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 HB3, 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.
The writer represents the 84th District in the Ohio House of Representatives.