Rep. Glassburn: House Chooses Corporate Investors Over Ohio Families in Tax Conformity Vote

COLUMBUS– State Rep. Chris Glassburn (D-North Olmsted) today spoke on the House floor to address concerns regarding Senate Bill 9, Ohio’s annual federal tax conformity bill. Rep. Glassburn sought to introduce an amendment that would have stopped an increase to the acceptable threshold for individuals to receive a tax reduction for selling stock in a corporation worth more than $50M to $75M. According to the Ohio Department of Taxation, expanding this threshold would cost Ohio $22M in forgone revenue over the next 10 years and would impact fewer than 1,000 taxpayers.   

“This is an egregious tax deduction that almost exclusively benefits investors who are millionaires, the 1% of the 1%” said Rep. Glassburn. “I attempted to bring this amendment before the House for consideration in an effort to utilize the $22M in savings to fund property tax relief for grieving military spouses, lower the cost of raising a baby, and protect SNAP benefits from fraud and theft. This amendment would have been about putting our priorities where they need to be, with the people of Ohio who need our help, and doing it in as bipartisan a way as possible.” 

These proposed spending provisions were modeled after bills with bipartisan support that all have received multiple committee hearings:  

• HB 22 enhances the homestead property tax exemptions for widows of fallen service members;  
• HB 87 creates sales tax exemptions for baby monitors, bassinets, and sheets and blankets designed for use with cribs; and
• HB 163 would increase cybersecurity measures for SNAP EBT cards to stop theft and fraud.    
  
  

SB 9 passed the House floor without an emergency clause.