Ohio General Assembly rethinking state capital gains cuts.

• Position: Ohio

Certain provisions of tax reform legislation passed last year (HB 66) in lieu of cutting Ohio's capital gains tax rate may be accelerated if Ohio Speaker of the House Jon Husted, R-Kettering, follows through on statements he's made recently, reports Gongwer News Service.

Ohio's personal income and commercial activity tax (CAT) revenues continue to exceed estimates, though sale tax receipts are slumping. The resulting budget surplus has sparked efforts to reduce the state's capital gains rates.

Husted said feedback on tax reform has been positive, but that many in the business community remain leery as they wait for the implementation of all its components. Personal income tax cuts, the elimination of the tangible personal property tax (TPPT) and corporate franchise taxes are to occur over five years.

Husted said he is leaning...