Candidates must disclose income

June 6, 2010 at 12:00a.m.

By MARC KOVAC

COLUMBUS

The Ohio House has approved legislation requiring candidates for governor and other statewide offices to fully disclose their income and assets.

House Bill 504 passed on a party-line vote of 54-42 and heads to the Ohio Senate for further consideration.

Under the bill, individuals running for statewide office would be required to file financial disclosure statements identifying their net worth, assets and liabilities of more than $1,000, plus a description of certain property they own.

Candidates would have to provide copies of their four most recent federal income tax returns or sworn statements identifying their income sources.

All of the disclosures would have to be made within five days of a candidate’s declaration that they are seeking office. Those who fail to do so would face criminal charges.

The legislation is modeled after a similar provision that has been effect in Florida for about three decades.

“I believe that candidates seeking the highest offices in the state must realize that the sources and amounts of their personal resources must be transparent if they are serious about managing the resources of 11 million Ohioans,” said Rep. Bob Hagan, a Democrat from Youngstown and a primary sponsor of the bill.

The legislation is aimed directly at Republican gubernatorial challenger John Kasich, who has been under attack from Gov. Ted Strickland for not releasing multiple years of income-tax records for public review.

Strickland has released his tax records for the past four years and called on his opponent to do the same. Kasich allowed selected reporters to review his 2008 return and provided copies of his state-required financial-disclosure statement.

Kasich spokesman Rob Nichols countered, in a released statement, “John and Karen have already released more information than required by the law, so they are clearly comfortable with greater transparency and, of course, with whatever the General Assembly decides. I doubt, however, that the 386,000 Ohioans who lost their jobs on Ted Strickland’s watch believe that this is the most pressing issue they face right now.”

Republicans opposed to the legislation called it a political ploy that would prove burdensome for candidates.