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Ohio tax reform:
Year 2 in review
Lowering the burden for families and businesses.
Raising the standard of living for all Ohioans.
A message from Ohio Business
Roundtable Chairman Michael G. Morris
Three years ago, Ohio’s business and elected leaders joined hands to collaborate on the
most sweeping tax reform in our state’s history. The vision was simple but compelling
— overhaul the tax code so Ohio companies could become more competitive globally,
invest more in our state and, thereby, fuel our economic growth.

In the second year of a five-year rollout, it is rewarding to see accelerating business
investment and an ever strengthening spirit of accomplishment create job growth
in Ohio. Indeed, for the second straight year, Site Selection magazine has awarded
Ohio the Governor’s Cup for the most new and expanded large-scale capital projects —
beating out Illinois, Tennessee, North Carolina and Texas for the top spot.

All evidence supports that Ohio’s tax reform is working as planned. Elimination of taxes
on capital investment, inventory, sales of goods and services to customers outside of
Ohio, as well as corporate income and franchise taxes, combine to help make Ohio
the ideal location to build a successful global business. In addition, reducing personal
income tax by 21% helps Ohio citizens afford an even more fulfilling life.

In Ohio, collaboration between private and public sector leaders is the approach we
take to continually improve our business climate and standard of living — leading to
education reform, tort reform and then tax reform. And we are now collaborating to
strengthen math and science education, further improve our higher education system
and make college more affordable, while we also tackle one of the defining and most
complex issues of our time — access, quality and cost of health care.

The Ohio Business Roundtable is proud to be a part of this collaboration, and we
sincerely thank Governor Strickland, Lieutenant Governor Fisher, Senate President
Harris, House Speaker Husted and their colleagues in the General Assembly for their
leadership in navigating Ohio’s ship of state across these turbulent economic waters.

We applaud these leaders for their continued bipartisan commitment to the tax reforms
enacted three years ago. It is this commitment to working together that helps set Ohio
apart from other states. It is a key reason why the CEOs of Ohio’s major businesses
who are our members are proud to call Ohio, “home.    ”

As BRT Chairman, I have the privilege of reporting on the results and impact of work
started by my predecessor chairs. The progress outlined in this brief booklet would not
have been possible without the steady hand of John Barrett, who personally led our
tax reform effort. I invite you to read about its success and encourage your renewed
commitment to work together on behalf of the citizens of our great state.




30 June 2008




                                                                                           1
The view from Ohio’s leaders
Tax reform means capital investment, an improved
business climate and a growing economy for Ohio


“Ohio has won the (Governor’s) cup two years in a row. Not by opinion polls or historical
 databases, but rather by objective, tough-to-convince, hard-nosed business executives
 who don’t like to make mistakes when it comes to large capital investments. These
 executives are seeing a fundamentally improved Ohio business climate. In 2005, Ohio
 enacted the most sweeping tax reform in 75 years; reform that made Ohio’s new capital
 investment tax rates the lowest in the Midwest. These reforms are designed to make
 Ohio companies even more competitive in the global economy and will ensure that
 Ohio’s economy continues to be robust and vibrant throughout the 21st century.”

 Governor Ted Strickland and Lieutenant Governor Lee Fisher
 Letter to the Editor of the Wall Street Journal, March 7 2008
                                                         ,



“We reformed our state tax code               “The transformation and revitalization of Ohio’s
 to reflect positive changes in the            economy is vital to our success as a state.
 economy and to boost the state’s              We laid the groundwork for that success with
 ability to attract new companies and          our historic tax reform package — providing
 good-paying, high-tech jobs to Ohio.          Ohioans with a 21 percent across-the-board
 As we continue to implement these             tax cut and moving to a lower rate, broader
 changes, employers throughout the             based tax for businesses, making Ohio a more
 nation are already taking notice of           attractive place for people to earn, invest,
 our state’s more favorable tax climate,       learn and live. Today, we are building on that
 and we are becoming much more                 foundation by investing even more in our most
 competitive in economic development.          valued resource — our people. We have devel-
 Through tax reform, we also provided          oped programs of educational excellence,
 for real tax relief to families, approving    invested in our children by focusing on the
 a 21 percent across-the-board income          skill sets of tomorrow in science, technology,
 tax cut. This has allowed families to         engineering and mathematics, and we are
 keep more of their hard-earned dollars        establishing partnerships with business to pair
 and empowered them to spend it                Ohio graduates with jobs right here in Ohio.
 on their own priorities. In the years         Our investments today will help Ohioans gain
 ahead, we must ensure this progress           the skills they need to compete tomorrow —
 continues and that our tax reform             not just with those from Indiana, but those
 plan is fully phased in. ”                    from Indonesia and India as well. ”

 Ohio Senate President Bill Harris             Ohio House Speaker Jon Husted




                                                                                                 2
Ohio tax reform: Year 2 in review



                                                                                              What business
Making Ohio companies more                                                                    leaders think
competitive in the global economy
Ohio’s private and public leadership collaborated to effect the most sweeping tax
reforms in 75 years — modernizing the tax code, providing welcome tax relief for Ohio
citizens and helping grow the economy. This tax reform helps Ohio companies provide
an even stronger value proposition to the world’s consumers by lowering operating
costs and helps employees better achieve their personal aspirations by increasing their
disposable income.

The net impact of the reform is that Ohio now offers companies the lowest new capital
investment tax structure in the Midwest.

Unlike in other states, companies are no longer taxed for investing in capital               “With our wealth of
improvements necessary to be competitive. Projects to modernize manufacturing                 riches and assets as a
lines and invest in machinery and equipment can now more easily move from the                 state, we can now say
planning phase to execution.                                                                  that Ohio also has one
                                                                                              of the most business-
The key to success in Ohio’s tax reform is that it was designed around a set of
principles agreed to by private and public sector leaders. The six guiding principles are:    friendly tax codes
                                                                                              in the country. Tax
    1. Grow the talent base, which is a critical element in building businesses and           reform is now a reality
       growing the economy, by eliminating high tax burdens on individuals.                   in Ohio because the
                                                                                              business community
    2. Foster new capital investment, especially in Ohio’s globally renowned advanced
                                                                                              worked hard with our
       manufacturing, advanced design and advanced materials industries.
                                                                                              elected state leaders
    3. Broaden the base to include all sectors of the economy and create a true risk          — not simply to level
       sharing partnership between the public and private sectors.                            the competitive
                                                                                              ‘playing field’ but
    4. Stimulate entrepreneurial and start-up activity, which is the bedrock of a
                                                                                              to move Ohio to the
       growing economy.
                                                                                              head of the pack.”
    5. Make the tax code fair, equitable and simple for taxpayers.
                                                                                              John Barrett
    6. Enable the state to invest responsibly by providing a stable and sufficient            Immediate Past Chairman
                                                                                              Ohio Business
       revenue stream.
                                                                                                Roundtable

The net effect of the new tax code is to shift the burden away from taxing investment,        Chairman and CEO
                                                                                              Western & Southern
profitability and wealth creation — toward taxing consumption. This strategy allows             Financial Group
companies and individuals to invest in creating a stronger future.                            Cincinnati




                                                                                                                      3
A business leaders’ guide



The real world impact is a reduction of up to 63% in Ohio’s tax burden.                    What business
   $1,400.0
                                                                                           leaders think

   $1,200.0



   $1,000.0



     $800.0



     $600.0                DOWN
                              %
                           63
     $400.0



     $200.0                                                                               “The new tax code
                                                                                          creates a much
       $0.0                                                                               more business- and
              BEFORE        AFTER
              Tax Reform   Tax Reform                                                     investment-friendly
                6/30/05      7/1/10
                                                                                          climate in our state.
                                                                                          I am especially
The Ohio tax reform made significant changes in almost all major state and local
taxes. The positive impact will grow through the five-year phase-in period and reach      delighted that the
maximum impact in 2010. Based upon computer forecasts, the following provides an          Greater Cleveland
overview of the projected impact of this reform:                                          Partnership was
                                                                                          able to partner with
   • Provide a cumulative, five-year tax reduction of $10.6 billion, compared to
     forecasts of the taxes that would otherwise have been collected based on             the Ohio Business
     the tax system in place in 2005.                                                     Roundtable in this
                                                                                          accomplishment.”
   • Eliminate Ohio’s corporate profits and net worth taxes, a reduction of roughly
     $1.6 billion (2010 figure) a year in business taxes; subsidiaries of banks and
     insurance companies will still pay the tax.                                          Alexander M. Cutler
                                                                                          Past Chairman
                                                                                          Greater Cleveland
   • Eliminate local property taxes on inventory, machinery and equipment, and furni-       Partnership
     ture and fixtures for an annual savings of roughly $1.6 billion in business taxes.
                                                                                          Chairman and CEO
                                                                                          Eaton Corporation
   • Lower sales taxes by roughly $770 million, compared to the sales tax rate that
                                                                                          Cleveland
     applied in 2005.

   • Offset part of these revenue reductions through an increase in cigarette taxes
     and adoption of a low-rate, broad-based gross receipts tax on virtually all types
     of businesses. The cigarette tax increase will generate roughly $398 million in
     2010. The gross receipts tax will generate roughly $1.6 billion.

Specialized econometric models, built for the Ohio Business Roundtable by
Ernst & Young, project that by 2010 the reforms will grow Ohio’s economy by
increasing gross state product by $5.6 billion and personal income by $3.6 billion.
It also will inject an additional $6.3 billion of new capital investment in Ohio’s
economy. There is every indication that we are well on our way to achieving this
target as evidenced by the data reflected on page 15 in this booklet.
                                                                                                                  4
Ohio tax reform: Year 2 in review



                                                                                                        What business
                                                                                                        leaders think




                                                                                                       “Ohio’s tax reform
                                                                                                        initiatives have
                                                                                                        simplified the tax
                                                                                                        system and improved
                                                                                                        both the state’s busi-
                                                                                                        ness environment and
                                                                                                        the competitiveness
Here’s how Ohio’s new tax structure                                                                     of Ohio companies.”
impacts the bottom line for companies
                                                                                                        Tim Smucker
                                                                                                        Chairman & Co-CEO
Bolster your productivity. Eliminate tax on machinery, equipment,                                       The J.M. Smucker
furniture and fixtures.                                                                                   Company
                                                                                                        Orrville
Ohio’s revised tax code eliminates tax on capital for new machinery and equipment,
so you can invest in greater productivity with zero tax burden. Taxes on machinery and
equipment placed in Ohio before January 1, 2005 will be reduced each year until the tax
is eliminated in 2009. The tax on furniture and fixtures will also be reduced each year
through 2008. Machinery and equipment placed in service after January 1, 2005 is exempt.

Maximize your profits. Eliminate corporate income and franchise taxes.
Taxing profits hurts your company and hampers growth opportunities. These taxes
will be eliminated completely in Ohio by tax year 2010.

Boost your ROI. Eliminate tax on sales of goods and services to customers
outside of Ohio.
Only sales within the state are taxed at a flat rate of 0.0026, which translates to
$2.60 per $1,000 of Ohio sales. You get a greater return on your investment dollar.
Sales to or benefitting non-Ohio customers are completely exempt from the CAT.

