Tax and Finance Management

Analysis of Ohio’s New Property Tax Revisions

Gov. Mike DeWine recently signed House Bill 126, which will bring significant changes to Ohio’s real property tax valuation contests. This analysis by OMA Connections Partner Dinsmore reviews the new law’s most noteworthy provisions. 4/25/2022

Top EX-IM Official Visits Ohio Manufacturers

Reta Jo Lewis, president and chair of the Export-Import Bank (EX-IM), recently toured Ohio manufacturing facilities — including OMA member Crown Battery in Fremont — with U.S. Sen. Sherrod Brown.

While in the Buckeye State, Lewis touted EX-IM’s new “Make More in America” initiative, which aims to unlock more financing options for export-oriented domestic manufacturing projects. 4/25/2022

OMA, NAM Urge Action on Miscellaneous Tariff Bill

The OMA has joined the National Association of Manufacturers to urge federal lawmakers to include a robust Miscellaneous Tariff Bill (MTB) as part of final bill aimed at boosting U.S. manufacturing.

The letter to congressional leadership asks the conference committee to provide full retroactivity to allow manufacturers to be reimbursed for tariffs paid on shipments of MTB products back to Jan. 1, 2021.

Meanwhile, OMA Connections Partner CliftonLarsonAllen has published this updated guidance on tariffs and their impact on manufacturers and distributors. 4/26/2022

Upcoming Webinar: Optimizing Your R&D Tax Credit

On May 4 OMA Connections Partner Clarus R+D will present a webinar addressing ways manufacturers can optimize the research and development (R&D) tax credit. Manufacturing companies can miss claiming ‘hidden’ qualifying expenses that would maximize their tax benefit. Check it out here. 4/21/2022

Wholesale Prices Surge 11% — Highest Level on Record

Wholesale prices surged again last month, up 11.2% from March 2021, according to the federal government’s Producer Price Index. Diesel prices led the cost increases, rising 20.4% over 30 days.

Here’s a look at the Producer Price Index for manufacturing. And here’s analysis of how inflation is impacting consumer prices in the Midwest. 4/13/2022

Ohio’s March Tax Revenue Beats Estimates by 21%

Ohio’s latest monthly financial report shows state tax revenues in March beat estimates by $324 million (20.8%) — the largest whole-dollar and percentage variance experienced this fiscal year. For the fiscal year-to-date, the state’s tax revenue is beating the forecast by $1.4 billion (7.7%). 4/12/2022

Analysis of Ohio’s Property Tax Reform

As previously reported, recently passed legislation (House Bill 126) will bring significant changes to Ohio’s real property tax valuation contests. OMA Connections Partner Vorys has published this analysis of the legislation, which will limit the filing of property tax complaints by school boards and other subdivisions. 4/12/2022

At a Glance: Ohio’s School District Income Taxes

Ohio’s non-partisan Legislative Service Commission (LSC) has published this infographic examining collections from Ohio’s school district income tax revenues. According to the document, roughly one-third of the state’s school districts levy an income tax; these districts tend to be located in rural areas or small towns. 4/14/2022

Bill Aims to Restrict School District Challenges to Property Values

Now awaiting the governor’s veto or signature is a measure (House Bill 126) that would significantly limit the ability of Ohio’s school districts and other local government entities to challenge property values. On April 6, a conference committee report was adopted by both the Ohio House and Senate.

According to this report by Gongwer News Service, HB 126 aims to address arguments “that school districts were unduly hiring attorneys to challenge auditor valuations as a way to bolster their revenues.” 4/6/2022

Analysis: Biden Budget Would Raise Income Tax Rates to Highest in Developed World

The non-partisan Tax Foundation has analyzed President Biden’s FY 2023 budget. According to the Foundation, the budget would increase the federal deficit “by more than $800 billion over the next decade,” while reducing the size of the economy and eliminating jobs.

The Foundation says the budget, in combination with the Build Back Better Act, would give the U.S. the highest top tax rates on individual and corporate income in the developed world. 4/7/2022