Three Ohio think tanks have been working together to recommend closing perceived “loopholes” in Ohio’s tax laws. It’s not odd that groups would work together to do this, what is odd is the three groups that are working together: the Buckeye Institute, the Greater Ohio Policy Center, and the Center for Community Solutions.
The groups will be recommending the elimination of 20 loopholes to the Ohio General Assembly. If adopted, the changes in Ohio tax law would eliminate approximately $600M in tax payouts. Among the “loopholes” are:
- $20 credits for all resident Ohioans (approximately $165M annually)
- $65 credits for all Ohioans age 65 and older (approximately $33M annually)
- Tax deductions for statewide political offices
Just like the federal tax laws, Ohio tax laws are constantly changing. Contact the attorneys at Kohler & Smith Co., LPA for all of your tax planning and preparation needs.