News and Analysis
OMA, Holds First Tax & Finance Committee of 2024
February 23, 2024On Wednesday, Feb. 21, the OMA hosted the first Tax & Finance Committee meeting of 2024.
The OMA received an update on the state’s finances from the Office of Budget and Management Director, Kimberly Murnieks, and a presentation on the federal Tax Relief for American Families and Workers Act.
OMA also heard a presentation on economic development opportunities for manufacturers by Matt McCollister, Executive Vice President of One Columbus. 2/21/2024
What IRA Credit Transferability Means for Tax Equity
February 23, 2024OMA Connections Partner CliftonLarsonAllen LLP detailed in an article this week how tax credit transferability has changed concerning clean energy.
Specifically, how companies looking for tax savings without a long-term commitment might use transferability as a planning tool.
OMA Connections Partner BrickerGraydon also gave a detailed presentation at the OMA Tax and Finance Committee this week on these credits. 2/21/2024
Supreme Court Protects Municipal Income Tax Collections
February 16, 2024The Supreme Court of Ohio this week sided with cities where employers are located in a dispute over income tax collection from employees working from home (outside of city limits) during the pandemic.
The OMA supported the temporary authority granted to Ohio cities to maintain income tax collections in 2020 to maintain stable revenue for local governments and to allow employers time to alter payroll systems. Join the OMA Tax & Finance Committee meeting next week to consider the impact of this ruling.
Read the summary of the opinion here. 2/14/2024
GBQ Outlines Changes in R&D Tax Credit Disclosures
February 16, 2024OMA Connections Partner GBQ Partners recently outlined guidance for the recent changes to R&D tax credit disclosures by the IRS. These changes come as part of the IRS’s pursuit of facilitating increased transparency. 2/14/2024
Ohio House Advances Capital Infrastructure Bill
February 9, 2024In less than 24 hours, the Ohio House of Representatives introduced and approved House Bill 2, the biennial capital appropriations bill to authorize capital projects for public works, schools, higher ed, and jails.
Branded as the state Infrastructure bill by sponsors, the package allocates $2 billion in total over a two-year period. The fiscal analysis lists over 300 community projects. The bill moves to the Senate where significant revisions are expected.
The OMA will continue to monitor the bill. 2/7/2024
2024 Calendar Highlights Key Tax Deadlines
February 9, 2024To help businesses remember key tax deadlines, OMA Connections Partner Clark Schaefer Hackett has published this summary of important dates for various tax-related forms, payments, and other actions.
The firm has also posted this updated information regarding modifications to Ohio’s Commercial Activity Tax in 2024. 2/5/2024
U.S. House Advances Bipartisan Tax Bill
February 2, 2024As previously reported, the OMA is supporting federal legislation called the Tax Relief for American Families and Workers Act. It would allow for the immediate expensing of domestic R&D expenses; enhanced interest deductibility; and 100% accelerated depreciation.
This week, the U.S. House voted to advance the bipartisan tax package on a vote of 357-70. The bill now goes to the Senate for consideration. Read this update from OMA Connections Partner Plante Moran.
This legislation will be discussed at the OMA’s Feb. 21 Tax Committee meeting. Register here. 2/1/2024
Steel, Aluminum Quotas Extended
February 2, 2024President Biden recently extended the Tariff Rate Quota system on imported steel and aluminum from the European Union through 2025. OMA Connections Partner CliftonLarsonAllen reports that this means U.S. exports of certain products to the EU will not face tariffs — and U.S. customers won’t see a 25% tariff on EU steel or a 10% tariff on EU aluminum. 1/29/2024
2024 Economic Development Incentives Conference
February 2, 2024On Feb. 23 at the Hilton Columbus Downtown, OMA Connections Partner Vorys will host its complimentary Economic Development Incentives Conference. Key topics will include the federal Inflation Reduction Act, Infrastructure Investment and Jobs Act, and CHIPS Act Incentives. Learn more. 1/31/2024
Update: Corporate Transparency Act Requirements
February 2, 2024New federal requirements associated with the federal Corporate Transparency Act requires millions of companies to disclose their “beneficial owners.” Read this update from Bricker Graydon, the OMA’s general counsel. 1/29/2024