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State Representative Jim Buchy
Ohio’s Thriving
Business Climate
It is no secret that small businesses are the backbone of our economy,
especially right here in western Ohio. Our community is comprised of
thousands of hardworking men and women who are focused on providing the
best life possible for their family. It’s these dedicated individuals
who make me proud to represent the best region in Ohio, but I’m also
proud to stand up and pass legislation that will support our local
small businesses and the phenomenal Ohioans they employ. The crippling
grasp of Obamacare has kept many of our businesses gasping for air, and
struggling to find a way to pay the increased price of business
regulation.
To offset this unjustified burden, the Ohio legislature has been
focused on passing legislation that will benefit the millions of
Ohioans who rely on private businesses as an employer, as a pillar to
their local economy or simply a place to buy their household items
needed to support their family. It is these new policies that will
provide our cherished small businesses with a bright, expansive future.
This is why the Ohio House worked tirelessly to reduce the new business
filing fee by 21 percent, making it cheaper and easier for small
businesses to get started in Ohio. House Bill 3 not only cut the filing
fee to under $100, but it also put measures in place to enhance the
state’s job search website, OhioMeansJobs, to better connect employers
with qualified job candidates.
Since passing HB 3, the state has already seen 9,746 new businesses
register with the Secretary of State’s office in 2015, beating 2014’s
record-setting number by 3,971 businesses. These tremendous numbers
continued in 2016, as the first quarter business growth continued to
surpass the growth seen in 2015. Ohio is on pace for a seventh
consecutive year of seeing a record-setting number of entities filing
to do business in our state.
The legislature also approved a significant tax reduction for Ohio
businesses. Under this new tax plan, which has already gone into
effect, Ohio businesses will see a 75 percent tax deduction on their
first $250,000 of business income in 2016, and by 2017 the deduction
will increase to 100 percent. Additionally, there will be a 3 percent
flat tax on all business income that exceeds $250,000. In total, Ohio
small businesses will see a total of approximately $949 million in tax
reductions over the next two years – providing a much needed boost to
our local economy.
All in all, these new pro-business policies will give our western Ohio
companies an opportunity to invest their hard-earned money back into
their company, hiring more employees, expanding their customer base and
investing in our local community. When our small businesses prosper, we
all prosper.
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