Friday, May 31, 2013 at 5:25 PM
The Ohio Senate’s proposed version of the budget does not contain a hike in the severance tax on gas and oil drilling as Gov. Kasich proposed. But Republican Senate President Keith Faber says just because that tax is off the table right now doesn’t mean the legislature won’t consider making some changes on taxes in the future.
FABER: “We would like to see additional tax reform. At this point, I think tax reform means we need to take a look at what we’re doing and make sure it meets the needs of the state. And there are certainly tax exemptions and adjustments in other places that may not be the most effective use of those resources at this point, so we’re taking a look at those as well.”
The Senate’s version of the budget contains a 50 percent tax cut for small businesses. The House version included a seven percent income tax cut for all Ohio taxpayers. But like the Senate’s plan, it did not include a hike in the severance tax, which Kasich supported.
Kasich also wants to tax services not currently being taxed but his plan would give Ohio taxpayers a fifteen percent income tax cut. The Ohio Senate is expected to pass its version of the budget next week. After that, leaders will have to get together to hammer out a compromise plan.
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