COLUMBUS, Ohio (AP) — The state government budget debate in Ohio has focused fresh attention on tax breaks and loopholes granted to residents and businesses over the years.
The Columbus Dispatch (bit.ly/11rHuko) says some 130 tax deductions, credits and exemptions will be worth $7.7 billion next year. Projections put it at about $8 billion for 2015.
Some tax breaks have been in place for decades and could be scrutinized as lawmakers consider income tax cuts proposed by Gov. John Kasich (KAY’-sik).
The newspaper reported Sunday that closing tax exemptions could be difficult, given the efforts made to enact and keep them.
Each year, Ohio’s single biggest tax break, around since 1935, is on the sale of manufacturing equipment. It will be worth about $1.8 billion next year.
Information from: The Columbus Dispatch, http://www.dispatch.com