The Ohio House of Representatives will have a new Speaker of the House, Derek Merrin, from District 47 in the Northeast part of the state.
Ohio taxpayers have reason for optimism with Rep. Merrin leading the House, as he has championed multiple tax reforms and cuts.
Merrin sponsored legislation, House Bill 140, that requires ballot measures that impact property taxes have their cost reflected per every $100,000 of property value. This makes it easier for voters to understand the true cost and impact on their homes and wallets. The previous rule described the impact of these measures in $287 increments.
Merrin also sponsored legislation to reduce tax burdens on small business. House Bill 592 repealed the state financial institutions tax on Small Business Investment Companies, and House Bill 150 reduces the tax’s impact on community banks.
Via The Center Square: “The bill also allows mortgage lenders to exclude the principal balance of mortgage loans from their commercial activity tax (CAT) gross receipts. The change alters a previous tax change that Merrin said increased mortgage lenders’ state tax burden increase by an estimated 200 percent.”
Rep. Merrin has also supported flattening and reducing the state income tax, which the legislature has done in two consecutive budgets, and focused on reducing the negative impacts of the Commercial Activities Tax (a damaging gross receipts tax) as well.
With strong conservative leadership in both chambers, Ohio taxpayers should be excited for more progress on reducing the state’s tax burdens in 2023, which will make it easier to raise a family and run a business in the Buckeye State.