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Aug 20, 2014

COST Issues 2014 Report on State and Local Tax Burden
 

The Council on State Taxation (COST) has issued its 2014 study on the state and local business tax burden by state. The report, "Total State and Local Business Taxes: State-by-State Estimates for Fiscal Year 2013," prepared by Ernst & Young LLP, focuses on fiscal year 2013. According to the study, the overall tax burden on businesses increased for the third consecutive year. The study includes information from all 50 states and the District of Columbia. The taxes studied include business property taxes; sales and excise taxes paid by businesses on their input purchases and capital expenditures; gross receipts taxes; corporate income and franchise taxes; business and corporate license taxes; unemployment insurance taxes; individual income taxes paid by owners of non-corporate (pass-through) businesses; and other state and local taxes that are the statutory liability of business taxpayers. A copy of the study may be viewed here.


According to the study, the state and local business tax burden rose an average of 4.3 percent nationally in 2013. Ohio’s tax burden increase was below average at 3.7 percent, placing it 28th among states in terms of the increase. The single tax that businesses paid the most in Ohio was the property tax, followed by the state sales tax. Overall, businesses in Ohio paid approximately $20.4 billion in state and local taxes, which amounts to 4.1 percent of the Gross State Product, below the national average of 4.7 percent.


 
Posted by M. Engel in  Regional Updates  State Updates   |  Permalink

 

Aug 14, 2014

Bricker & Eckler LLP’s Price Finley recognized with CDFA Excellence Award
 

The Council of Development Finance Agencies (CDFA) recently announced the winners of the 2014 CDFA Ohio Financing Roundtable Excellence Awards. CDFA and CEO President Tony Rittner said in the press release, “[e]ach year CDFA is proud to honor excellence in development finance. The work of our award winners is cutting-edge, innovative and an example of best practices in our industry.” Bricker & Eckler LLP partner Price Finley was awarded the CDFA Excellence Award in Leadership for “his leadership and his role in advising the City of Upper Arlington for the successful implementation of the Lane Avenue Mixed Use project,” according to the release. Finley will receive his award at the annual Ohio conference in September 2014. 


 
Posted by R. McCarthy in  Professional Associations   |  Permalink

 

Aug 13, 2014

Bricker & Eckler LLP attorneys to present at MODE’s program on changes to Sunshine Laws
 

Bricker & Eckler LLP attorneys Maria Armstrong, Katie Johnson, and Chris Schmenk will present at the upcoming Mid-Ohio Development Exchange (MODE) program entitled Project Sunshine. Project Sunshine will be held on Thursday, August 21, at 11:30 a.m. at Everal Barn and Homestead in Westerville. Please join us for discussion of recent changes to Ohio’s Sunshine Laws that affect economic development projects throughout the state. For more details, and to register, click here.


 
Posted by R. McCarthy in  Professional Associations   |  Permalink

 

Aug 01, 2014

Colerain JEDZ approved for November ballot
 

At least one Joint Economic Development Zone (JEDZ) proposal is proceeding to a vote despite the recent legislation to phase out authority for new JEDZs (see our June 9, 2014 blog post about this for more). Voters in Colerain Township will vote in November on a proposed JEDZ with Harrison after the Colerain Township Board of Trustees voted unanimously to allow the measure on the ballot, according to a Cincinnati.com article. If approved by voters, the JEDZ would create “a 1 percent payroll tax for nonresident workers,” to be spent only for infrastructure, according to the article. Township Board President Melinda Rinehart “said the unrelenting cuts to township funding from the state have left the township with few options,” and she said, “[t]his was one of our only alternatives to property tax, and they are taking it away. We need to take advantage of the opportunity while we still have it.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jul 31, 2014

Port of Greater Cincinnati Development Authority announces new EB-5 public finance program
 

The Port of Greater Cincinnati Development Authority recently announced “it has established a public finance program to make available EB-5 financing as an option for qualifying job-creating capital projects in Cincinnati and Hamilton County,” according to their press release. EB-5 stands for Employment-Based Fifth Preference Program, a program of the U.S. Citizenship and Immigration Services. According to the release, EB-5 “was created by Congress in 1990 to stimulate job creation. It is a vehicle for foreign nationals to make capital investments in U.S. Economic Development projects. Foreign nationals receive expedited consideration for U.S. residency in return for making a minimum capital investment of $500,000.” In a Cincinnati.com article, port authority President and CEO Laura Brunner said EB-5 "is a new tool for the Cincinnati area, and we see ample evidence that this capital source will add value to our development community and to the prosperity of our region. EB-5 capital is easily leveraged with tax-increment financing and other development financing programs." For more, read the full release and the full article.


 
Posted by R. McCarthy in  Financial Incentives  Regional Updates   |  Permalink

 

Jul 30, 2014

Samuel Adams partners with ECDI to help more small businesses in Ohio
 

Samuel Adams recently named Ohio’s Economic and Community Development Institute (ECDI) as its official Cincinnati lending partner for its Samuel Adams Brewing the American Dream program, which provides microloans and business coaching for small businesses in the food, beverage, craft brewing and hospitality industries, according to a CNBC.com news release. Jim Koch, founder of Samuel Adams, said in the release, “Small businesses are so important to our economy, but running a small business is not easy. We look forward to helping more passionate entrepreneurs … and are excited and eager to help more Ohio small businesses in particular through our expanded partnership with ECDI.” ECDI has been the program’s Columbus lending partner since 2012. The program often helps “small businesses that traditional lenders won’t work with” and “has provided over $3 million in microloans to more than 350 small businesses” as well as business coaching to more than 4,000 small business owners since it began in 2008. For more, read the full release.


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jul 10, 2014

The Andersons is looking for new, larger space for company headquarters
 

The Andersons is shopping for a new location for its headquarters, as a result of steady growth over the past several years that the company expects to continue, The Toledo Blade reports. The company has outgrown the 103,000-square-foot building it has occupied in Maumee’s Arrowhead Industrial Park for 34 years. A spokesperson for The Andersons, Debra Clow, said in The Blade article, “We looked at … existing structures, vacant land, and developed land. ... We’re confident we will be building a new structure.” Clow said the new headquarters “would need to accommodate about 500 people at the outset … and then more personnel later as The Andersons continues to expand and grow,” according to the article. For more, read the full article.


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jul 09, 2014

Don’t Miss the OEDA Mid-Year Briefing Featuring JobsOhio and ODSA
 

The Ohio Economic Development Association (OEDA), JobsOhio and its Regional Network Partners, the Ohio Development Services Agency (ODSA) and the Mid-Ohio Development Exchange (MODE) are hosting the Mid-Year Briefing for economic development professionals and elected officials on Thursday, July 17 at the Marriott Columbus Northwest in Dublin, Ohio.

 
The agenda features updates about JobsOhio and ODSA programs, including topics such as strategies for job growth and increasing investment in local communities, and Bricker & Eckler LLP will present an update on economic development legislative activity. The event is open to OEDA members and nonmembers.
 
For more information or to register, click here.


 
Posted by R. McCarthy in  JobsOhio/ODSA   |  Permalink

 

 

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