COLUMBUS - 

During yesterday’s Ohio House session, State Representative Bill Reineke (R-Tiffin) voted in favor of House Bill 9, legislation to improve the way state tax expenditures are tracked and monitored.


The legislation creates a committee consisting of six legislators and the Tax Commissioner to periodically review all of the state’s tax expenditures, more commonly known as loopholes or exemptions. Each existing expenditure would have to be reviewed at least once every eight years.


After review, the committee will then be required to make recommendations to the General Assembly regarding continuation, modification or repeal of existing expenditures.


“Anytime we spend taxpayer money, it is important to make sure we are using it effectively and efficiently,” Reineke said. “Having a committee to review our tax expenditures will ensure that Ohioans are getting the most bang for their buck. Our taxpayers deserve to have the highest level of accountability and responsibility, and I think this committee will achieve that.”


There are 128 exemptions in Ohio’s tax code, according to the Ohio Department of Taxation. Each year, the state forgoes $8.2 billion in revenue through exemptions and tax credits. House Bill 9 would generate a cost-benefit analysis to further examine the economic impacts of those exemptions.


The bill passed the House unanimously and now heads to the Ohio Senate.

 
 
 
  
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