What is Intangibles tax?

Vorys: John Kasich’s sales tax expansion “a nightmare” for Ohio businesses  February 16, 2013 – 08:48 pm
What is intangible personal

Vorys, Sater, Seymour and Pease, one of Ohio largest and most respected Ohio law firms, put out an an analysis of Governor Kasich’s new sales tax plan yesterday.  Their conclusion?   “This tax expansion will hit Ohio businesses most directly and hardest.”

“If you can think of or describe an act rendered for a fee that is not expressly excluded, it’s a taxable service under the bill, ” says the study.   They also note that this type of broadening has only been attempted a few times before and “Each time, the effort failed for political, economic, practical, compliance and/or enforcement reasons.”

One of the biggest impacts on businesses will come in the form of a new tax on commercial real estate rents.   For many small businesses, rent is their largest expense.  John Kasich plans to increase that expense by an addition 5%.

Businesses will now be taxed on the credit processing and bank merchants fees they already pay to credit card companies for accepting their cards.  ”All merchants understand the big bite out of sales receipts this fee means, ” says the study.  ”That cost just got more expensive by the amount of sales and use tax”

Kasich’s plan contains no exemption for the resale of services or for equipment used in providing services.  While businesses selling tangible personal property have a sales tax exemption when purchasing the items they sell or the components of the items they assemble or manufacture, services will have no such exemption.

Source: Plunderbund

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