Tax and Finance Management

Ohio’s Highest and Lowest Property Taxes

A new analysis by Cleveland.com (subscription) identifies which jurisdictions offer the lowest and highest property taxes in Ohio. According to the publication’s review of Ohio Department of Taxation data, these are the 21 lowest property tax rates in the Buckeye State, while these are the 32 highest. 3/14/2022

Export Assistance for Ohio Manufacturers

The Ohio Department of Development says applications are now being accepted for the Ohio International Market Access Grant for Exporters (IMAGE) program. Supported by U.S. Small Business Administration (SBA), the program provides eligible companies a 50% reimbursement of up to $10,000 to engage in activities that increase export sales. The current application period is open through April 7.

Meanwhile, on April 21, a virtual or in-person briefing will be held in West Chester Township to review the SBA and Ex-Im export loan programs for small and mid-sized businesses. 3/9/2022

Top 10 Tax Topics for 2022

OMA Connections Partner GBQ Partners this month published its top 10 tax topics for 2022. Among the topics that could impact manufacturers are the employee retention tax credit; the growing backlog at the IRS; the research tax credit; methods of accounting to combat inflation; and international tax reporting. 3/10/2022

Ohio Tax Collections Running $1B Ahead for FY22

OMA Connections Partner GBQ Partners this month published its top 10 tax topics for 2022. Among the topics that could impact manufacturers are the employee retention tax credit; the growing backlog at the IRS; the research tax credit; methods of accounting to combat inflation; and international tax reporting. 3/10/2022

Ohio’s Medicaid Enrollment Is 72% of Private Sector

Medicaid consumes more than half of Ohio’s General Revenue Fund. This infographic — published by Opportunity Ohio, a conservative think tank — shows nearly 1 million Ohioans have been added to the state’s Medicaid rolls since Ohio expanded eligibility in 2013. Medicaid is now 72% the size of Ohio’s private-sector employment. More than one in four Ohioans is enrolled in the taxpayer-sponsored program. 3/7/202

Controlling Your Business Insurance Costs

As inflation continues to impact the bottom line, OMA Connections Partner Clark Schaefer Hackett has published this list of five ways to better control your insurance costs without sacrificing the quality of your policies.

Among the firm’s recommendations: review coverage periodically, actively manage workers’ compensation coverage, and prioritize safety. (If you haven’t already, evaluate OMA Workers’ Compensation Services, which were designed to control risk and costs for manufacturers.) 3/9/2022

Study: Ohio Property Tax Burden Is 13th Highest

In a new comparison by personal finance website WalletHub, Ohio has the nation’s thirteenth highest property taxes. The study, which analyzed real estate and vehicle property taxes in all states and D.C., found the average Ohio household spends $3,390 annually on housing property taxes, versus the U.S average of $2,471. 3/2/2022

Senate Ways and Means Committee Chair Addresses OMA

On Feb. 23, Sen. Louis W. Blessing III (R-Colerain Township), chair of the Ohio Senate Ways and Means Committee, addressed the OMA Tax and Finance Committee regarding tax-related priorities for 2022.

Members also heard from Mark Ludwig with OMA Connections Partner RSM, who discussed opportunities and risks in international trade.

OMA staff briefed members on pending legislation, including efforts to repeal the Commercial Activity Tax (House Bill 234), changes to property tax valuation rules (House Bill 126), and possible reform to Ohio’s municipal income tax. The committee will meet again June 15. 2/23/2022

Financial Conditions Index Turns Negative

The U.S. Financial Conditions Index, published by OMA Connections Partner RSM, has turned negative due to the conflict between Russia and Ukraine, as well as continued inflationary pressures. RSM says the cumulative effects from the loss of confidence could threaten commercial activity among developed economies. 2/24/2022

March 8 Webinar: U.S. Economic Outlook

The U.S. economy faces significant risks at the present time. On March 8, OMA Connections Partner GBQ Partners will host a no-cost webinar to examine the economic forecast for the remainder of 2022. This event qualifies for 1 hour of CPE based on Ohio requirements. 2/22/2022