U.S. propane stocks increased by 2.6 million barrels last week to 71.0 million barrels as of May 15, 2015, 31.1 million barrels (78.0%) higher than a year ago. Gulf Coast inventories increased by 2.2 million barrels while Midwest and East Coast inventories both increased by 0.2 million barrels. Rocky Mountain/West Coast inventories increased by 0.1 million barrels. Propylene non-fuel-use inventories represented 7.6% of total propane inventories.
House Approves 6.3% Income Tax Cut
After weeks of studying the sweeping proposals from Gov. John Kasich in his executive budget for FY16-17, House Republicans unveiled their version Tuesday that largely strips out the proposed sales tax expansion to consultants and others as well as the severance, tobacco and CAT taxes and dedicates more money to school districts so that fewer will lose funds in the next biennium.
The House proposal will give a 6.3 percent across-the-board income tax cut beginning in Tax Year 2015 worth $1.2 billion over the biennium, which will lower the top tax rate to 4.997 percent. The substitute bill will also make the 75 percent small business tax deduction that was adopted by the 130th General Assembly permanent.
On March 24 the Ohio House of Representatives Judiciary Committee unanimously approved HB 71 which would prohibit certain indemnity agreements in motor vehicle carrier transportation contracts.
Written proponent testimony was provided by Jeff Smith, director of government affairs and general counsel for the Professional Independent Agents Association of Ohio. He made the following statement:
The Ohio House of Representatives Commerce and Labor Committee took testimony March 24 on HB 77 which woud require statewide registration of home improvement contractors and modify the membership of the Ohio Construction Industry Licensing Board.
Members took opponent testimony from Executive Director Shari Bates of the Central Ohio Chapter of the National Association of the Remodeling Industry (NARI) and Mike Hoffmaster, president of the Home Builders Association (HBA) of Cincinnati and president of Greatway Homes, who said he was not actually speaking on behalf of HBA.
Both said the bill will not stop unscrupulous contractors and protect homeowners and will only increase regulatory burdens and costs on reputable contractors.