Updating our entry from 9/3/04 titled "Significant tax ruling may impact Indiana" is this AP story today reporting that:
The state of Ohio will ask the full 6th U.S Circuit Court of Appeals to reconsider a ruling by a three-judge panel that declared Ohio's investment tax credit unconstitutional, officials said.Posted by Marcia Oddi at September 8, 2004 05:11 PMThe panel struck down the tax last Thursday, saying it gives preferential treatment to companies that expand within the state, rather than in other states. The judges said the breaks hinder interstate commerce. * * *
The appeals court ruling could be used to challenge similar programs used by up to 40 other states to promote economic development, said Terry Lodge, a lawyer who argued against Ohio's program.
A 1996 report by the state of New York found that 35 of the 45 states with a corporate income tax had some type of investment tax credits, according to the National Taxpayers Union.