Kevin Bacon, state senator, proposes that the sales tax holiday done every weekend of August should remain for good. In order to do this, he sent a proposal to the statehouse which may make a lot of consumers happy. For those who have an Ohio Tax ID, they understand how nice it is to be able to save a lot.
Every year, since 2015, the sales tax holiday is passed and Bacon is responsible for making it happen. He admitted that it was a challenge for him as he encountered a lot of obstacles in the former General Assemblies wherein the executive branch is not happy to give their support at the beginning.
The issue they have the biggest challenge is on arriving to the correct numbers.
Bacon explained that Ohio State could suffer a great loss if there are a lot of items included in the sales tax holiday. Another way it could go wrong is if the level of dollar amounts are off the roofs then the limits will follow through.
Bacon was able to get their approval after their negotiated. Ohio was able to bring in $4.7 million which equates to a growth of 9 per cent in terms of tax revenue. On the other hand, consumers got a good deal as they were able to save around $3.3 million on selected products.
Bacon expressed his gratitude despite the fact that it was only approved as a temporary measure.
They almost did not pass this year’s annual bill because they were hitting close to the deadline. As a result, Bacon is pushing to make tax holiday stay for good so there are no more instances wherein they could miss deadlines.
He said that the main goal of the bill is to assist the taxpayers with Ohio tax ID to be able to save a few bucks while also helping the local retailers. This is an activity wherein both sides are in a win-win situation since consumers will buy tax-exempt items along with non-sales ones. Despite the permanency of the bill, lawmakers will be able to amend it. As of now, the first hearing is yet to be scheduled.