Next Ohio Budget Expected to Include Significant Tax Changes

Ohio Govenor John Kasich will unveil his proposed budget for FY 2014-15 next month. During the last budget, Gov. Kasich focused on closing a substantial deficit. This time around, he is expected to propose a significant¬†reduction to Ohio’s personal income tax, among other things. It will be interesting to see how Gov. Kasich proposes to offset this revenue reduction.¬†The Plain Dealer¬†discusses several possibilities in a recent article, including taking the $20 billion available to the state under President Obama’s Affordable Care Act.

Ohio’s next biennium budget will take effect July 1, 2013. We will continue to provide updates on the tax aspects to be included in the upcoming budget.