Make Your Voice Heard!
As a member of NFIB here in Ohio, you know that small business owners are important parts of their communities. You support the little league teams, neighborhood schools, and the local hospitals. A study conducted shows that for every $100 spent at locally owned businesses, $68 stays in the local economy compared to only $43 if spent at a national chain. You understand the importance of giving back to those that support you.
In recent years, the state of Ohio created the Ohio Business Income Tax Deduction. It allows small business owners like you a 100 percent tax deduction for the first $250,000 in small business income which helps to encourage growth and reinvest among Ohio’s entrepreneur community. This deduction produces up to several thousand dollars to be reinvested by you each year.
While that may not be enough dollars to justify the full cost of hiring a new person, those extra savings dollars may allow you to add to your marketing budget, give bonuses or wage increases to your employees, or help to offset your ever-increasing costs of offering healthcare. These tax savings equate to real money in your businesses.
As the Ohio Legislature is in the final days of crafting the next biennial operating budget, the Ohio Business Income Tax Deduction has come under fire by newspapers across Ohio. They are calling on members of the Ohio House of Representatives and Senate to end the Ohio Business Income Tax Deduction instead of making cuts to the budget.
The state of Ohio’s operating budget has continued to outpace inflation, especially in regards to Medicaid. Instead of seeking additional streams of revenue, a further examination of the state’s spending problem should be addressed. To that end, it is important that members of NFIB contact their elected officials and tell them to keep the Ohio Business Income Tax Deduction intact as they make their final changes in conference committee.
Click on LegislativeDirectory2017 for a directory of the Ohio Legislature.
If you do not know what district you are in you can click here to find out: https://www.legislature.ohio.gov/legislators/find-my-legislators.
It is important that your Representative and Senator hears from you, the small business community, on this important issue. They hear every day from those that want to increase your tax burden, so you need to speak up and make your voice heard!
If you have questions regarding the the Ohio Business Income Tax Deduction or the state budgeting process, please contact Chris Ferruso at [email protected].