St. Rep. Adams to Lead Study Committee on Ohio’s Tax Structure

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COLUMBUS—Speaker of the Ohio House William G. Batchelder (R-Medina) recently appointed State Representative John Adams (R-Sidney) to serve as chairman of the Tax Structure Study Committee, a bipartisan committee that will solicit feedback from Ohioans to ensure the best tax environment for Ohio’s citizens and businesses.

“I look forward to leading this committee in the effort to improve Ohio’s tax structure and make our economic policies more attractive to people and businesses,” Rep. Adams said.

Rep. Adams will be joined by Representatives Peter Beck (R-Mason), Terry Blair (R-Washington Twp.), Terry Boose (R-Norwalk), Lynn Slaby (R-Copley), Cheryl Grossman (R-Grove City), Brian Hill (R-Zanesville), Tom Letson (D-Warren), Denise Driehaus (D-Cincinnati), Mike Foley (D-Cleveland), and Sean O’Brien (D-Niles) in serving on this committee, which will meet throughout the summer and early autumn at various locations throughout the state.

The committee is scheduled to meet at the following times and locations:

* August 24th at 10 a.m. in Columbus (Ohio Statehouse room 114, 1 Capitol Square, Columbus, Ohio 43215)
* August 29th at 10 a.m. in Dayton (University of Dayton, “1700” Auditorium, 1700 South Patterson Blvd, Dayton, Ohio 45479)
* September 12th at 11 a.m. in Toledo (University of Toledo, Scott Park Campus Auditorium, 2225 Nebraska Ave, Toledo, Ohio 43606)
* September 16th at 10:30 a.m. in Akron (University of Akron, Martin University Center, 105 Fir Hill St, Akron, Ohio 44304)
* September 19th at 10:30 a.m. in Zanesville (Ohio University Zanesville, Campus Center, rooms T430/431, 1425 Newark Rd, Zanesville, Ohio 43701)
* September 22nd at 10 a.m. in Columbus (Ohio Statehouse, room 114, 1 Capitol Square, Columbus, Ohio 43215)

The Tax Structure Committee will allow the people of Ohio to have a chance to speak to the Ohio House of Representatives on the state’s tax climate. It will specifically cover three areas of the tax code: the commercial activity tax, the sales and use tax, and tax expenditures.

Upon completing the necessary research, the committee intends to put forth an executive summary and possible recommendations for the Legislature.

Estate Tax Repeal Draws Hundreds of Supporters

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COLUMBUS—Several hundred supporters gathered at the Ohio Statehouse today in support of House Bill 3, which would repeal Ohio’s economically punitive estate tax, more commonly  known as the “death tax.” When enacted, it will allow small business owners, farmers and homeowners to rightfully pass on their assets to their heirs without fear of being taxed twice on their life’s savings, which will make Ohio more competitive for entrepreneurial growth and investment.

 

At the press conference, which was attended by members of the Ohio Farm Bureau Federation and Citizens United to End Ohio’s Estate Tax, Assistant House Majority Whip Cheryl Grossman (R-Grove City) and Rep. Jay Hottinger (R-Newark) reiterated the necessity of making Ohio’s tax climate a national competitor for jobs, businesses and people.

 

“Ohio is one of only 17 states that currently impose a death tax on its citizens,” said Grossman. “As a result, we’ve experienced a flood of overtaxed business owners and people leaving our borders and moving into other states that welcome them with open arms. Our state simply has not been doing enough to convey to these people that we want their jobs, their investments and their contributions to our state economy.”

 

“For too long, Ohio’s estate tax has taken direct aim at our middle class and has contributed to our loss of hundreds of thousands of jobs and people,” said Hottinger. “House Bill 3 is just one of the ways that we can reinvent how the State of Ohio does business so we can compete in the 21^st century economy.”

 

Ohio currently has the lowest estate tax exemption in the United States. Only $338,333 of the taxable estate is exempt from the estate tax, compared to an average exemption amount of approximately $1.7 million for other states that have an estate tax. For this reason, supporters of the elimination of the estate tax say that it hurts Ohio’s middle class, undermines job creation, and discourages saving and investing in the state.

 

In addition to Reps. Grossman and Hottinger, other speakers who expressed their support for House Bill 3 were Rep. Bob Peterson (R-Sabina) and members of the Ohio Farm Bureau Federation and Citizens United to End Ohio’s Estate Tax.

Rep. Latta (R, OH-05) Introduces Legislation to Repeal Estate Tax

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WASHINGTON- On the first day of the 112th Congress, Congressman Bob Latta (R- Bowling Green) introduced H.R. 143, a bill that if passed, would permanently repeal the estate tax and ensures that individuals are not taxed on the increased value of an estate by retaining the stepped-up basis at death. A copy of the legislation can be found here.

The estate tax, also known as the death tax, is a federal tax levied against the assets of a person’s estate when they pass away. Historically, the estate tax was levied at fifty-five percent of one’s estate over $1 million, but the exemption level was increased over the past ten years after a series of tax cuts were signed into law in 2001 and 2003. In 2010, individuals were freed from having to pay the estate tax. On January 1, 2011, the estate tax was reinstated for a two year time period at a 35% rate and a $5 million per person exemption.

“The estate tax is archaic and goes against the grain of hard working American families who strongly believe in a founding principle of our country that with hard work, future generations can be better off than the last. Permanently eliminating the estate tax is an important step in ensuring that our small businesses and farmers, an integral part of our nation’s economy, can grow and prosper into future generations. While the federal government may have taxed a portion of hard-earned American family dollars in the past, it doesn’t mean they have the right to do the same to future generations,” Congressman Latta stated after introducing the legislation.

H.R. 143 has been referred to the House Ways and Means Committee.