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News Now

CU System
Ohio CUs On Sales Tax Watch
COLUMBUS, Ohio (3/22/13)--The Ohio Credit Union League is among the groups voicing concerns over impacts from the proposed state sales tax provision in the state's budget proposal. The provision is seeing activity in the state legislature.

The league "continues to aggressively monitor legislative activity" on the provision included in the governor's proposed budget, it said (eLumination Newsletter March 20).

"Led by the State Budget Impact Work Group, the league is better grasping the true impact of an expanded sales tax base, which would include taxes on services utilized and offered by credit unions," the league said.

Last week the league sent two letters to key legislators, sharing credit unions' concerns and highlighting how the proposed changes could hamper credit unions' ability to serve their members and impact the state-charter system.

The league is one of many trade groups voicing opposition, it said.  Roughly 75 interested parties testified in budget related committees last week, with the majority strongly opposing the sales tax proposal, the league said. During the first week of March more than 50 witnesses testified on the proposal.

Gov. John Kasich's biennium budget would expand the products and services subject to sales tax and lower the overall rate to 5% from 5.5%. The State Budget Impact Work Group consists of 16 Ohio credit union leaders and league staff who are researching the bottom-line impact on credit unions.


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