COLUMBUS, Ohio (AP) - A bill to fix a budget provision that imposes an unintended tax increase on some small businesses has cleared an Ohio House panel.
The measure also seeks to restore some money schools lost in a tax change vetoed from the budget by Gov. John Kasich (KAY’-sik). Schools affected by the lost tangible personal property tax reimbursement could see an estimated $44 million.
Supporters say the small business tax revisions ensure that no taxpayer will pay a higher marginal tax rate on business income for the 2015 taxable year than he or she otherwise would have paid if the budget hadn’t been enacted.
The House Ways and Means Committee approved the bill 17-1 Monday. The full House could vote as soon as Tuesday. The Senate passed an earlier version.
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