News and Analysis
Long time OMA tax counsel Mark Engel, Partner, Bricker & Eckler, participated in his last meeting of the OMA Tax Committee this week. He’ll retire from Bricker at the end of the year.
OMA’s Rob Brundrett, Director, Public Policy Services, who staffs the committee said, “We are truly going to miss Mark. He is well known throughout the state as one of Ohio’s preeminent tax attorneys. The work he did for Ohio’s manufacturers over the years included some of the most impactful tax reforms this state has ever seen, including the elimination of the tangible personal property tax. Mark’s style, knowledge, and wit have made his testimony must-see events at the Statehouse. We certainly wish him well on his retirement.” 10/12/2017
Pictured: OMA’s Rob Brundrett presents a token of appreciation to OMA tax counsel, Mark Engel of Bricker & Eckler.
OMA Connections Partner, Clark Schaefer Hackett (CSH), posted on the Trump administration’s “Unified Framework for Fixing Our Broken Tax Code,” which includes a framework for corporate tax reform.
“Many businesses and their owners are wondering how corporate tax reform could affect them. The framework is a bit sparse on details, but let’s shed some light on those it does include.”
Read the post from CSH. 10/12/2017
This week the 2020 Tax Policy Study Commission issued its final report. The 323 page report consisted largely of public testimony submitted over the course of the commission’s hearings.
The main recommendation? That Ohio continue to study Ohio’s tax system. The report stated that a “more thorough review is needed and is required as part of the permanent Tax Expenditure Review Committee.”
The OMA participated in the hearings and provided testimony.
The OMA Tax Committee will look further into the report findings, among other topics, when it meets on October 11. Register here. 10/5/2017
This week Republican House and Senate leaders unveiled their new tax reform plan. The plan, which can be viewed at this new website, has four principles:
- Make the tax code simple, fair and easy to understand.
- Give American workers a pay raise by allowing them to keep more of their hard-earned paychecks.
- Make America the jobs magnet of the world by leveling the playing field for American businesses and workers.
- Bring back trillions of dollars that are currently kept offshore to reinvest in the American economy.
Tax reform has been and is a major policy goal for Ohio manufacturers. 9/28/2017
OMA Connections Partner, Clark Schaefer Hackett (CSH), breaks down the nine-page “Unified Framework for Fixing Our Broken Tax Code.”
CSH says the framework is “intended to serve as a template for the congressional committees to draft legislation to cut tax rates, simplify the tax code and provide a more competitive environment for businesses. It addresses tax issues that affect both individuals and businesses.”
Read a summary of changes from CSH. 9/28/2017
As tax reform moves through the legislative process, many taxpayers want to know how tax reform could affect their business.
To help answer this question, OMA Connections Partner, RSM, has created a business tax reform estimator tool based on current proposals.
RSM says: “The tax reform process is filled with uncertainty, and will continue to be, until final legislation is signed by the president. In light of this uncertainty, it is critical for you to monitor changes in the proposals for the possible effects on your business.” 9/21/2017
The Gateway Modernization Project is not only focused on transforming the way transactions are completed in the Ohio Business Gateway, but also implementing new features and functional enhancements to improve the Gateway’s user experience, reliability and efficiency.
Here is information about the major improvements coming with the modernized Gateway. 9/21/2017
The National Association of Manufacturers is engaging in an effort to permanently repeal the health insurance tax. The health insurance tax is a tax on fully insured health plans that, unless repealed, will go into effect in 2018.
Rising health care costs stand in the way of increasing wages, hiring new employees, purchasing new equipment and making other needed investments that keep manufacturing competitive. One driver of these cost increases is the health insurance tax, a multi-billion dollar tax on fully insured health plans.
Click here to urge Congress to help manufacturers maintain a healthy workforce and continue doing right by their employees by eliminating the health insurance tax. 9/14/2017
OMA Connections Partner, GBQ, provides a summary of the president’s tax reform principles: “Last week, President Trump, in a speech delivered at a manufacturing company in Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system. While no specifics were discussed, the president did reaffirm his desire for a 15% business/corporate tax rate. In addition, the president outlined four principles guiding his tax reform efforts.”
Click here to read more from GBQ. 9/6/2017
The Senate returned to session this week to deliberate on the budget vetoes of Governor Kasich, and the House’s 11 veto overrides.
The Senate ended up voting to override 6 of the 11, largely dealing with Medicaid.
Read a good summary from OMA Connections Partner, Roetzel. 8/23/2017