Today, the Ohio Senate made the announcement of changes to sub. HB 166, the Ohio Operating Budget. NFIB was a leading voice in maintaining the business investor deduction (BID). The Senate version restores the tax deduction to $250,000, with a delay of the elimination of the 3% rate on income above that until 2020.
“By maintaining Ohio’s business investor deduction (BID) in their revisions to Ohio’s operating budget, the Ohio Senate has shown their faith in the small business community. Our members are hiring and growing their businesses. State tax revenue continues a steady upward climb. These two factors demonstrate the previous tax reform measures are working, deserve the credit, and should have the chance to continue,” said Roger Geiger, Vice President and Executive Director for NFIB in Ohio.
“We are thankful the Ohio Senate leadership heard our members who testified on the budget and the larger group who backed up that testimony at Small Business Day at the Capitol last week. Entrepreneurs shared their personal stories of how important the BID was in helping grow their businesses and in-turn Ohio’s economy. This decision shows they listened,” Geiger continued.
“There is certainly optimism that Ohio can maintain the BID as well as implement tax cuts for all Ohioans. We look forward to working with the legislature in the coming weeks as the Ohio operating budget is finalized to make sure it is one that will allow Ohio’s job creators to continue hire, raise wages, and move our state forward,” he concluded.