Reward your entrepreneurial ventures. No tax on first $1 million in
annual gross receipts.*
This provides attractive relief for small businesses, especially those that transact
most or all of their business in Ohio. Helps new businesses get established and
show a profit sooner.
*Gross receipts between $0 and $150,000 pay nothing, between $150,001 and $1,000,000 pay a $150 fee.                             5
A business leaders’ guide



Slash your operating costs. Eliminate tax on inventory.                                     What business
Carrying inventory costs can be a heavy burden for your company, especially                 leaders think
warehousing and distribution operations. Tax on inventory held in Ohio will be fully
eliminated for inventory held after January 1, 2008.

Attract the best talent; shrink labor costs. Reduce personal income
tax by 21%.
High personal income tax adversely affects your company’s ability to attract and retain
top-level managers and high-skilled workers. Lowering the state personal income tax
makes Ohio a more attractive location for corporate executives to live and work.

Enjoy a level playing field. All businesses are taxed at the same low rate.
No unfair advantages. No favored competitors.


                                                                                           “Success comes from
Real world impact of tax reform on capital                                                 teamwork, and
investor’s decisions
                                                                                           Honda's partnership

In August 2006, the Ohio Business Development Coalition sponsored a telephone              with Ohio has
survey among executives that chose Ohio for capital investment. The purpose of the         been rewarding for
study was to better understand the role Ohio’s new tax structure played in their capital   everyone involved.
investment decision. A total of 62 interviews were completed.
                                                                                           We're already looking
                                                                                           forward to the next
Demographics of responders
                                                                                           25 years.”
   Characteristic                              Data
   Company Size in Annual Sales                43.5% < $100M                               Tsuneo Tanai
                                                                                           President & CEO
                                               35.5% > $100M                               Honda of America
                                               20.1% refused to answer or didn’t know        Manufacturing, Inc.
                                                                                           Marysville
   Job Title                                   40.3% C-level executive
                                               59.7% other executive


Conclusion
C-level executives (CEO, CFO, COO, etc.) view Ohio’s new tax structure as an important
consideration in the capital investment decision.

   • Among C-level executives, 60% indicated it was a “somewhat to very important”
     consideration in selecting Ohio for capital investment.

   • 83.9% of total respondents rated elimination of property tax on investments
     in machinery and equipment as appealing.

   • 82.3% of total respondents rated no business tax on products sold to customers
     outside Ohio as appealing.

   • 56% felt positive enough about the tax reform that they indicated they’d
     be willing to provide positive endorsements of Ohio’s business climate.
                                                                                                                   6
Ohio tax reform: Year 2 in review



                                                                                             What business
Industry-specific examples of the                                                            leaders think
impact of Ohio’s tax reform
Ohio’s new tax structure is designed to enable Ohio-based companies to be even more
competitive in the global economy. The tax structure has been described as “profit
friendly” and for good reason. For most industries, the new tax structure translates into
a significant reduction in business tax liability. Working dollars that were previously
expensed as taxes can now be redeployed to support capital investment and other
company needs.

The specific impact of the new tax structure does vary by industry. The following pages
share scenarios for a number of industries. The intent is simply to provide additional
perspective for consideration. Capital investors can get a precise look at the impact
                                                                                            “The global appliance
of Ohio’s new tax structure by requesting a customized analysis from the Office of
                                                                                             industry is extremely
Business Development at the Ohio Department of Development by calling 1-877-466-4551.
                                                                                             competitive, and the

In the following cases, the tax structures for Michigan, Indiana, Illinois, Wisconsin        improved business
and Minnesota reflect the tax law in place during calendar year 2007 When city data
                                                                        .                    climate in Ohio,
was required, the following city data was referenced — Monroe, Ohio; Springfield,            including the 2005 tax
Illinois; Indianapolis, Indiana; Eau Claire, Wisconsin; Rochester, Minnesota; and            reform made the state
Ann Arbor, Michigan.
                                                                                             far more attractive to
                                                                                             do business. The end
                                                                                             result was our decision
                                                                                             to expand our laundry
                                                                                             operations and allow
                                                                                             our almost 9,000 Ohio
                                                                                             employees to do what
                                                                                             they do best, make
                                                                                             the world’s most
                                                                                             innovative and
                                                                                             energy efficient
                                                                                             home appliances.”


                                                                                             Michael Todman
                                                                                             Whirlpool North
                                                                                             America President
                                                                                             Whirlpool Corporation
                                                                                             Clyde and Marion




                                                                                                                     7
A business leaders’ guide



                                                                                                                                      What business
                                                                                                                                      leaders think
   AGRIBUSINESS


   Major State and Local Taxes: Ohio & Selected Locations
   Before application of incentives and abatements
   Focus on business tax liability
   Dollars in thousands



   $2,800.0                                                                                                                          “Initially I was
                                                                                                                                      skeptical about tax
   $2,400.0                                                                                                                           reform — believing it
                                                                                                                                      would simply result
   $2,000.0
                                                                                                                                      in winners and losers.
                                                                                                                                      Now that the dust
   $1,600.0
                                                                                                                                      has cleared, it is quite
                                                                                                                                      evident to me that tax
   $1,200.0
                                                                                                                                      reform has been good
                                    DOWN
                                       %
    $800.0                          58                                                                                                for The Andersons,
                                                                                                                                      good for business and
    $400.0                                                                                                                            good for the people
                                                                                                                                      of Ohio.”
       $0.0
                    BEFORE           AFTER                IL               IN                   WI            MN             MI
                    Tax Reform     Tax Reform                                                                                         Richard P. Anderson
                                                                                                                                      Chairman
                                                                                                                                      The Andersons
                                                                                                                                      Maumee


                                             BEFORE        AFTER         IL           IN               WI       MN           MI
                                            Tax Reform   Tax Reform

   Summary Total                            $1,487.8      $618.7       $791.8     $1,417.7       $1,692.9     $1,945.7    $2,272.2
   Of that total:
      Real Property Tax                       402.9        447.7        582.7        509.2            413.6     485.3       632.7
      Personal Property Tax                   753.2            0.0    Exempt         556.0            749.2     882.9      1,146.1
       Of that total:
       1) Market Value of Equipment           612.2            0.0    Exempt         556.0            749.2     882.9      1,146.1
       2) Market Value of Furniture, etc.       0.0            0.0    Exempt              0.0           0.0         0.0        0.0
       3) Market Value of Inventories         141.0            0.0    Exempt       Exempt            Exempt   Exempt      Exempt
      State Corporate Income Tax              118.6            0.0       21.9         140.3           145.9        87.6     250.0
      Business Privilege Taxes                  0.0            2.8       n/a         n/a              n/a       n/a          n/a
      Personal Tax Liability – State          213.1        168.3        187.2        212.2            384.2     489.8       243.4



   Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                              8
Ohio tax reform: Year 2 in review



                                                                                                                                         What business
                                                                                                                                         leaders think
  BIOTECH


  Major State and Local Taxes: Ohio & Selected Locations
  Before application of incentives and abatements
  Focus on business tax liability
  Dollars in thousands



  $2,100.0                                                                                                                              “Although Dover
                                                                                                                                         Chemical has opera-
  $1,800.0                                                                                                                               tions in several states,
                                                                                                                                         we decided in 2005 to
  $1,500.0
                                                                                                                                         invest approximately
                                                                                                                                         $12 million into a new
  $1,200.0
                                                                                                                                         plant in Ohio. This
                                                                                                                                         decision was due
   $900.0
                                                                                                                                         in large part to the
                                   DOWN
                                      %
   $600.0                          71                                                                                                    improving tax climate.”


   $300.0                                                                                                                                Darren Schwede
                                                                                                                                         CFO
                                                                                                                                         Dover Chemical
      $0.0                                                                                                                               Corporation
                   BEFORE           AFTER                IL              MN                     MI              IN             WI        Dover
                   Tax Reform     Tax Reform




                                            BEFORE        AFTER         IL           MN                 MI           IN         WI
                                           Tax Reform   Tax Reform

  Summary Total                            $1,662.4      $489.2       $649.3     $1,542.4            $1,587.4   $1,739.8     $1,883.5
  Of that total:
     Real Property Tax                       316.3        351.5        457.4        381.0              496.7      399.8        324.7
     Personal Property Tax                   348.7            0.0    Exempt         331.1              429.8      208.5        281.0
      Of that total:
      1) Market Value of Equipment           220.0            0.0    Exempt         317.8               412.6     200.2        269.7
      2) Market Value of Furniture, etc.        9.2           0.0    Exempt              13.2            17.2          8.3       11.2
      3) Market Value of Inventories          119.5           0.0    Exempt       Exempt             Exempt     Exempt       Exempt
     State Corporate Income Tax              844.7            0.0       82.4        573.0               518.7    1,007.4      1,047.7
     Business Privilege Taxes                   0.0         17.1       n/a          n/a                n/a        n/a          n/a
     Personal Tax Liability – State          152.7        120.6        109.5        257.3               142.4        124.1     230.1



  Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                                9
A business leaders’ guide



                                                                                                                                        What business
                                                                                                                                        leaders think
   MANUFACTURING


   Major State and Local Taxes: Ohio & Selected Locations
   Before application of incentives and abatements
   Focus on business tax liability
   Dollars in thousands



   $3,500.0                                                                                                                            “With all the challenges
                                                                                                                                        in business today, it’s
   $3,000.0                                                                                                                             important to have an
                                                                                                                                        active, pro-business
   $2,500.0
                                                                                                                                        ally to help commerce
                                                                                                                                        turn smoothly. For
   $2,000.0
                                                                                                                                        Timken, Ohio has
                                                                                                                                        been that ally.”
   $1,500.0
                                    DOWN
                                       %
                                    55
   $1,000.0                                                                                                                             Tim Timken
                                                                                                                                        Chairman
                                                                                                                                        The Timken Company
    $500.0                                                                                                                              Canton


       $0.0
                    BEFORE           AFTER                IL               IN                    WI             MN             MI
                    Tax Reform     Tax Reform




                                             BEFORE        AFTER         IL           IN                WI        MN           MI
                                            Tax Reform   Tax Reform

   Summary Total                            $2,216.8      $987.1      $1,073.7    $1,822.2        $2,359.9      $2,560.9    $3,294.7
   Of that total:
      Real Property Tax                       342.5        380.6        495.3        432.9             351.6      412.5       537.8
      Personal Property Tax                   773.5            0.0     Exempt        333.6             449.5      529.7       687.6
       Of that total:
       1) Market Value of Equipment           348.7            0.0     Exempt        316.9             427.1      503.3       653.3
       2) Market Value of Furniture, etc.      18.4            0.0     Exempt             16.7          22.5         26.5      34.4
       3) Market Value of Inventories         406.5            0.0     Exempt      Exempt             Exempt    Exempt      Exempt
      State Corporate Income Tax              415.4            0.0       75.9        486.2             505.6      303.7      1,416.0
      Business Privilege Taxes                   0.0         65.2        n/a         n/a               n/a        n/a          n/a
      Personal Tax Liability – State          685.4        541.4        502.5        569.5            1,053.1    1,314.9      653.3



   Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                               10
Ohio tax reform: Year 2 in review



                                                                                                                                    What business
                                                                                                                                    leaders think
  POLYMERS
  & CHEMICALS

  Major State and Local Taxes: Ohio & Selected Locations
  Before application of incentives and abatements
  Focus on business tax liability
  Dollars in thousands



