A New Report Indentified State Revenue Lost To Corporate Tax Shelters

POSTED BY: News Department
Monday, July 21, 2003 - 11:10 AM
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Governor Taft could be forgiven a sense of déjà vu after a new report identified hundreds of millions of dollars in state revenue lost each year to corporate tax shelters. The report was issued by the Washington based multi-state tax commission. It estimates that Ohio lost 378 million dollars in 2001 from companies avoiding taxes by sheltering profits. The report says it’s apparent that some corporations are increasingly taking advantage of structural weaknesses and loopholes in the state’s corporate tax systems. Taft used similar language in January, blaming companies’ use of what he described as sophisticated tax planning to avoid paying their fair share of taxes. Taft, a republican, pushed unsuccessfully for changes to Ohio’s system that would have raised as much as two-point-three billion dollars over two years, about a third of it from business taxes. Taft says the report confirms what Ohio tax commissioner Tom Zaino has told lawmakers for months that the state has high rates but isn’t collecting the dollars it should be.

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