Today Governor Kasich
signed into law the Financial Institutions Tax Bill (aka HB 510 & FIT). The
bill, which replaces the Dealers in Intangibles and Corporate Franchise Tax,
benefits our industry in many ways.
First it brings an immediate
bottom line impact to Ohio’s 220 community banks that is estimated at $30
million annually. This will allow for increased capital for community banks to
meet regulatory requirements and increase lending to small businesses and
consumers.
Secondly it brings some
fairness to Ohio’s Tax System for community banks by “balancing” the liability
and removing loopholes that many larger financial institutions have taken
advantage of.
During the signing Governor
Kasich reiterated the value of community banks to their local economies and how
they are the economic engine that will continue to move Ohio forward.
CBAO was engaged in this
legislation from its introduction and recognizes the efforts of all who made
today a reality, especially Chairman of the House Ways and Means Committee Ron
Amstutz, (R-Wooster) and Chairman Tim Schaffer, (R-Lancaster) of the Senate Ways
and Means and Economic Development Committee.
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