  $1,400.0                                                                                                                         “The timing of Ohio’s
                                                                                                                                    tax reform couldn’t
  $1,200.0                                                                                                                          have come at a better
                                                                                                                                    time as Polymer
  $1,000.0
                                                                                                                                    Packaging searched
                                                                                                                                    for a suitable location
   $800.0
                                                                                                                                    to expand its opera-
                                                                                                                                    tions. The elimination
   $600.0
                                                                                                                                    of the personal
                                   DOWN
                                      %                                                                                             property tax at a time
   $400.0                          70
                                                                                                                                    when we are going
   $200.0                                                                                                                           to invest so much
                                                                                                                                    in equipment and
      $0.0                                                                                                                          inventory will result
                   BEFORE           AFTER                IL               IN                   WI            MN            MI
                   Tax Reform     Tax Reform                                                                                        in considerable
                                                                                                                                    savings that will help
                                                                                                                                    offset our increased
                                                                                                                                    working capital needs.”
                                            BEFORE        AFTER         IL           IN               WI       MN          MI
                                           Tax Reform   Tax Reform

  Summary Total                             $979.0       $297.9       $415.1       $828.5       $1,130.9     $1,146.0   $1,428.1    Jeff Davis
  Of that total:                                                                                                                    CFO
     Real Property Tax                         0.0            0.0         0.0            0.0           0.0        0.0        0.0    Polymer Packaging, Inc.
     Personal Property Tax                   315.3            0.0    Exempt         139.0            187.3     220.7      286.5     Massillon
      Of that total:
      1) Market Value of Equipment           147.9            0.0    Exempt         134.8            181.7     214.1      277.9
      2) Market Value of Furniture, etc.       4.6            0.0    Exempt              4.2           5.6        6.6        8.6
      3) Market Value of Inventories         162.7            0.0    Exempt       Exempt            Exempt   Exempt     Exempt
     State Corporate Income Tax              362.4            0.0      157.7        397.8            413.7     320.3      806.9
     Business Privilege Taxes                  0.0          60.0        n/a         n/a              n/a       n/a         n/a
     Personal Tax Liability – State          301.3        238.0        257.4        291.7            529.9     604.9      334.6



  Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                            11
A business leaders’ guide



                                                                                                                                        What business
                                                                                                                                        leaders think
   AUTOMOTIVE


   Major State and Local Taxes: Ohio & Selected Locations
   Before application of incentives and abatements
   Focus on business tax liability
   Dollars in thousands



   $28,000.0                                                                                                                           “As Cooper continues
                                                                                                                                        to grow in a global
   $24,000.0                                                                                                                            market, we appreciate
                                                                                                                                        the efforts Ohio has
   $20,000.0
                                                                                                                                        made to enhance
                                                                                                                                        business opportunities
   $16,000.0
                                                                                                                                        in the state.”

   $12,000.0
                                                                                                                                        Roy Armes
                                     DOWN                                                                                               Chairman,
                                        %
    $8,000.0
                                     62                                                                                                   President & CEO
                                                                                                                                        Cooper Tire & Rubber
                                                                                                                                          Company
    $4,000.0
                                                                                                                                        Findlay

        $0.0
                     BEFORE            AFTER                IL                 IN               WI              MN              MI
                    Tax Reform       Tax Reform




                                             BEFORE        AFTER         IL             IN             WI         MN           MI
                                            Tax Reform   Tax Reform

   Summary Total                            $15,327.3    $5,759.7     $6,870.6      $15,730.4   $20,108.4      $20,469.5   $23,403.6
   Of that total:
      Real Property Tax                      2,216.2      2,462.4      3,204.6       2,800.8         2,274.9    2,669.3     3,479.9
      Personal Property Tax                  5,349.8          0.0      Exempt        4,726.0     6,368.5         7,504.7     9,741.6
       Of that total:
       1) Market Value of Equipment          5,055.6          0.0      Exempt        4,587.0     6,181.2         7,284.0    9,455.1
       2) Market Value of Furniture, etc.      153.2          0.0      Exempt          139.0          187.3       220.7       286.5
       3) Market Value of Inventories          141.0          0.0      Exempt        Exempt      Exempt         Exempt      Exempt
      State Corporate Income Tax             3,747.8          0.0       365.0        4,462.5     4,641.0        2,538.2     5,890.9
      Business Privilege Taxes                   0.0       127.6         n/a           n/a            n/a         n/a         n/a
      Personal Tax Liability – State         4,013.4      3,169.7      3,301.0        3,741.1    6,824.0         7 .3
                                                                                                                  ,757      4,291.2



   Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                               12
Ohio tax reform: Year 2 in review



                                                                                                                                       What business
                                                                                                                                       leaders think
  PROFESSIONAL
  SERVICES

  Major State and Local Taxes: Ohio & Selected Locations
  Before application of incentives and abatements
  Focus on business tax liability
  Dollars in thousands



  $7,000.0                                                                                                                            “Ohio’s new tax
                                                                                                                                       reforms will be
  $6,000.0                                                                                                                             a great benefit to
                                                                                                                                       our business and to
  $5,000.0
                                                                                                                                       many of our financial
                                                                                                                                       services customers
  $4,000.0
                                                                                                                                       as well.”

  $3,000.0                         DOWN
                                      %
                                   42                                                                                                  Nancy V. Kelly
                                                                                                                                       Executive Vice President
  $2,000.0                                                                                                                             Huntington National Bank
                                                                                                                                       Columbus
  $1,000.0



      $0.0
                   BEFORE           AFTER                 IL              IN                    MI             WI            MN
                   Tax Reform     Tax Reform




                                            BEFORE        AFTER          IL          IN                MI         WI          MN
                                           Tax Reform   Tax Reform

  Summary Total                            $3,868.7     $2,258.4     $2,341.4    $3,827.1        $5,054.3      $5,549.7    $5,927.3
  Of that total:
     Real Property Tax                       322.4        358.2        466.1        407.4             506.2      330.9       388.3
     Personal Property Tax                    60.6             0.0    Exempt             55.6          114.6        74.9       88.3
      Of that total:
      1) Market Value of Equipment             60.6            0.0    Exempt             55.6          114.6        74.9       88.3
      2) Market Value of Furniture, etc.        0.0            0.0    Exempt              0.0            0.0         0.0        0.0
      3) Market Value of Inventories            0.0            0.0    Exempt      Exempt             Exempt    Exempt      Exempt
     State Corporate Income Tax             1,091.7            0.0       65.7     1,313.3            2,081.1    1,365.8       715.6
     Business Privilege Taxes                   0.0            9.3      n/a         n/a               n/a        n/a          n/a
     Personal Tax Liability – State         2,394.0      1,890.9      1,809.6     2,050.9            2,352.5    3,778.2     4,735.1



  Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                             13
A business leaders’ guide



                                                                                                                                        What business
                                                                                                                                        leaders think
   LOGISTICS


   Major State and Local Taxes: Ohio & Selected Locations
   Before application of incentives and abatements
   Focus on business tax liability
   Dollars in thousands



   $700.0                                                                                                                              “We believe in strong
                                                                                                                                        partnerships with our
   $600.0                                                                                                                               customers, helping
                                                                                                                                        them maximize their
   $500.0
                                                                                                                                        opportunities at every
                                                                                                                                        touch point. Ohio’s
   $400.0
                                                                                                                                        pro-business philoso-
                                                                                                                                        phy maximizes our
   $300.0
                                                                                                                                        opportunities in the
                                  DOWN                                                                                                  same way.”
   $200.0
                                  63%
   $100.0                                                                                                                               André Thornton
                                                                                                                                        President & CEO
                                                                                                                                        ASW Global
     $0.0                                                                                                                               Mogadore
                    BEFORE          AFTER                 IL              IN                 WI               MI              MN
                    Tax Reform    Tax Reform




                                             BEFORE        AFTER          IL          IN             WI            MI          MN
                                            Tax Reform   Tax Reform

   Summary Total                             $346.1        $128.7       $175.7      $365.7         $524.3       $588.6        $619.5
   Of that total:
      Real Property Tax                         36.3           40.3       52.4            45.8        37.2          56.9        43.7
      Personal Property Tax                    197.9            0.0     Exempt       180.1          242.8         371.3       286.1
       Of that total:
       1) Market Value of Equipment            197.9            0.0     Exempt       180.1          242.8         371.3       286.1
       2) Market Value of Furniture, etc.        0.0            0.0     Exempt             0.0         0.0             0.0       0.0
       3) Market Value of Inventories            0.0            0.0     Exempt     Exempt         Exempt       Exempt        Exempt
      State Corporate Income Tax            Company classified as LLC                      Company classified as LLC
      Business Privilege Taxes                   0.0            0.0      n/a         n/a             n/a           n/a         n/a
      Personal Tax Liability – State           111.9           88.4      123.3       139.7          244.3          160.3      289.8



   Source: Ohio Department of Development, Policy, Research & Strategic Planning Office


                                                                                                                                                                14
TAXES PER CAPITA                                                                                                                                             TAXES PER CAPITA




                                                                                                           $0.0
                                                                                                                                                                                                                              $0.0




                                                                                                                           $1000.0
                                                                                                                                                                                                                                                                       $1000.0




                                                                                                                                      $2000.0
                                                                                                                                                                            $3000.0
                                                                                                                                                                                             $4000.0
                                                                                                                                                                                                                                                                                                                $2000.0
                                                                                                                                                                                                                                                                                                                          $3000.0
                                                                                                                                                                                                                                                                                                                                           $4000.0
                                                                                                              1 – ALASKA                                                                                                                    1 – VERMONT
                                                                                                              2 – VERMONT                                                                                                                   2 – HAWAII
                                                                                                              3 – HAWAII                                                                                                                    3 – WYOMING
                                                                                                              4 – WYOMING                                                                                                                   4 – CONNECTICUT




                                                                                                                                                                                                                                                                                                                                                     tax state in 2007
                                                                                                              5 – CONNECTICUT                                                                                                               5 – DELAWARE




                                                                                                                                                                                                                                                                                                                                                                      .)
                                                                                                              6 – MINNESOTA                                                                                                                 6 – MINNESOTA
                                                                                                              7 – DELAWARE                                                                                                                  7 – MASSACHUSETTS
                                                                                                              8 – NEW JERSEY                                                                                                                8 – ALASKA
                                                                                                              9 – NEW YORK                                                                                                                  9 – CALIFORNIA
                                                                                                              10 – MASSACHUSETTS                                                                                                            10 – NEW JERSEY
                                                                                                              11 – CALIFORNIA                                                                                                               11 – NEW YORK
                                                                                                              12 – NORTH DAKOTA                                                                                                             12 – RHODE ISLAND
                                                                                                              13 – WASHINGTON                                                                                                               13 – WISCONSIN
                                                                                                              14 – MAINE                                                                                                                    14 – MARYLAND
                                                                                                              15 – MARYLAND                                                                                                                 15 – MICHIGAN
                                                                                                              16 – NEW MEXICO                                                                                                               16 – WEST VIRGINIA
                                                                                                              17 – RHODE ISLAND                                                                                                             17 – WASHINGTON
                                                                                                              18 – ARKANSAS                                                                                                                 18 – ARKANSAS
                                                                                                              19 – WISCONSIN                                                                                                                19 – MAINE
                                                                                                              20 – WEST VIRGINIA                                                                                                            20 – NEW MEXICO
                                                                                                              21 – LOUISIANA                                                                                                                21 – NORTH DAKOTA
                                                                                                              22 – NORTH CAROLINA                                                                                                           22 – PENNSYLVANIA
                                                                                                              23 – KANSAS                                                                                                                   23 – KENTUCKY
                                                                                                              24 – PENNSYLVANIA                                                                                                             24 – NEBRASKA
                                                                                                              25 – OKLAHOMA                                                                                                                 25 – NORTH CAROLINA
                                                                                                              26 – VIRGINIA                                                                                                                 26 – VIRGINIA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Ohio tax reform: Year 2 in review




