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News Now

CU System
Ohio's Final Budget Minimizes Impact On CUs
COLUMBUS, Ohio (7/12/13)--The $62 billion Ohio state budget was signed into law without a huge expansion of the sales tax base--owing to the work of the Ohio Credit Union League and credit union peers on the State Budget Impact Work Group, said the league.
 
While credit unions came out of the budget process relatively untouched, the final version did include a 0.25% sales tax increase, to 5.75% from 5.5%, meaning state-chartered credit unions will pay a little more on taxable goods and services, the league said (eLumination Newsletter July 10).
 
Also, credit union service organizations currently subject to the Commercial Activity Tax will likely see an increase because that tax was changed to an incremental-scale based on gross receipts, the league said.
 
The league also noted that Gov. John Kasich remains steadfast in finding a legislative avenue to expand Medicaid. Several bills addressing this effort have been introduced, and any expansion of a state program likely means additional changes to tax policy in order to generate funding, the league added, saying it will remain watchful.
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