HB756

Expand research, development tax credit to apply to income tax

House | Introduced In House

📋 What This Bill Does

The bill aims to expand a research and development tax credit to apply to income tax in Ohio.

Plain English summary · Non-partisan · Auto-generated

Rationale

The bill aligns with libertarian principles of limited government by providing tax credits to incentivize research and development activities. However, it also involves government intervention in the form of tax credits, which may distort the free market.

Risks and Concerns

Government intervention through tax credits may distort market incentives and benefit specific industries over others.
Tax credits could lead to unequal treatment of businesses, favoring those who qualify for the credit over those who do not.

Platform Citations (2)

2.1 Aggression, Property, and Contract (2_1) SUPPORTS

The bill involves tax credits which can impact property rights and economic liberty.

2.0 ECONOMIC LIBERTY (2_0) OPPOSES

The bill involves government intervention in the form of tax credits, which may distort the free market.

Rationale

The bill aligns with libertarian principles of limited government by providing a tax credit to incentivize research and development in the private sector. However, it conflicts with the platform's stance on taxation and spending, which calls for the repeal of the state income tax.

Risks and Concerns

Expanding tax credits may distort the free market by favoring certain industries or companies over others.
The bill does not address the broader issue of reducing overall tax burdens on individuals and businesses as advocated in the platform.
Increased government involvement in incentivizing specific economic activities could lead to cronyism or favoritism.

Platform Citations (2)

Taxation & Spending (taxation_spending) OPPOSES

The platform calls for the repeal of the state income tax, which is not addressed by this bill.

Free Markets (free_markets) OPPOSES

The bill's expansion of tax credits could interfere with the free market by distorting incentives and competition.

Rationale

The bill aligns with libertarian principles of limited government by providing tax relief to businesses engaging in research and development activities. It promotes economic freedom by incentivizing innovation and investment in the state. However, it also involves government intervention in the form of tax credits, which could distort market incentives.

Risks and Concerns

Government intervention through tax credits can create market distortions and favoritism towards certain industries or companies.
The complexity of the tax credit system may lead to administrative burdens and compliance issues for businesses.

Platform Citations (2)

free-market SUPPORTS

The bill incentivizes research and development activities in the state, promoting innovation and economic growth.

limited-government OPPOSES

The bill involves government intervention through tax credits, which may expand the role of government in the economy.

Legislation

HB756

Expand research, development tax credit to apply to income tax

📋 What This Bill Does

Rationale

Risks and Concerns

Platform Citations (2)

Rationale

Risks and Concerns

Platform Citations (2)

Rationale

Risks and Concerns

Platform Citations (2)

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