New Fiscal Year Brings New Tax Breaks

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The end of June and the beginning of July means the state is ringing in a new fiscal year. One group is calling attention to some so-called special interest policies taking effect.

Many changes in Gov. John Kasich’s budget update will now begin – including $400 million in tax cuts. But the liberal-leaning research group Policy Matters Ohio said the measure also contains more specialized exemptions, such as for fraternal groups and investors in small companies.

Policy Matters’ Zach Schiller highlights even more specific carve-outs, such as one that allows a medical assistance facility in Twinsburg to reapply for a property tax exemption. Schiller notes that these policies don’t make a huge dent to revenue.

“While the benefit isn’t extraordinary, it does reflect one individual taxpayer getting special treatment," Schiller said.

And Schiller also said these kinds of tax cuts won’t boost the state’s economy.

Tax Commissioner Joe Testa disagreed and said the tax breaks as a whole will encourage job growth and leave more money in the pockets of Ohioans.