. They joined several local government officials who spoke in-person during the committee meeting.aims to establish a statewide income tax rate of 2.75%, which would result in a lower income tax rate for all taxpayers but would increase residential and agricultural property taxes while cutting business property taxes.
The bill’s sponsor, Rep. Adam Matthews, R-Lebanon, has promised to amend the legislation to prevent property tax increases and business property tax cuts, and also to ease the fiscal shock on schools, libraries and local governments impacted by the bill. However, as of Tuesday, no amendments have been introduced.
If passed, “Cleveland and our community partners would be in the unenviable position of either cutting services upon which our residents depend, or raising taxes through levy increases or other measures,” according to the testimony submitted by Bibb and Griffin. “In the end, our taxpayers would lose out – whether through service cuts, or an increased tax burden, or a mixture of both.”Ohio’s existing income tax rate ranges from 2.
If approved as written, a person who makes $75,000 per year would save $140 per year, while someone who makes $150,000 per year would save $870, and someone who makes $500,000 per year would save $5,209,The proposed income tax cut would lessen state revenue by $1.7 billion in 2024. A portion of the bill pertaining to property tax cuts would reduce school and local government revenue by $538 million in 2025, according to an analysis from the nonpartisan Ohio Legislative Services Commission.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Northeast Ohio snow totals for Monday, March 13, 2023; eastern Cuyahoga, Lake County areas top chartsHighland Heights had more than 4 inches of snow, according to the National Weather Service.
Read more »
Cuyahoga County Council considering Pay-to-Stay renter protections to help prevent evictionsEight local municipalities already have such protections, but the new ordinance would extend the safeguards county-wide and affirm a tenant’s right to remain in their home if they’re able to pay all past due rent as well as “reasonable” late fees.
Read more »
Euclid man faces multiple charges for police chase that critically injured babyLotus, who will celebrate her first birthday today, remains in the ICU at Rainbow Babies and Children’s Hospital.
Read more »
Successor named for retiring county building officialCounty chief administrative officer Peter Covert announced during the Houston County Commission meeting on Monday that Sean Curtis, the county's buildings and maintenance manager, is retiring.
Read more »
Cleveland man pleads guilty in murder-for-hire plot against sonDesmen Ramsey will be sentenced by Cuyahoga County Court of Common Pleas Judge David Matia on March 23.
Read more »