- Associated Press - Friday, December 19, 2014

COLUMBUS, Ohio (AP) - Ohio Gov. John Kasich (KAY’-sik) has signed into law a sweeping overhaul of Ohio’s municipal tax system.

Approval by lawmakers last week followed years of heated debate between businesses faced with a patchwork of tax rules across hundreds of local jurisdictions, and cities that say certain changes in tax collections will mean huge revenue losses to their struggling communities.

Cities said a provision that allows businesses to use one year’s losses to reduce their local tax burden for up to five years will cost combined millions to their bottom lines. Proponents said most cities already allow it, and the legislation reduces red tape for businesses.

Changes in the bill, one of 40 signed Friday by the governor, would take effect in January 2016.

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