Ohio Raises Funds by Issuing Bonds, Keeping Favorable Tax Climate Intact
January 11th, 2010Tags: Bloomberg.com, favorable tax climate, Ohio
Sticking with its commitment to eliminate a burdensome tax system, Ohio recently announced that it is coming to market with as much as $280 million in tax-exempt bonds due in 2013 as part of the state’s first plan to ease near-term costs by delaying principal payments on existing debt. Ohio has an AA+ rating from S&P, the second highest, and Moody’s Aa2 and Fitch’s AA, each the third highest.
Underscoring Ohio’s favorable tax climate, other states are raising taxes and fees, cutting services and issuing debt to help balance budgets after the steepest decline in tax receipts on record, according to the Center on Budget and Policy Priorities. States have dealt with or still face a total budget gap of $193 billion this fiscal year, the center said. This week’s largest municipal borrower, Illinois, plans to sell $3.5 billion in taxable notes to cover pension contributions due this year.
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January 14th, 2010 at 9:36 AM
Ohio is one of the best places in the USA to start a small business. I think the state can continue to attract more people and business by lower taxes and being fiscally responsable.