Bank regulation studied
A bank tax overhaul bill is slated for an early December committee vote in the Ohio Senate, but senators in both political parties remain skeptical about whether the proposal is really revenue neutral or would lead to an overall tax cut for financial entities.
The proposal would cut taxes for smaller community banks, but large financial institutions, particularly those doing business here but based outside Ohio, will pay more, said David Goodman, director of the Ohio Department of Commerce.
While there appears to be broad support for the overall goal of Gov. John Kasich’s proposal to close tax loopholes and to replace a pair of current bank taxes with a broad financial-institutions tax, senators question how much state revenue will be raised.
The bill would eliminate the 1930s-era dealers-in-intangibles tax and the last remnants of the corporate franchise tax that was largely phased out as part of a broader tax overhaul passed in 2005.
Parker makes purchase
Parker Hannifin Corp. , which makes industrial hoses, airplane wheels and other products, said it has acquired PGI International for an undisclosed sum.
Houston-based PGI International employs about 550 in the design and manufacture of specialized, high-pressure flow control components and systems.
Home Savings has loss
Home Savings and Loan Co. of Youngstown reported a consolidated net loss of $26.9 million for the third quarter, stemming from a hit it took on a $115 million asset sale in September.
Compiled from wire reports