BRECKSVILLE, Ohio--(BUSINESS WIRE)--As the COVID-19 pandemic continues to alter daily life for most around the world, the Regional Income Tax Agency is focusing its efforts on helping Ohio’s municipalities prepare and respond to the effects it will have on income taxes with the development of the COVID-19 Municipal Income Tax Forecast. The model is available to all of Ohio’s municipalities regardless of membership with RITA.
“With businesses ordered to close or alter operations since mid-March, the result is many individual taxpayers finding themselves furloughed, unemployed or their pay cut. We know this is going to have a direct impact on income tax revenue for all of Ohio’s municipalities, the question was to what degree,” Don Smith, Executive Director of RITA, said.
Mark Taranto, Manager of RITA Member Services, worked with his team to leverage all of the data RITA has available — thanks to its collection and administration of municipal taxes for over 300 of Ohio’s municipalities — and use it to develop a model that can help guide municipalities through COVID-19.
“Every municipality has its own unique mix of businesses, so we built our model around standard NAICS codes or industry types, so each municipality could individually evaluate the effect of COVID-19 on income tax collection based on its business community. We’ve seen some municipalities use these projections in its entirety and others use it in smaller capacities, but all agree the information and insights available in this data model is helpful as they navigate these uncertain times,” Taranto said.
RITA will continue to evaluate the forecast model on a month to month basis in the short term and then as events warrant throughout the end of the year to provide municipalities with as clear a picture as possible. “We know that COVID-19 is going to be a part of our lives for quite some time and are committed to equipping our members and all of Ohio’s municipalities with the most accurate information we can to assist them in making informed decisions for their communities,” Smith said.
The COVID-19 Municipal Income Tax Forecast is available to both RITA members and non-members. Non-members can contact RITA for more information at 800-860-7482. RITA members are encouraged to reach out to the Member Services Department for assistance with the data model.
See the links below for a sampling of recent articles featuring RITA’s COVID-19 Municipal Income Tax Forecast.
To learn more about RITA, visit ritaohio.com. For media inquiries, please contact Adrienne Sabo at 330-707-2088 or email@example.com.