Bellville has approved a new tax structure for village residents in the upcoming year; the move came after a unanimous vote in favor of a new tax system at tonight’s council meeting.
Members approved of the legislative measure in response to the state legislature’s passage of House Bill 5, which calls for an overhaul to Ohio’s municipalities’ tax system.
The state’s measure will lower how much income tax the village will receive in some areas.
The new code, among other things, blocks local governments from taxing companies that are in an area on a temporary basis.
Under the old system, municipalities could begin taxing corporations within their jurisdiction five days after their arrival, as well as retroactively collect taxes from a corporation’s first day of work.
Following the state’s passage of House Bill 5, communities’ must wait 21 days to begin taxing corporations, and local governments will no longer have the ability to collect taxes retroactively.
The new tax code also allows businesses that had a reported loss in a given year claim that loss for five years following their initial setback.
Bellville’s new tax structure will allow them to collect income tax to employed residents under the age of 18, a demographic that was previously untaxed.
The measure is estimated to add $4000 per year to the village’s bottom line stated Bellville Mayor Darrel Banks in a previous meeting.
Council was required to adopt a new tax ordinance that met Ohio Revised Code Chapter 718’s set standards by Janary of 2016.
“I don’t know if everybody realized it or not, if it (the tax ordinance) wasn’t passed by the end of the year we could not collect a dime,” Bellville Councilman Larry Rose said.
In addition to passing the tax ordinance, council discussed changing their meeting dates in December to better accommodate the end of the fiscal year.
Banks also informed members that a traffic pole at the intersection of Main Street and State Route 97 had been struck by a truck this week.
“We lost one of our traffic poles,” the mayor said. “Nobody informed village employees for four hours after it happened.”
The street department is currently working to correct the issue.
Additionally, the official date of the Bellville Holiday Parade is set for Dec. 5 and will begin at 11 a.m.
Council discusses the new tax ordinance for the upcoming year.
Reach Jones on Twitter @Bellville_Jones or via email at email@example.com