COLUMBUS - 

In the course of yesterday’s Ohio House session, State Representative Mark Romanchuk (R-Ontario) 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 one of the existing expenditures 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.


“I was pleased to support a bill that creates a framework to review and update our tax code.  By doing this, Richland County and our state will remain competitive in the worldwide marketplace,” said Rep. Romanchuk. “


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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