Senate President Tom Niehaus Indicates New Financial Institutions Tax Bill Will Likely Pass During Lame Duck Session

Ohio Senate President Tom Niehaus, (R-New Richmond), has indicated that the Ohio Senate will likely pass the new Financial Institutions Tax legislation after the November elections.  President Niehaus noted there would not likely be any major changes in the proposed bill. The Kasich administration drafted the bill earlier this year to close tax loopholes for out-of-state banks and bring fairness to Ohio’s community banking industry.  Senator Tim Schaffer, (R-Lancaster), who chairs the Ohio Senate Ways & Means & Economic Development Committee said, “We have some housekeeping updates to make, a few word changes-nothing substantive.”  CBAO believes the new FIT legislation will bring much needed tax relief to the community banking industry and looks forward to the bill being passed in its present form. CBAO will have community bankers testifying before the committee when the committee dates are confirmed.