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State Representative Stephen Huffman
Small Business
Growth Puts Ohio on the Map for Doing Business
Every time we enter our corner coffee shop, purchase produce from our
local farmers market, or dine at our favorite hometown restaurant, it
becomes clear that small businesses are the backbone of our
communities. The growth of this sector stimulates our economy and
provides for individuals and families across the state.
In 2017, Chief Executive magazine announced that Ohio is the 11th best
state in the nation for business, an accomplishment made even more
significant by the fact that Ohio was listed 22nd only two years ago.
In addition to that remarkable feat, the Secretary of State recently
announced that 2017 was another record-setting year for new business
filings—the eighth consecutive year that this record has been broken!
These successes in our business community are not due to pure chance.
They’ve come about after years of diligent saving, responsible
spending, and business-friendly initiatives. Since 2011, House
Republicans have solved an $8 billion budget deficit and encouraged a
predictable tax structure, policies that have helped cut the
unemployment rate in half and generate the creation of more than
480,000 private sector jobs.
All of these factors have contributed to the expansion of small
business in Ohio. On top of those achievements, the House has passed
legislation that improves the economic environment to allow individuals
and out-of-state companies to put down roots in Ohio and start a new
business. Through income tax deductions on the first $250,000 of
business income, small business owners are able to keep more of their
hard-earned money and can reinvest in their company and create new jobs.
We also reduced the filing fee associated with starting a new small
business by 21 percent from $125 to $99. It can already be incredibly
cost-prohibitive to start a new business, so this legislation made it
easier and cheaper for those with the dream to own their own business
to get started. Small businesses provide income for their owners and
jobs for those they employ, and the removal of restrictions that
inhibit their growth can only improve Ohio’s overall economy.
Ohio’s economic outlook is healthy and it can get even better,
especially if our small businesses continue to expand and make a bigger
impact on our communities. Our policies have helped foster their growth
and put Ohio on the map for one of the best places to start a business.
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