OH governor highlights new tax structure for banks - WFMJ.com News weather sports for Youngstown-Warren Ohio

OH governor highlights new tax structure for banks

Updated:

NEWARK, Ohio (AP) - Gov. John Kasich is highlighting a new tax structure for financial institutions that means the vast majority of Ohio banks pay less in taxes.

Kasich planned a ceremonial bill-signing Wednesday at a bank in Newark with key state lawmakers and members of his Cabinet.

By removing some tax loopholes for larger institutions, proponents said the law makes it easier for them to file taxes and provides more money for loans.

Some Democrats called it an unnecessary tax cut for banks.

The law is projected to decrease tax liability for most banks as the tax base is expanded, though an unknown number could see a tax increase.

The bill cleared the Legislature and got Kasich's official signature last month. It goes into effect March 27.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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