National surveys show consumers’ mood is brightening, and it’s not just holiday cheer. The more positive outlook has a lot to do with the steep drop in gasoline prices since last summer. 2015 holds the promise of more price relief not only at the gas pump but also at grocery stores.
New Fiscal Year Brings New Tax Breaks
It’s July 1, which means the state is ringing in a new fiscal year.
One group is calling attention to some so-called special interest policies taking effect.
Many changes in Gov. John Kasichâ€™s budget update will now beginâ€”including $400 million in tax cuts. But the liberal-leaning research group Policy Matters Ohio says the measure also contains more specialized exemptions, such as for fraternal groups and investors in small companies.
Policy Mattersâ€™ Zach Schiller highlights even more specific carve-outs, such as one that allows a medical assistance facility in Twinsburg to reapply for a property tax exemption.
Schiller says these policies donâ€™t make a huge dent to revenue.
â€œWhile the benefit isnâ€™t extraordinary, it does reflect one individual taxpayer getting special treatment,” Schiller says.
And Schiller also says these kinds of tax cuts wonâ€™t boost the stateâ€™s economy.
Tax Commissioner Joe Testa disagrees and says the tax breaks as a whole will encourage job growth and leave more money in the pockets of Ohioans.