For Immediate Release
June 30, 2011
COLUMBUS, Ohio (OFBF) – The repeal of Ohio’s estate tax will benefit family farms, small businesses and Ohio’s economy according to the Ohio Farm Bureau Federation (OFBF). The elimination of the “death tax” will preserve farms and businesses as they are passed from one generation to the next while retaining jobs and taxes in local communities.
Ohio’s estate tax will end Jan. 1, 2013. It was abolished through provisions of the new biennial state budget passed by the Ohio General Assembly and expected to be signed by Gov. Kasich.
“The American dream includes working hard, investing wisely and spending sensibly so that we can pass on something to our children,” said Jack Fisher, OFBF executive vice president. “Our homes, farms, businesses and other assets have already been taxed, which is why Farm Bureau felt taxing them again upon the owner’s death was extremely unfair. We’re proud to have played a big role in ending the death tax.”
Elimination of the estate tax has been a priority for Farm Bureau for more than 25 years. Farmers and other entrepreneurs pour their earnings back into land, buildings and equipment, which can leave insufficient cash to pay the death tax, forcing heirs to sell all or part of the family business.
Farm Bureau recognizes that about 2 percent of Ohio’s local governments will be challenged by loss of some revenue. The organization is encouraging its members to work closely with local officials to indentify spending reforms and offer support to those officials when difficult choices must be made.
Farm Bureau thanked Gov. Kasich and members of the General Assembly for their willingness to repeal the estate tax. The organization also expressed appreciation for the officials’ work on other aspects of the overall budget, especially provisions that impact agriculture, food safety and food security.
CONTACT: Joe Cornely
PHONE: (614) 246-8230
E-MAIL: [email protected]