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BWC’s Harris Nominated to Lead Department of Taxation

January 27, 2023

Patricia Harris has been nominated to lead the Ohio Department of Taxation. She currently serves as chief operating officer of the Ohio BWC. Gov. Mike DeWine announced his selection of Harris earlier this week. 1/25/2023

Accounting and Regulatory Hot Topics

January 27, 2023

OMA Connections Partner Plante Moran has published this update, which provides a summary of recent accounting, financial reporting, and regulatory activities that could impact both public and private companies. Topics include ESG reporting. 1/24/2023

Webinar: R&D Credits for Manufacturers

January 27, 2023

OMA Connections Partner HBK has published a summary of the firm’s recent webinar addressing R&D credits for manufacturers. The recorded webinar is available on demand. 1/25/2023

Webinar: Preparing for 2023 Financial Challenges

January 27, 2023

On Feb. 13, OMA Connections Partner RSM will host a complimentary webcast in which RSM Chief Economist Joe Brusuelas and U.S. Chamber Executive Vice President Neil Bradley will examine the slowing U.S. economy and offer insights into how businesses can adapt. Register here. 1/25/2023

Federal Debt Debate: Implications for the Economy

January 27, 2023

U.S. debt now stands at $31.5 trillion — illustrated by this infographic — as the federal government officially hit its debt ceiling on Jan. 19. Secretary of the Treasury Janet Yellen has said “extraordinary measures” should keep the federal government open for a few more months, but that the timeline was subject to “considerable uncertainty.”

Soaring federal debt poses a threat to the nation’s long-term well-being. (Current interest rates could push the debt to 300% of U.S. GDP within 30 years, according to estimates.) But experts say if the government defaults, there would be a major recession, a spike in borrowing costs, a sharp sell-off in stocks, and rampant unemployment.

President Biden and Yellen have called on Congress to raise the debt limit with no strings attached. U.S. House Speaker Kevin McCarthy (R-Calif.) wants to “look at the places that we can change our behavior” when it comes to federal spending. According to reports, there’s a split in the House GOP regarding how hard a line to take when it comes to raising the debt ceiling. 1/25/2023

Ohio Looking at Highway Funding Alternatives

January 20, 2023

Calling the gas tax an unsustainable way to fund transportation infrastructure, the Ohio Department of Transportation is gathering public opinion on potential funding alternatives, reports say. Survey results will be shared with state lawmakers later this year.

Currently, Ohio’s transportation system is funded mainly by the gas tax. On the state level, Ohio charges 38.5 cents per gallon of gas, and 47 cents per gallon of diesel.

The agency has launched this website and encourages Ohioans to offer their thoughts on replacing the gas tax. Watch ODOT’s short video, which explains current funding challenges and possible alternatives. Then take ODOT’s survey. 1/18/2023

Ohio’s ‘Rainy Day Fund’ Nears $3.5 Billion

January 20, 2023

The Ohio Budget Stabilization Fund — known as the state’s “rainy day fund” — now sits at nearly $3.5 billion, representing the fund’s largest balance in state history.

The rainy day fund is designed to protect the state — and its taxpayers — from steep drops in revenue caused by economic downturns. Under state law, the fund is capped at 8.5% of General Revenue Fund revenues. 1/18/2023

Economic Development Incentives Conference, Feb. 24

January 20, 2023

OMA Connections Partner Vorys will host its eighth annual Economic Development Incentives Conference on Feb. 24 in Columbus. The complimentary program will include a segment on site selection factors for automotive manufacturers and suppliers. Learn more and register. 1/19/2023

Preparing for R&D Tax Capitalization Rules

January 20, 2023

Beginning this year, as required by the 2017 federal tax law, research and development costs must be capitalized and amortized for the 2022 calendar year and later. OMA Connections Partner Schneider Downs has published this brief insight into the R&D tax capitalization rules. 1/17/2023

Study: Americans Moved to Lower-Tax States in 2022

January 20, 2023

Americans who moved in 2022 largely went to lower-tax states. That’s according to analysis by the Tax Foundation, which examined recent data from the U.S. Census Bureau and moving services. (This map compares the state-local tax burdens across the U.S.)

As previously reported, Ohio last year was a top-10 inbound state in U-Haul’s study. But the state fared worse in the comparisons by the Census Bureau (No. 36) and United Van Lines (No. 38). 1/17/2023

 

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