                                                                                                              27 – NEVADA                                                                                                                  27 –
                                                                                                              28 – MONTANA                                                                                                                  28 – NEVADA




     Source: Analysis of statistics from the U.S. Census Bureau by the Federation of Tax Administrators.
                                                                                                              29 – MICHIGAN                                                                                                                 29 – ILLINOIS
                                                                                                                                                                                                                                                      OIS
                                                                                                              30 – IDAHO                                                                                                                    30 – IDAHO
                                                                                                              31 – KENTUCKY                                                                                                                 31 – IND
                                                                                                                                                                                                                                                 INDIANA
                                                                                                              32 – ILLINOIS                                                                                                                 32 – KANSAS
                                                                                                              33 – NEBRASKA                                                                                                                 33 – IOWA
                                                                                                              34 – UTAH                                                                                                                     34 – OKLAHOMA
                                                                                                              35 – INDIANA                                                                                                                  35 – MONTANA
                                                                                                              36 – MISSISSIPPI                                                                                                              36 – LOUISIANA
                                                                                                              37 – IOWA                                                                                                                     37 – FLORIDA
                                                                                                              38 –                                                                                                                          38 – UTAH
                                                                                                              39 – OREGON                                                                                                                   39 – MISSISSIPPI
                                                                                                              40 – SOUTH CAROLINA                                                                                                           40 – ARIZONA
                                                                                                              41 – FLORIDA                                                                                                                  41 – OREGON
                                                                                                              42 – ARIZONA                                                                                                                  42 – GEORGIA




                                                                                                                                                              11 POSITION
                                                                                                              43 – GEORGIA                                                                                                                  43 – SOUTH CAROLINA




                                                                                                                                                IMPROVEMENT
                                                                                                                                                                                                                                                                                                                                                     Just two years into a five-year rollout, Ohio has already improved its standing




                                                                                                              44 – ALABAMA                                                                                                                  44 – ALABAMA
                                                                                                              45 – COLORADO                                                                                                                 45 – TENNESSEE
                                                                                                                                                                                                                                                                                                                                                                                                                                                Lightening Ohio’s state tax burden




                                                                                                              46 – TENNESSEE                                                                                                                46 – MISSOURI
                                                                                                                                                                                      2007
                                                                                                                                                                                                                                                                                                                                    2005




                                                                                                              47 – MISSOURI                                                                                                                 47 – COLORADO
                                                                                                              48 – TEXAS                                                                                                                    48 – NEW HAMPSHIRE
                                                                                                                                                                                                                                                                                                                                                     among all 50 states by 11 positions (from the 27th position in 2005 to the 38th lowest




                                                                                                              49 – NEW HAMPSHIRE                                                                                                            49 – TEXAS
                                                                                                              50 – SOUTH DAKOTA                                                                                                             50 – SOUTH DAKOTA
                                                                                                                                                DSW, Inc.
                                                                                                                                                Columbus
                                                                                                                                                Kate Baily
                                                                                                                                                Vice President,

                                                                                                                                                  Manager, Direct
                                                                                                                                                                                                                              The future looks
                                                                                                                                                                                                                                                 business climate.
                                                                                                                                                                                                                                                                                             “We’ve grown and
                                                                                                                                                                                                                                                                                                                                                                                                                                              leaders think




                                                                                                                                                                                                                                                                     flourished in Ohio’s




                                                                                                                                                                                                       brighter than ever.”




                                                                                                                                                  General Merchandise
                                                                                                                                                                                                                                                                                                                                                                                                                                              What business




15
A business leaders’ guide



                                                                                                                                   What business
The 20 largest private investment                                                                                                  leaders think
projects in Ohio announced or
started last year
The 20 largest private investment projects in Ohio announced or started last year

 Company                                                     Location            In millions   Project
  1. Goodyear Tire & Rubber Co.                              Akron               $890          New headquarters
  2. American Electric Power                                 Coshocton           $430          Electric power plant
  3. Amylin Pharmaceuticals                                  West Chester Twp.   $400          New plant
  4. General Motors Corp.                                    Toledo              $332          Upgrade to transmission plant
  5. Buckeye Biofuels LLC                                    Toledo              $220          Ethanol plant
  6. Ford Motor Co.                                          Sharonville         $200          Upgrade to transmission plant
  7. Altra Inc.                                              Marion Twp.         $174          Ethanol plant
  8. Cleveland Clinic                                        Mayfield Hts.       $163          Hillcrest Hospital improvements
                                                                                                                                  “We believe there is no
  9. Poet Biorefining                                        Marion Twp.         $130          Ethanol plant
 10. Titan Tire Corp.                                        Bryan               $125          Tire plant expansion                better business to be
 11. Avon Products Inc.                                      Washington Twp.     $115          Cosmetics distribution/warehouse    in than ours and no
 12. Appleton Papers                                         West Carrollton     $100          Coated papers plant
                                                                                                                                   better place to call
 13. Aqua Paradise Waterpark                                 Lodi                $100          Waterpark, hotel
 14. Zinc Ox Resources                                       York Twp.           $94.8         Zinc products plant
                                                                                                                                   home than Ohio.”
 15. General Electric Co. Aviation                           Peebles             $90           Aircraft engine R&D
 16. Ohio Renewable Fuels                                    Fremont             $87           Ethanol plant
                                                                                                                                   James Hagedorn
 17. Humana Insurance Co.                                    Cincinnati          $86           Insurance office                    Chairman & CEO
 18. FedEx Ground                                            Perrysburg Twp.     $80           Distribution hub                    The Scotts Miracle-Gro
 19. Banks Intermodal Transit Center                         Cincinnati          $76           Transportation hub                    Company
 20. Whirlpool/Penske Logistics                              Columbus            $75           Appliance distribution/warehouse    Marysville
 Source: Ohio Department of Development Office of Strategic Research




New private investment growing
in Ohio
        New private investment growing in Ohio
      2005                                                  $3.8 billion
     2006                                                                         $5.9 billion
    2007                                                                                            $7.1 billion




                                                                                                                                                            16
Ohio tax reform: Year 2 in review



                                                                                                      What business
Companies that chose Ohio                                                                             leaders think
for expansion and/or investment
4over Inc                         Bucyrus Community Hospital       Embassy Suites - Airport
A&A Safety/Quattro                Budenheim USA                    Enterprise Information Mgmt
A&B Foundry & Machining           Bullen Ultrasonics               Enterprise Rent-a-Car
A.M. Leonard                      Bunge North America              Enviro-Flow
ABC Manufacturing                 CAMACO Inc                       EPD Inc
Advanced Engineering Solutions    Cambria Manufacturing            EPS
Advantage Powder Coating          Cambria Suites                   Equity Administrative Services
Aerosport Modeling                Candlewood Suites                ERetailing
AIDA Dayton Technologies          Cardinal Health                  Exel/Dannon
AIDCO International               Casto Deerfield Ltd              Expediting Co Inc
AK Athletics                      Celina Hospitality               Extudex Corp
AK Steel                          Cellucom Outlet Inc              EZ Grout Corp
Akro-Mils                         Cellular Technology              F&P America
Al Neyer                          Center Point Dev LLC             FedEx Ground
Alcoa Inc                         Central Park of Gahanna          Ferriot Inc
All Pro Freight Systems           Charles River Laboratories       Finton Equipment                  “There are many cities
Allen Aircraft                    Checkered Express                FirstEnergy Corp
Alpha Technologies                Chemcentral                      FirstGroup America                 and towns around
Altra Inc                         Chemtron                         Fisher & Paykel
American Augers                   Cincinnati Children's Hospital   Florida Production Engineering     the world that P&G
American Electric Power           Circleville CIC                  Ford Motor Co                      people call home, but
American Punch Co                 Clark State                      Foundations Children's Products
American Stone                    Cleveland Clinic                 Freeman Schwabe Machinery          Ohio has always been
American Tank and Fabricating     Cleveland Clinic/Hillcrest       Frontier Steel Co
American Trim                     Cleveland Hopkins Airport        G&M Media Packaging                home to our corporate
Amerimulch                        Cleveland Wire Cloth             Galion Community Hospital
Ampac Packaging LLC               Clovervale Farms Inc             Galion Municipal Airport           headquarters.
Amylin Pharmaceuticals            Coastal Pet Products             GE Aviation
Anchor Companies                  Cole Realty                      GE Transportation Systems
                                                                                                      We’re proud of our
Appleton Papers                   Coleys Inc                       Geis Cos                           Ohio history and
Applied Medical Technology        Collins Ink                      General Aluminum Mfg Co
Aqua Paradise Waterpark           Columbia Chemical Corp           General Dynamics                   committed to a future
ARES Inc                          Comfort Inn & Suites             General Films
Armor Holdings                    Computer Sciences Corp           GI Physicians                      of growth in Ohio.”
Artco Group                       Continental Airlines             Global Contact Services
Ashtabula City Ind Park           Cooper Farms                     Glunt Industries Inc
A-Stamp                           Cornwell Quality Tools           GM Corp
ATK Space Systems                 Corridor D Bridge                GM Corp/James Group
                                                                                                      A.G. Lafley
Avon Products Inc                 Country Inn & Suites             Golden Heritage Foods              Chairman of the Board
B&B Plastics Recycling            Covert                           Goodyear Tire & Rubber Co            and CEO
Ball Metal Corp                   Covington Capital                Grandview Hospital                 The Procter & Gamble
Baltic Avenue Enterprises         Crafts Americana Group           Great Lakes Brewing Co               Company
Banks Intermodal Transit Center   Crate & Barrel                   Green Investment Group
Banner Service Corp               Creative Cabinets Systems Inc    Green Source Products
                                                                                                      Cincinnati
Barberton Citizens Hospital       Crown Battery                    Greene Memorial Hospital
Bare Escentuals                   Crown Equipment                  GSW Manufacturing
Bateman Road                      Crown Partners LLC               Guardian Glass
Batesville Logistics              Crowne Plaza                     H&S Tool
BDC Management Group              Crucible Materials Corp          Hampton Inn
Bear Creek Capital                Custom Manufacturing Solutions   Hancock Wood Electric
Bear Creek/Harry & David          Cutting Systems Inc              Harco Manufacturing
BEAR Materials/Renegade           Daimler Group                    Headwaters Resources
Bedrock Group                     Dannon Co                        Health Plan Services
Benchmark Group                   Dayton International Airport     Heart Institute of NW Ohio
Berk Enterprises                  Dayton Origin                    Heartland Refinery Group
Bestway Motor Lines               Delta Systems                    HEF USA
Bettcher Industries               DermaMed Coatings Co             Hendrickson USA
Bicron/St Gobain                  DHL                              Heritage Stone
Bilco Co                          Diagnostics Hybrids Inc          Hexion Specialty Chemicals Inc
Biltrite Industries               DP Partners                      Hinkley Lighting
BJ Alan                           Dublin Building Systems          Hirzel Canning Co
Blanchard Valley Health System    Duke Realty                      Holiday Inn
Bob Evans                         DuPont                           Holiday Inn Express
Boeing Co                         DuPont/Liqui-Box                 Holophane Corp
Boltaron Performance Products     Durable Corp                     Homewood Suites
Bosch Rexroth AG                  Dyna Flex Inc                    Honda of America
Brilex Industries                 Eagle Machinery & Supply         Hope Hotel
Brown-Campbell                    EchoStar                         Humana Insurance Co
Buckeye Biofuels LLC              Elixir LLC                       Hyland Software                                            17
Buckeye Ethanol/McGinnis          Elyria Foundry                   Hyperlogistics Group
A business leaders’ guide



