HOUSE BILL 510 PASSES OHIO SENATE

On Wednesday, December 5, House Bill 510, known as the Financial Institutions Tax Bill, passed the Ohio Senate with bi-partisan support by a vote of 25-8. During his floor speech, Senator Schaffer thanked the Community Bankers Association of Ohio for their work on the bill. It is expected that the Ohio House of Representatives will concur with the Senate amendments on Tuesday, December 11, 2012.

CBAO Board of Directors shows support for HB 510 at Ohio Senate Committee Hearing

The CBAO Board of Directors took a trip to the Ohio Statehouse to show support for HB 510 at the Senate Ways and Means and Economic Development Committee Hearing this morning. Each board member introduced themselves to the Senate committee members and other attendees, representing statewide support for the Financial Institutions Tax bill.

Scott McComb, CBAO board member and President & CEO of Heartland Bank, testified in favor of the FIT Bill. "The current tax on financial institutions in Ohio is obsolete and inequitable, particularly for smaller community banks. HB 510, if passed in its current form as voted on by the Ohio House, will level the competitive playing field for Ohio's community banks... The potential savings under the new FIT will allow community banks like Heartland bank, and community banks throughout Ohio to be able to provide more capital to loan to our customers, hire additional employees, deal with the new onslaught of burdensome regulation, and continue to support the local communities they serve."