Ohio farmers next month will be able to tap $30 million in funding being made available to reduce agricultural phosphorus runoff and prevent algal blooms in Lake Erie, under a plan announced this week.

The Ohio Department of Taxation on Dec. 19 announced it is seeking comments on proposed changes to the Financial Institutions Tax rules. That was followed a day later by a request for comments on rule changes for the Commercial Activity Tax.

Hearings on House Bill 442 are expected to begin in the New Year after the bill last week was referred to the Ohio House Commerce and Labor Committee.

Ohio CPA candidates could choose to sit for the CPA exam after the completion of a bachelor’s degree or its 120-hour equivalent – as already permitted in 37 states – under an OSCPA-supported bill introduced this week in the Ohio House.

OSCPA SALT Committee member Stephen Palmer, CPA, this week testified in favor of a bill that would permit married taxpayers filing jointly to claim a credit that would reduce their tax liability to no more than what they would owe filing separately.

OSCPA represents the profession at every ABO meeting and shares the most recent information in our Professional Standards and Responsibilities programs.

The House on Nov. 19 unanimously passed HB251 (Lang-Hillyer), which shortens the statute of limitations of actions on written and oral contracts to six years and four years, respectively.

Ohio’s archaic municipal net profits tax system costs businesses more to comply than cities make in revenue, OSCPA said in two amicus briefs filed this past week with the state Supreme Court.

OSCPA on Nov. 13 held its fifth-annual Legislative Leadership in Action day. This is an invitation-only event for young CPAs who are interested in learning how to help advance the profession and the state of business in Ohio.

The Ohio House on Oct. 30 unanimously passed an OSCPA-supported bill to correct errors in the Ohio tax code.