Imasen Bucyrus Technology
Industrial Developments Int’l
                                      North American Bus Industries
                                      Northgate Commerce Center
                                                                      Schindler Elevator Corp
                                                                      Schipper Group
                                                                                                          What business
Industrial Partners LLC               Northwest Industrial Bypass     Schumacher Dugan                    leaders think
Industrial Tool & Machine             Now Software                    SDC / Steven Douglas Corp
Industrial Works Management           Ohio Northern University        Sedgwick CMS
InfoCision Management                 Ohio Renewable Fuels            Sensus LLC
Infra-Metals Co                       Okamoto Industries              Sewer projects
Inservco                              OKS-Ameridial Inc               SEW-Eurodrive
Insurance.com Inc                     Omincare/Westhaven              Shafer Redi-Mix
Intechra LLC                          OmniSource Corp                 Shearer's Foods Inc
Intelect Medical                      OMYA Industries                 Shiloh
International Automotive Components   Opus North Corp                 Signet Enterprises
Iwata Bolt USA                        OrthoHelix Surgical Designs     Silgan Plastics
James H Gettles LLC                   Otterbein Retirement            Simon Roofing & Sheet Metal
Jefferson Industries Corp             Owens Community College         Sinclair Community College
JK-CO LLC                             Owens Corning                   Smyth Automotive
JM Smucker                            PAC National / Compartir        Sogeti USA LLC
Johnson Brothers Rubber Co            Pacejet Logistics               Sonoco Products Co
Johnston Aviation Co                  Pacific Fuel Cell Corp          Spader Freight
Joint Township District Hospital      Pandora Manufacturing Co        Spartan Chemical
Kalahari Resorts Inc                  Parker Hannifin                 Specialty Metal Processing
Kellogg Co                            PartsSource LLC                 SpeedFC Inc
Kenan Advantage Group                 PatentHealth Inc                SpineMatrix Inc                    “Creating value for our
Kendle International Inc              Payless Shoe Source             Springhill Suites
Kent Display                          PCC Airfoils LLC                Spunfab                             shareholders is one of
Key Resin Co                          Philips Medical                 Stage Stores/Specialty Retailers
Khempco                               Pilot Plastics                  Starr Manufacturing                 RPM’s primary goals.
King's Command Foods                  Pizzuti Development             Staybridge Suites
Kirco Development LLC                 PJAX Freight System             Stress Engineering                  Ohio’s business-friendly
Kiser Enterprises                     PlanetSpace                     Struthers Metal Service
Koch Foods                            Plastic Recycling Technology    Style Crest Products
                                                                                                          environment helps
Kowit & Passov                        Plastikos Corp                  Suavely Building Co                 us remain a very
Kraft Power Co                        Plus Management Services        Summer Garden Food Mfg
Lake Hospital System                  Poet Biorefining                Sun Chemical                        attractive investment
Lastar Inc                            Polymer Machinery               Switchback Group
Laszeray Technologies                 Power Direct                    Tata America / TCS                  year after year.”
Lima Memorial Health System           PPG                             TCP Inc
Lincoln Electric Co                   Preble County Medical Center    TeleTech
Logistics Support Management          Premier Development Partners    Tenneco Automotive
Luxottica / Cole Vision               Prime Technology                Teradata Corp
                                                                                                          Frank C. Sullivan
Lyondell Chemical                     Primerose Retirement            Therics LLC                         President & CEO
Mack Industries                       Printing Concepts Inc           ThermaFab Alloy                     RPM International, Inc.
Macomb Group                          Procter & Gamble                THK Manufacturing                   Medina
Macy's                                ProQuip Inc                     Timken Co
Mane Inc                              Qbase Inc                       Titan Tire Corp
Marathon Petroleum Co                 Quadax Inc                      Toledo Riverview Hotel
Marietta College                      Quality Electro Dynamics        Towne Place Suites
Marion Industries                     Quality Machining               Tropical Fruit & Nut
Marriott Courtyard                    Quick Clinic                    Trust Technologies/Kilroy
Mattingly Foods Inc                   RAS Manufacturing               TTI Floor Care
Maui Sands Resort                     Red Roof Inns                   Union Rural Electric
Mercer Landmark                       Reduction Engineering Inc       Universal Tire Molds
Mercy Hospital                        Reiter Dairy                    University Inn
Meritex Columbus LLC                  Renegade Materials Corp         University of Northwestern Ohio
Metalworks 95 Inc                     Renewable Agricultural Energy   USF Holland/Roadway
MEVA Framework Systems                Republic Engineered Products    Valley Metal Works
Miami University                      Rescentris Inc                  Value Place Hotel
Microtel Inn                          Residence Inn                   Verizon Wireless
Mid-States Packaging                  Resource Ventures               Veyance Technologies
Millat Industries                     Restaurant Depot                Viking International
Miller Brewing Co                     Restoration Hardware Inc        VNC Bearing Inc
Miller Valentine                      Ricerca Biosciences LLC         Volunteer Energy
Mills-Morgan Development              Rickenbacker Int'l Airport      Wannemacher Enterprises
Morning Pride                         Rieter Automotive               Wave Development LLC
Morton Salt                           Riffle Machine Works            Wellington Orthopaedic
Multi-Color Corp                      Ring Container                  Wellman Products
Myers Industries / Akro-Mils          Risk International              Wheeling Pittsburgh Steel
National Biological Corp              River's Bend HealthCare         Whirlpool Corp
NDT Ltd                               Road Runner Sports              Whirlpool/Penske Logistics
Nelson Manufacturing                  Rookwood Corp                   Wingate Inn
Neturen America                       Ross Casting & Innovation Inc   Woodbine Products
Newman Technology                     Ross Products/Abbott            Woolpert LLP
Next Generation                       Route 7                         Workflow.com
Neyer Properties                      S&G Manufacturing Group         Wright Distribution Centers
Nibco Inc                             Saehwa Machinery Co             Wright Materials Research Co
Nissin Brake                          Sandridge Food Co               Yachiyo of America                                            18
Nissin Brake Ohio                     Sanson Co                       ZincOx Resources plc
Norfolk Southern                      SBC                             Zyvex Performance Materials
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review
Ohio Tax Refrom: Year 2 In Review

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Ohio Tax Refrom: Year 2 In Review

