SOURCE: Ohio Business Development Coalition

October 26, 2006 09:22 ET

Ohio Tax Reform Working

State Business Leaders Share Success in One-Year Progress Report

COLUMBUS, OH -- (MARKET WIRE) -- October 26, 2006 -- Ohio tax reform is already significantly reducing Ohio tax burdens and improving the state's business climate just one short year after its enactment, concludes a report by the Ohio Business Roundtable (BRT).

The report, "Ohio Tax Reform: Year 1 in Review," is a sequel to the BRT's "Business Leaders' Guide," which was released in 2005 upon the legislative enactment of the tax reforms. The BRT engaged tax policy and financial modeling experts at Ernst & Young to assist the organization and state leaders with Ohio's tax reform efforts, as well as with the Year-1 Review.

The report is available to the public through the Ohio Business Development Coalition and can be downloaded at www.ohiomeansbusiness.com.

In 2004, Ohio geared up to compete in an increasingly global marketplace for capital investment and jobs. On July 1, 2005 state leaders adopted the most sweeping tax reforms in 75 years -- modernizing the tax code, providing welcome tax relief for Ohio citizens and helping grow the economy, allowing Ohioans to improve their standard of living and more effectively compete in a flattening world.

In releasing the report, Richard Stoff, president of the Ohio Business Roundtable, noted, "Today we are beginning to see more business investment, more disposable income for our citizens and, above all, a new positive attitude that sends a clarion call to Wall Street and Main Street: Ohio... Build Your Business. Love Your Life."

The report's contents include: a review of the rationale for the reforms; an overview of the positive impact on Ohio businesses and consumers to date; compelling examples of companies that have cited tax reform as a driving force in decisions to expand in Ohio; a comparison of Ohio to other states, and a look to the future and how Ohio's policymakers can ensure continued success.

Companies that have benefited from Ohio's reforms and whose feedback is featured in the report include: Eaton, Whirlpool, Scotts Miracle-Gro, Cintas, Lincoln Electric, and many other businesses of all sizes and types.

"Providing this update to the public, business leaders, legislators and the media is critical," said Edward Burghard, executive director of the Ohio Business Development Coalition. "The national databases used to compare state-to-state tax burden are typically two years in arrears and do not accurately reflect the impact of Ohio's new tax structure. It's important to share the success stories of real businesses that are already realizing benefit from the reforms. It is tangible evidence to decision makers that Ohio truly is a profit-friendly state and a great choice for capital investment."

About the Ohio Business Roundtable

The Ohio Business Roundtable is a partnership of one hundred chief executives of Ohio's major business enterprises who represent all sectors of the economy and are committed to working with public leaders to build a better Ohio.

About the Ohio Business Development Coalition

The Ohio Business Development Coalition (OBDC) is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. It is funded with a combination of public and private sector funds. The objective of the OBDC is to provide the state's regional economic development organizations and the Ohio Department of Development qualified leads and tools to attract new companies and promote expansion in Ohio. Learn more at www.ohiomeansbusiness.com.

Contact Information

  • Contact:
    Caroline Cofer
    Paul Werth Associates
    614-224-8114, ext. 232
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