  • 1. Ohio tax reform: Year 2 in review Lowering the burden for families and businesses. Raising the standard of living for all Ohioans.
  • 2. A message from Ohio Business Roundtable Chairman Michael G. Morris Three years ago, Ohio’s business and elected leaders joined hands to collaborate on the most sweeping tax reform in our state’s history. The vision was simple but compelling — overhaul the tax code so Ohio companies could become more competitive globally, invest more in our state and, thereby, fuel our economic growth. In the second year of a five-year rollout, it is rewarding to see accelerating business investment and an ever strengthening spirit of accomplishment create job growth in Ohio. Indeed, for the second straight year, Site Selection magazine has awarded Ohio the Governor’s Cup for the most new and expanded large-scale capital projects — beating out Illinois, Tennessee, North Carolina and Texas for the top spot. All evidence supports that Ohio’s tax reform is working as planned. Elimination of taxes on capital investment, inventory, sales of goods and services to customers outside of Ohio, as well as corporate income and franchise taxes, combine to help make Ohio the ideal location to build a successful global business. In addition, reducing personal income tax by 21% helps Ohio citizens afford an even more fulfilling life. In Ohio, collaboration between private and public sector leaders is the approach we take to continually improve our business climate and standard of living — leading to education reform, tort reform and then tax reform. And we are now collaborating to strengthen math and science education, further improve our higher education system and make college more affordable, while we also tackle one of the defining and most complex issues of our time — access, quality and cost of health care. The Ohio Business Roundtable is proud to be a part of this collaboration, and we sincerely thank Governor Strickland, Lieutenant Governor Fisher, Senate President Harris, House Speaker Husted and their colleagues in the General Assembly for their leadership in navigating Ohio’s ship of state across these turbulent economic waters. We applaud these leaders for their continued bipartisan commitment to the tax reforms enacted three years ago. It is this commitment to working together that helps set Ohio apart from other states. It is a key reason why the CEOs of Ohio’s major businesses who are our members are proud to call Ohio, “home. ” As BRT Chairman, I have the privilege of reporting on the results and impact of work started by my predecessor chairs. The progress outlined in this brief booklet would not have been possible without the steady hand of John Barrett, who personally led our tax reform effort. I invite you to read about its success and encourage your renewed commitment to work together on behalf of the citizens of our great state. 30 June 2008 1
  • 3. The view from Ohio’s leaders Tax reform means capital investment, an improved business climate and a growing economy for Ohio “Ohio has won the (Governor’s) cup two years in a row. Not by opinion polls or historical databases, but rather by objective, tough-to-convince, hard-nosed business executives who don’t like to make mistakes when it comes to large capital investments. These executives are seeing a fundamentally improved Ohio business climate. In 2005, Ohio enacted the most sweeping tax reform in 75 years; reform that made Ohio’s new capital investment tax rates the lowest in the Midwest. These reforms are designed to make Ohio companies even more competitive in the global economy and will ensure that Ohio’s economy continues to be robust and vibrant throughout the 21st century.” Governor Ted Strickland and Lieutenant Governor Lee Fisher Letter to the Editor of the Wall Street Journal, March 7 2008 , “We reformed our state tax code “The transformation and revitalization of Ohio’s to reflect positive changes in the economy is vital to our success as a state. economy and to boost the state’s We laid the groundwork for that success with ability to attract new companies and our historic tax reform package — providing good-paying, high-tech jobs to Ohio. Ohioans with a 21 percent across-the-board As we continue to implement these tax cut and moving to a lower rate, broader changes, employers throughout the based tax for businesses, making Ohio a more nation are already taking notice of attractive place for people to earn, invest, our state’s more favorable tax climate, learn and live. Today, we are building on that and we are becoming much more foundation by investing even more in our most competitive in economic development. valued resource — our people. We have devel- Through tax reform, we also provided oped programs of educational excellence, for real tax relief to families, approving invested in our children by focusing on the a 21 percent across-the-board income skill sets of tomorrow in science, technology, tax cut. This has allowed families to engineering and mathematics, and we are keep more of their hard-earned dollars establishing partnerships with business to pair and empowered them to spend it Ohio graduates with jobs right here in Ohio. on their own priorities. In the years Our investments today will help Ohioans gain ahead, we must ensure this progress the skills they need to compete tomorrow — continues and that our tax reform not just with those from Indiana, but those plan is fully phased in. ” from Indonesia and India as well. ” Ohio Senate President Bill Harris Ohio House Speaker Jon Husted 2
  • 4. Ohio tax reform: Year 2 in review What business Making Ohio companies more leaders think competitive in the global economy Ohio’s private and public leadership collaborated to effect the most sweeping tax reforms in 75 years — modernizing the tax code, providing welcome tax relief for Ohio citizens and helping grow the economy. This tax reform helps Ohio companies provide an even stronger value proposition to the world’s consumers by lowering operating costs and helps employees better achieve their personal aspirations by increasing their disposable income. The net impact of the reform is that Ohio now offers companies the lowest new capital investment tax structure in the Midwest. Unlike in other states, companies are no longer taxed for investing in capital “With our wealth of improvements necessary to be competitive. Projects to modernize manufacturing riches and assets as a lines and invest in machinery and equipment can now more easily move from the state, we can now say planning phase to execution. that Ohio also has one of the most business- The key to success in Ohio’s tax reform is that it was designed around a set of principles agreed to by private and public sector leaders. The six guiding principles are: friendly tax codes in the country. Tax 1. Grow the talent base, which is a critical element in building businesses and reform is now a reality growing the economy, by eliminating high tax burdens on individuals. in Ohio because the business community 2. Foster new capital investment, especially in Ohio’s globally renowned advanced worked hard with our manufacturing, advanced design and advanced materials industries. elected state leaders 3. Broaden the base to include all sectors of the economy and create a true risk — not simply to level sharing partnership between the public and private sectors. the competitive ‘playing field’ but 4. Stimulate entrepreneurial and start-up activity, which is the bedrock of a to move Ohio to the growing economy. head of the pack.” 5. Make the tax code fair, equitable and simple for taxpayers. John Barrett 6. Enable the state to invest responsibly by providing a stable and sufficient Immediate Past Chairman Ohio Business revenue stream. Roundtable The net effect of the new tax code is to shift the burden away from taxing investment, Chairman and CEO Western & Southern profitability and wealth creation — toward taxing consumption. This strategy allows Financial Group companies and individuals to invest in creating a stronger future. Cincinnati 3
  • 5. A business leaders’ guide The real world impact is a reduction of up to 63% in Ohio’s tax burden. What business $1,400.0 leaders think $1,200.0 $1,000.0 $800.0 $600.0 DOWN % 63 $400.0 $200.0 “The new tax code creates a much $0.0 more business- and BEFORE AFTER Tax Reform Tax Reform investment-friendly 6/30/05 7/1/10 climate in our state. I am especially The Ohio tax reform made significant changes in almost all major state and local taxes. The positive impact will grow through the five-year phase-in period and reach delighted that the maximum impact in 2010. Based upon computer forecasts, the following provides an Greater Cleveland overview of the projected impact of this reform: Partnership was able to partner with • Provide a cumulative, five-year tax reduction of $10.6 billion, compared to forecasts of the taxes that would otherwise have been collected based on the Ohio Business the tax system in place in 2005. Roundtable in this accomplishment.” • Eliminate Ohio’s corporate profits and net worth taxes, a reduction of roughly $1.6 billion (2010 figure) a year in business taxes; subsidiaries of banks and insurance companies will still pay the tax. Alexander M. Cutler Past Chairman Greater Cleveland • Eliminate local property taxes on inventory, machinery and equipment, and furni- Partnership ture and fixtures for an annual savings of roughly $1.6 billion in business taxes. Chairman and CEO Eaton Corporation • Lower sales taxes by roughly $770 million, compared to the sales tax rate that Cleveland applied in 2005. • Offset part of these revenue reductions through an increase in cigarette taxes and adoption of a low-rate, broad-based gross receipts tax on virtually all types of businesses. The cigarette tax increase will generate roughly $398 million in 2010. The gross receipts tax will generate roughly $1.6 billion. Specialized econometric models, built for the Ohio Business Roundtable by Ernst & Young, project that by 2010 the reforms will grow Ohio’s economy by increasing gross state product by $5.6 billion and personal income by $3.6 billion. It also will inject an additional $6.3 billion of new capital investment in Ohio’s economy. There is every indication that we are well on our way to achieving this target as evidenced by the data reflected on page 15 in this booklet. 4
  • 6. Ohio tax reform: Year 2 in review What business leaders think “Ohio’s tax reform initiatives have simplified the tax system and improved both the state’s busi- ness environment and the competitiveness Here’s how Ohio’s new tax structure of Ohio companies.” impacts the bottom line for companies Tim Smucker Chairman & Co-CEO Bolster your productivity. Eliminate tax on machinery, equipment, The J.M. Smucker furniture and fixtures. Company Orrville Ohio’s revised tax code eliminates tax on capital for new machinery and equipment, so you can invest in greater productivity with zero tax burden. Taxes on machinery and equipment placed in Ohio before January 1, 2005 will be reduced each year until the tax is eliminated in 2009. The tax on furniture and fixtures will also be reduced each year through 2008. Machinery and equipment placed in service after January 1, 2005 is exempt. Maximize your profits. Eliminate corporate income and franchise taxes. Taxing profits hurts your company and hampers growth opportunities. These taxes will be eliminated completely in Ohio by tax year 2010. Boost your ROI. Eliminate tax on sales of goods and services to customers outside of Ohio. Only sales within the state are taxed at a flat rate of 0.0026, which translates to $2.60 per $1,000 of Ohio sales. You get a greater return on your investment dollar. Sales to or benefitting non-Ohio customers are completely exempt from the CAT. Reward your entrepreneurial ventures. No tax on first $1 million in annual gross receipts.* This provides attractive relief for small businesses, especially those that transact most or all of their business in Ohio. Helps new businesses get established and show a profit sooner. *Gross receipts between $0 and $150,000 pay nothing, between $150,001 and $1,000,000 pay a $150 fee. 5
  • 7. A business leaders’ guide Slash your operating costs. Eliminate tax on inventory. What business Carrying inventory costs can be a heavy burden for your company, especially leaders think warehousing and distribution operations. Tax on inventory held in Ohio will be fully eliminated for inventory held after January 1, 2008. Attract the best talent; shrink labor costs. Reduce personal income tax by 21%. High personal income tax adversely affects your company’s ability to attract and retain top-level managers and high-skilled workers. Lowering the state personal income tax makes Ohio a more attractive location for corporate executives to live and work. Enjoy a level playing field. All businesses are taxed at the same low rate. No unfair advantages. No favored competitors. “Success comes from Real world impact of tax reform on capital teamwork, and investor’s decisions Honda's partnership In August 2006, the Ohio Business Development Coalition sponsored a telephone with Ohio has survey among executives that chose Ohio for capital investment. The purpose of the been rewarding for study was to better understand the role Ohio’s new tax structure played in their capital everyone involved. investment decision. A total of 62 interviews were completed. We're already looking forward to the next Demographics of responders 25 years.” Characteristic Data Company Size in Annual Sales 43.5% < $100M Tsuneo Tanai President & CEO 35.5% > $100M Honda of America 20.1% refused to answer or didn’t know Manufacturing, Inc. Marysville Job Title 40.3% C-level executive 59.7% other executive Conclusion C-level executives (CEO, CFO, COO, etc.) view Ohio’s new tax structure as an important consideration in the capital investment decision. • Among C-level executives, 60% indicated it was a “somewhat to very important” consideration in selecting Ohio for capital investment. • 83.9% of total respondents rated elimination of property tax on investments in machinery and equipment as appealing. • 82.3% of total respondents rated no business tax on products sold to customers outside Ohio as appealing. • 56% felt positive enough about the tax reform that they indicated they’d be willing to provide positive endorsements of Ohio’s business climate. 6
  • 8. Ohio tax reform: Year 2 in review What business Industry-specific examples of the leaders think impact of Ohio’s tax reform Ohio’s new tax structure is designed to enable Ohio-based companies to be even more competitive in the global economy. The tax structure has been described as “profit friendly” and for good reason. For most industries, the new tax structure translates into a significant reduction in business tax liability. Working dollars that were previously expensed as taxes can now be redeployed to support capital investment and other company needs. The specific impact of the new tax structure does vary by industry. The following pages share scenarios for a number of industries. The intent is simply to provide additional perspective for consideration. Capital investors can get a precise look at the impact “The global appliance of Ohio’s new tax structure by requesting a customized analysis from the Office of industry is extremely Business Development at the Ohio Department of Development by calling 1-877-466-4551. competitive, and the In the following cases, the tax structures for Michigan, Indiana, Illinois, Wisconsin improved business and Minnesota reflect the tax law in place during calendar year 2007 When city data . climate in Ohio, was required, the following city data was referenced — Monroe, Ohio; Springfield, including the 2005 tax Illinois; Indianapolis, Indiana; Eau Claire, Wisconsin; Rochester, Minnesota; and reform made the state Ann Arbor, Michigan. far more attractive to do business. The end result was our decision to expand our laundry operations and allow our almost 9,000 Ohio employees to do what they do best, make the world’s most innovative and energy efficient home appliances.” Michael Todman Whirlpool North America President Whirlpool Corporation Clyde and Marion 7
  • 9. A business leaders’ guide What business leaders think AGRIBUSINESS Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $2,800.0 “Initially I was skeptical about tax $2,400.0 reform — believing it would simply result $2,000.0 in winners and losers. Now that the dust $1,600.0 has cleared, it is quite evident to me that tax $1,200.0 reform has been good DOWN % $800.0 58 for The Andersons, good for business and $400.0 good for the people of Ohio.” $0.0 BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform Richard P. Anderson Chairman The Andersons Maumee BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform Summary Total $1,487.8 $618.7 $791.8 $1,417.7 $1,692.9 $1,945.7 $2,272.2 Of that total: Real Property Tax 402.9 447.7 582.7 509.2 413.6 485.3 632.7 Personal Property Tax 753.2 0.0 Exempt 556.0 749.2 882.9 1,146.1 Of that total: 1) Market Value of Equipment 612.2 0.0 Exempt 556.0 749.2 882.9 1,146.1 2) Market Value of Furniture, etc. 0.0 0.0 Exempt 0.0 0.0 0.0 0.0 3) Market Value of Inventories 141.0 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 118.6 0.0 21.9 140.3 145.9 87.6 250.0 Business Privilege Taxes 0.0 2.8 n/a n/a n/a n/a n/a Personal Tax Liability – State 213.1 168.3 187.2 212.2 384.2 489.8 243.4 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 8
  • 10. Ohio tax reform: Year 2 in review What business leaders think BIOTECH Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $2,100.0 “Although Dover Chemical has opera- $1,800.0 tions in several states, we decided in 2005 to $1,500.0 invest approximately $12 million into a new $1,200.0 plant in Ohio. This decision was due $900.0 in large part to the DOWN % $600.0 71 improving tax climate.” $300.0 Darren Schwede CFO Dover Chemical $0.0 Corporation BEFORE AFTER IL MN MI IN WI Dover Tax Reform Tax Reform BEFORE AFTER IL MN MI IN WI Tax Reform Tax Reform Summary Total $1,662.4 $489.2 $649.3 $1,542.4 $1,587.4 $1,739.8 $1,883.5 Of that total: Real Property Tax 316.3 351.5 457.4 381.0 496.7 399.8 324.7 Personal Property Tax 348.7 0.0 Exempt 331.1 429.8 208.5 281.0 Of that total: 1) Market Value of Equipment 220.0 0.0 Exempt 317.8 412.6 200.2 269.7 2) Market Value of Furniture, etc. 9.2 0.0 Exempt 13.2 17.2 8.3 11.2 3) Market Value of Inventories 119.5 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 844.7 0.0 82.4 573.0 518.7 1,007.4 1,047.7 Business Privilege Taxes 0.0 17.1 n/a n/a n/a n/a n/a Personal Tax Liability – State 152.7 120.6 109.5 257.3 142.4 124.1 230.1 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 9
  • 11. A business leaders’ guide What business leaders think MANUFACTURING Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $3,500.0 “With all the challenges in business today, it’s $3,000.0 important to have an active, pro-business $2,500.0 ally to help commerce turn smoothly. For $2,000.0 Timken, Ohio has been that ally.” $1,500.0 DOWN % 55 $1,000.0 Tim Timken Chairman The Timken Company $500.0 Canton $0.0 BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform Summary Total $2,216.8 $987.1 $1,073.7 $1,822.2 $2,359.9 $2,560.9 $3,294.7 Of that total: Real Property Tax 342.5 380.6 495.3 432.9 351.6 412.5 537.8 Personal Property Tax 773.5 0.0 Exempt 333.6 449.5 529.7 687.6 Of that total: 1) Market Value of Equipment 348.7 0.0 Exempt 316.9 427.1 503.3 653.3 2) Market Value of Furniture, etc. 18.4 0.0 Exempt 16.7 22.5 26.5 34.4 3) Market Value of Inventories 406.5 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 415.4 0.0 75.9 486.2 505.6 303.7 1,416.0 Business Privilege Taxes 0.0 65.2 n/a n/a n/a n/a n/a Personal Tax Liability – State 685.4 541.4 502.5 569.5 1,053.1 1,314.9 653.3 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 10
  • 12. Ohio tax reform: Year 2 in review What business leaders think POLYMERS & CHEMICALS Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $1,400.0 “The timing of Ohio’s tax reform couldn’t $1,200.0 have come at a better time as Polymer $1,000.0 Packaging searched for a suitable location $800.0 to expand its opera- tions. The elimination $600.0 of the personal DOWN % property tax at a time $400.0 70 when we are going $200.0 to invest so much in equipment and $0.0 inventory will result BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform in considerable savings that will help offset our increased working capital needs.” BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform Summary Total $979.0 $297.9 $415.1 $828.5 $1,130.9 $1,146.0 $1,428.1 Jeff Davis Of that total: CFO Real Property Tax 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Polymer Packaging, Inc. Personal Property Tax 315.3 0.0 Exempt 139.0 187.3 220.7 286.5 Massillon Of that total: 1) Market Value of Equipment 147.9 0.0 Exempt 134.8 181.7 214.1 277.9 2) Market Value of Furniture, etc. 4.6 0.0 Exempt 4.2 5.6 6.6 8.6 3) Market Value of Inventories 162.7 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 362.4 0.0 157.7 397.8 413.7 320.3 806.9 Business Privilege Taxes 0.0 60.0 n/a n/a n/a n/a n/a Personal Tax Liability – State 301.3 238.0 257.4 291.7 529.9 604.9 334.6 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 11
  • 13. A business leaders’ guide What business leaders think AUTOMOTIVE Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $28,000.0 “As Cooper continues to grow in a global $24,000.0 market, we appreciate the efforts Ohio has $20,000.0 made to enhance business opportunities $16,000.0 in the state.” $12,000.0 Roy Armes DOWN Chairman, % $8,000.0 62 President & CEO Cooper Tire & Rubber Company $4,000.0 Findlay $0.0 BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform BEFORE AFTER IL IN WI MN MI Tax Reform Tax Reform Summary Total $15,327.3 $5,759.7 $6,870.6 $15,730.4 $20,108.4 $20,469.5 $23,403.6 Of that total: Real Property Tax 2,216.2 2,462.4 3,204.6 2,800.8 2,274.9 2,669.3 3,479.9 Personal Property Tax 5,349.8 0.0 Exempt 4,726.0 6,368.5 7,504.7 9,741.6 Of that total: 1) Market Value of Equipment 5,055.6 0.0 Exempt 4,587.0 6,181.2 7,284.0 9,455.1 2) Market Value of Furniture, etc. 153.2 0.0 Exempt 139.0 187.3 220.7 286.5 3) Market Value of Inventories 141.0 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 3,747.8 0.0 365.0 4,462.5 4,641.0 2,538.2 5,890.9 Business Privilege Taxes 0.0 127.6 n/a n/a n/a n/a n/a Personal Tax Liability – State 4,013.4 3,169.7 3,301.0 3,741.1 6,824.0 7 .3 ,757 4,291.2 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 12
  • 14. Ohio tax reform: Year 2 in review What business leaders think PROFESSIONAL SERVICES Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $7,000.0 “Ohio’s new tax reforms will be $6,000.0 a great benefit to our business and to $5,000.0 many of our financial services customers $4,000.0 as well.” $3,000.0 DOWN % 42 Nancy V. Kelly Executive Vice President $2,000.0 Huntington National Bank Columbus $1,000.0 $0.0 BEFORE AFTER IL IN MI WI MN Tax Reform Tax Reform BEFORE AFTER IL IN MI WI MN Tax Reform Tax Reform Summary Total $3,868.7 $2,258.4 $2,341.4 $3,827.1 $5,054.3 $5,549.7 $5,927.3 Of that total: Real Property Tax 322.4 358.2 466.1 407.4 506.2 330.9 388.3 Personal Property Tax 60.6 0.0 Exempt 55.6 114.6 74.9 88.3 Of that total: 1) Market Value of Equipment 60.6 0.0 Exempt 55.6 114.6 74.9 88.3 2) Market Value of Furniture, etc. 0.0 0.0 Exempt 0.0 0.0 0.0 0.0 3) Market Value of Inventories 0.0 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax 1,091.7 0.0 65.7 1,313.3 2,081.1 1,365.8 715.6 Business Privilege Taxes 0.0 9.3 n/a n/a n/a n/a n/a Personal Tax Liability – State 2,394.0 1,890.9 1,809.6 2,050.9 2,352.5 3,778.2 4,735.1 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 13
  • 15. A business leaders’ guide What business leaders think LOGISTICS Major State and Local Taxes: Ohio & Selected Locations Before application of incentives and abatements Focus on business tax liability Dollars in thousands $700.0 “We believe in strong partnerships with our $600.0 customers, helping them maximize their $500.0 opportunities at every touch point. Ohio’s $400.0 pro-business philoso- phy maximizes our $300.0 opportunities in the DOWN same way.” $200.0 63% $100.0 André Thornton President & CEO ASW Global $0.0 Mogadore BEFORE AFTER IL IN WI MI MN Tax Reform Tax Reform BEFORE AFTER IL IN WI MI MN Tax Reform Tax Reform Summary Total $346.1 $128.7 $175.7 $365.7 $524.3 $588.6 $619.5 Of that total: Real Property Tax 36.3 40.3 52.4 45.8 37.2 56.9 43.7 Personal Property Tax 197.9 0.0 Exempt 180.1 242.8 371.3 286.1 Of that total: 1) Market Value of Equipment 197.9 0.0 Exempt 180.1 242.8 371.3 286.1 2) Market Value of Furniture, etc. 0.0 0.0 Exempt 0.0 0.0 0.0 0.0 3) Market Value of Inventories 0.0 0.0 Exempt Exempt Exempt Exempt Exempt State Corporate Income Tax Company classified as LLC Company classified as LLC Business Privilege Taxes 0.0 0.0 n/a n/a n/a n/a n/a Personal Tax Liability – State 111.9 88.4 123.3 139.7 244.3 160.3 289.8 Source: Ohio Department of Development, Policy, Research & Strategic Planning Office 14
  • 16. TAXES PER CAPITA TAXES PER CAPITA $0.0 $0.0 $1000.0 $1000.0 $2000.0 $3000.0 $4000.0 $2000.0 $3000.0 $4000.0 1 – ALASKA 1 – VERMONT 2 – VERMONT 2 – HAWAII 3 – HAWAII 3 – WYOMING 4 – WYOMING 4 – CONNECTICUT tax state in 2007 5 – CONNECTICUT 5 – DELAWARE .) 6 – MINNESOTA 6 – MINNESOTA 7 – DELAWARE 7 – MASSACHUSETTS 8 – NEW JERSEY 8 – ALASKA 9 – NEW YORK 9 – CALIFORNIA 10 – MASSACHUSETTS 10 – NEW JERSEY 11 – CALIFORNIA 11 – NEW YORK 12 – NORTH DAKOTA 12 – RHODE ISLAND 13 – WASHINGTON 13 – WISCONSIN 14 – MAINE 14 – MARYLAND 15 – MARYLAND 15 – MICHIGAN 16 – NEW MEXICO 16 – WEST VIRGINIA 17 – RHODE ISLAND 17 – WASHINGTON 18 – ARKANSAS 18 – ARKANSAS 19 – WISCONSIN 19 – MAINE 20 – WEST VIRGINIA 20 – NEW MEXICO 21 – LOUISIANA 21 – NORTH DAKOTA 22 – NORTH CAROLINA 22 – PENNSYLVANIA 23 – KANSAS 23 – KENTUCKY 24 – PENNSYLVANIA 24 – NEBRASKA 25 – OKLAHOMA 25 – NORTH CAROLINA 26 – VIRGINIA 26 – VIRGINIA Ohio tax reform: Year 2 in review 27 – NEVADA 27 – 28 – MONTANA 28 – NEVADA Source: Analysis of statistics from the U.S. Census Bureau by the Federation of Tax Administrators. 29 – MICHIGAN 29 – ILLINOIS OIS 30 – IDAHO 30 – IDAHO 31 – KENTUCKY 31 – IND INDIANA 32 – ILLINOIS 32 – KANSAS 33 – NEBRASKA 33 – IOWA 34 – UTAH 34 – OKLAHOMA 35 – INDIANA 35 – MONTANA 36 – MISSISSIPPI 36 – LOUISIANA 37 – IOWA 37 – FLORIDA 38 – 38 – UTAH 39 – OREGON 39 – MISSISSIPPI 40 – SOUTH CAROLINA 40 – ARIZONA 41 – FLORIDA 41 – OREGON 42 – ARIZONA 42 – GEORGIA 11 POSITION 43 – GEORGIA 43 – SOUTH CAROLINA IMPROVEMENT Just two years into a five-year rollout, Ohio has already improved its standing 44 – ALABAMA 44 – ALABAMA 45 – COLORADO 45 – TENNESSEE Lightening Ohio’s state tax burden 46 – TENNESSEE 46 – MISSOURI 2007 2005 47 – MISSOURI 47 – COLORADO 48 – TEXAS 48 – NEW HAMPSHIRE among all 50 states by 11 positions (from the 27th position in 2005 to the 38th lowest 49 – NEW HAMPSHIRE 49 – TEXAS 50 – SOUTH DAKOTA 50 – SOUTH DAKOTA DSW, Inc. Columbus Kate Baily Vice President, Manager, Direct The future looks business climate. “We’ve grown and leaders think flourished in Ohio’s brighter than ever.” General Merchandise What business 15
  • 17. A business leaders’ guide What business The 20 largest private investment leaders think projects in Ohio announced or started last year The 20 largest private investment projects in Ohio announced or started last year Company Location In millions Project 1. Goodyear Tire & Rubber Co. Akron $890 New headquarters 2. American Electric Power Coshocton $430 Electric power plant 3. Amylin Pharmaceuticals West Chester Twp. $400 New plant 4. General Motors Corp. Toledo $332 Upgrade to transmission plant 5. Buckeye Biofuels LLC Toledo $220 Ethanol plant 6. Ford Motor Co. Sharonville $200 Upgrade to transmission plant 7. Altra Inc. Marion Twp. $174 Ethanol plant 8. Cleveland Clinic Mayfield Hts. $163 Hillcrest Hospital improvements “We believe there is no 9. Poet Biorefining Marion Twp. $130 Ethanol plant 10. Titan Tire Corp. Bryan $125 Tire plant expansion better business to be 11. Avon Products Inc. Washington Twp. $115 Cosmetics distribution/warehouse in than ours and no 12. Appleton Papers West Carrollton $100 Coated papers plant better place to call 13. Aqua Paradise Waterpark Lodi $100 Waterpark, hotel 14. Zinc Ox Resources York Twp. $94.8 Zinc products plant home than Ohio.” 15. General Electric Co. Aviation Peebles $90 Aircraft engine R&D 16. Ohio Renewable Fuels Fremont $87 Ethanol plant James Hagedorn 17. Humana Insurance Co. Cincinnati $86 Insurance office Chairman & CEO 18. FedEx Ground Perrysburg Twp. $80 Distribution hub The Scotts Miracle-Gro 19. Banks Intermodal Transit Center Cincinnati $76 Transportation hub Company 20. Whirlpool/Penske Logistics Columbus $75 Appliance distribution/warehouse Marysville Source: Ohio Department of Development Office of Strategic Research New private investment growing in Ohio New private investment growing in Ohio 2005 $3.8 billion 2006 $5.9 billion 2007 $7.1 billion 16
  • 18. Ohio tax reform: Year 2 in review What business Companies that chose Ohio leaders think for expansion and/or investment 4over Inc Bucyrus Community Hospital Embassy Suites - Airport A&A Safety/Quattro Budenheim USA Enterprise Information Mgmt A&B Foundry & Machining Bullen Ultrasonics Enterprise Rent-a-Car A.M. Leonard Bunge North America Enviro-Flow ABC Manufacturing CAMACO Inc EPD Inc Advanced Engineering Solutions Cambria Manufacturing EPS Advantage Powder Coating Cambria Suites Equity Administrative Services Aerosport Modeling Candlewood Suites ERetailing AIDA Dayton Technologies Cardinal Health Exel/Dannon AIDCO International Casto Deerfield Ltd Expediting Co Inc AK Athletics Celina Hospitality Extudex Corp AK Steel Cellucom Outlet Inc EZ Grout Corp Akro-Mils Cellular Technology F&P America Al Neyer Center Point Dev LLC FedEx Ground Alcoa Inc Central Park of Gahanna Ferriot Inc All Pro Freight Systems Charles River Laboratories Finton Equipment “There are many cities Allen Aircraft Checkered Express FirstEnergy Corp Alpha Technologies Chemcentral FirstGroup America and towns around Altra Inc Chemtron Fisher & Paykel American Augers Cincinnati Children's Hospital Florida Production Engineering the world that P&G American Electric Power Circleville CIC Ford Motor Co people call home, but American Punch Co Clark State Foundations Children's Products American Stone Cleveland Clinic Freeman Schwabe Machinery Ohio has always been American Tank and Fabricating Cleveland Clinic/Hillcrest Frontier Steel Co American Trim Cleveland Hopkins Airport G&M Media Packaging home to our corporate Amerimulch Cleveland Wire Cloth Galion Community Hospital Ampac Packaging LLC Clovervale Farms Inc Galion Municipal Airport headquarters. Amylin Pharmaceuticals Coastal Pet Products GE Aviation Anchor Companies Cole Realty GE Transportation Systems We’re proud of our Appleton Papers Coleys Inc Geis Cos Ohio history and Applied Medical Technology Collins Ink General Aluminum Mfg Co Aqua Paradise Waterpark Columbia Chemical Corp General Dynamics committed to a future ARES Inc Comfort Inn & Suites General Films Armor Holdings Computer Sciences Corp GI Physicians of growth in Ohio.” Artco Group Continental Airlines Global Contact Services Ashtabula City Ind Park Cooper Farms Glunt Industries Inc A-Stamp Cornwell Quality Tools GM Corp ATK Space Systems Corridor D Bridge GM Corp/James Group A.G. Lafley Avon Products Inc Country Inn & Suites Golden Heritage Foods Chairman of the Board B&B Plastics Recycling Covert Goodyear Tire & Rubber Co and CEO Ball Metal Corp Covington Capital Grandview Hospital The Procter & Gamble Baltic Avenue Enterprises Crafts Americana Group Great Lakes Brewing Co Company Banks Intermodal Transit Center Crate & Barrel Green Investment Group Banner Service Corp Creative Cabinets Systems Inc Green Source Products Cincinnati Barberton Citizens Hospital Crown Battery Greene Memorial Hospital Bare Escentuals Crown Equipment GSW Manufacturing Bateman Road Crown Partners LLC Guardian Glass Batesville Logistics Crowne Plaza H&S Tool BDC Management Group Crucible Materials Corp Hampton Inn Bear Creek Capital Custom Manufacturing Solutions Hancock Wood Electric Bear Creek/Harry & David Cutting Systems Inc Harco Manufacturing BEAR Materials/Renegade Daimler Group Headwaters Resources Bedrock Group Dannon Co Health Plan Services Benchmark Group Dayton International Airport Heart Institute of NW Ohio Berk Enterprises Dayton Origin Heartland Refinery Group Bestway Motor Lines Delta Systems HEF USA Bettcher Industries DermaMed Coatings Co Hendrickson USA Bicron/St Gobain DHL Heritage Stone Bilco Co Diagnostics Hybrids Inc Hexion Specialty Chemicals Inc Biltrite Industries DP Partners Hinkley Lighting BJ Alan Dublin Building Systems Hirzel Canning Co Blanchard Valley Health System Duke Realty Holiday Inn Bob Evans DuPont Holiday Inn Express Boeing Co DuPont/Liqui-Box Holophane Corp Boltaron Performance Products Durable Corp Homewood Suites Bosch Rexroth AG Dyna Flex Inc Honda of America Brilex Industries Eagle Machinery & Supply Hope Hotel Brown-Campbell EchoStar Humana Insurance Co Buckeye Biofuels LLC Elixir LLC Hyland Software 17 Buckeye Ethanol/McGinnis Elyria Foundry Hyperlogistics Group
  • 19. A business leaders’ guide Imasen Bucyrus Technology Industrial Developments Int’l North American Bus Industries Northgate Commerce Center Schindler Elevator Corp Schipper Group What business Industrial Partners LLC Northwest Industrial Bypass Schumacher Dugan leaders think Industrial Tool & Machine Now Software SDC / Steven Douglas Corp Industrial Works Management Ohio Northern University Sedgwick CMS InfoCision Management Ohio Renewable Fuels Sensus LLC Infra-Metals Co Okamoto Industries Sewer projects Inservco OKS-Ameridial Inc SEW-Eurodrive Insurance.com Inc Omincare/Westhaven Shafer Redi-Mix Intechra LLC OmniSource Corp Shearer's Foods Inc Intelect Medical OMYA Industries Shiloh International Automotive Components Opus North Corp Signet Enterprises Iwata Bolt USA OrthoHelix Surgical Designs Silgan Plastics James H Gettles LLC Otterbein Retirement Simon Roofing & Sheet Metal Jefferson Industries Corp Owens Community College Sinclair Community College JK-CO LLC Owens Corning Smyth Automotive JM Smucker PAC National / Compartir Sogeti USA LLC Johnson Brothers Rubber Co Pacejet Logistics Sonoco Products Co Johnston Aviation Co Pacific Fuel Cell Corp Spader Freight Joint Township District Hospital Pandora Manufacturing Co Spartan Chemical Kalahari Resorts Inc Parker Hannifin Specialty Metal Processing Kellogg Co PartsSource LLC SpeedFC Inc Kenan Advantage Group PatentHealth Inc SpineMatrix Inc “Creating value for our Kendle International Inc Payless Shoe Source Springhill Suites Kent Display PCC Airfoils LLC Spunfab shareholders is one of Key Resin Co Philips Medical Stage Stores/Specialty Retailers Khempco Pilot Plastics Starr Manufacturing RPM’s primary goals. King's Command Foods Pizzuti Development Staybridge Suites Kirco Development LLC PJAX Freight System Stress Engineering Ohio’s business-friendly Kiser Enterprises PlanetSpace Struthers Metal Service Koch Foods Plastic Recycling Technology Style Crest Products environment helps Kowit & Passov Plastikos Corp Suavely Building Co us remain a very Kraft Power Co Plus Management Services Summer Garden Food Mfg Lake Hospital System Poet Biorefining Sun Chemical attractive investment Lastar Inc Polymer Machinery Switchback Group Laszeray Technologies Power Direct Tata America / TCS year after year.” Lima Memorial Health System PPG TCP Inc Lincoln Electric Co Preble County Medical Center TeleTech Logistics Support Management Premier Development Partners Tenneco Automotive Luxottica / Cole Vision Prime Technology Teradata Corp Frank C. Sullivan Lyondell Chemical Primerose Retirement Therics LLC President & CEO Mack Industries Printing Concepts Inc ThermaFab Alloy RPM International, Inc. Macomb Group Procter & Gamble THK Manufacturing Medina Macy's ProQuip Inc Timken Co Mane Inc Qbase Inc Titan Tire Corp Marathon Petroleum Co Quadax Inc Toledo Riverview Hotel Marietta College Quality Electro Dynamics Towne Place Suites Marion Industries Quality Machining Tropical Fruit & Nut Marriott Courtyard Quick Clinic Trust Technologies/Kilroy Mattingly Foods Inc RAS Manufacturing TTI Floor Care Maui Sands Resort Red Roof Inns Union Rural Electric Mercer Landmark Reduction Engineering Inc Universal Tire Molds Mercy Hospital Reiter Dairy University Inn Meritex Columbus LLC Renegade Materials Corp University of Northwestern Ohio Metalworks 95 Inc Renewable Agricultural Energy USF Holland/Roadway MEVA Framework Systems Republic Engineered Products Valley Metal Works Miami University Rescentris Inc Value Place Hotel Microtel Inn Residence Inn Verizon Wireless Mid-States Packaging Resource Ventures Veyance Technologies Millat Industries Restaurant Depot Viking International Miller Brewing Co Restoration Hardware Inc VNC Bearing Inc Miller Valentine Ricerca Biosciences LLC Volunteer Energy Mills-Morgan Development Rickenbacker Int'l Airport Wannemacher Enterprises Morning Pride Rieter Automotive Wave Development LLC Morton Salt Riffle Machine Works Wellington Orthopaedic Multi-Color Corp Ring Container Wellman Products Myers Industries / Akro-Mils Risk International Wheeling Pittsburgh Steel National Biological Corp River's Bend HealthCare Whirlpool Corp NDT Ltd Road Runner Sports Whirlpool/Penske Logistics Nelson Manufacturing Rookwood Corp Wingate Inn Neturen America Ross Casting & Innovation Inc Woodbine Products Newman Technology Ross Products/Abbott Woolpert LLP Next Generation Route 7 Workflow.com Neyer Properties S&G Manufacturing Group Wright Distribution Centers Nibco Inc Saehwa Machinery Co Wright Materials Research Co Nissin Brake Sandridge Food Co Yachiyo of America 18 Nissin Brake Ohio Sanson Co ZincOx Resources plc Norfolk Southern SBC Zyvex Performance Materials