Guest Column From State Rep. Mike Henne
Business-Friendly Initiatives Contribute to Growth of Small Business
February 09, 2018
 
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For the eighth year in a row, Ohio reached a record high for new business growth in 2017. Since 2010, new business filings have increased by 46.3 percent, with more than 117,000 filings in the past year alone. As someone who owns an insurance agency with my family, our own small business, this is welcome news for the state of Ohio.


This kind of significant growth doesn’t just happen. It’s dependent on a strong economic environment so that individuals and families feel enough financial stability to start their own business, a big endeavor. In the Ohio House, we’ve been devoted to passing business-friendly legislation over the past few years that help to cultivate the right environment for the development of the business sector.


First, and probably most notably, the legislature passed a bill in 2015 that reduced the cost associated with starting a business in Ohio by 21 percent. With that change, those who filed to create a new business had to pay a fee of $99, as opposed to $125. This makes Ohio the least costly state in the region for starting and maintaining a business! Since that bill went into effect, new business filings have grown at a faster pace.


Additionally, we took steps to eliminate taxes on the first $250,000 of business income. In Fiscal Year 2016, we continued the 75 percent income tax deduction, which then increased to 100 percent in Fiscal Year 2017. For small businesses that take in more than $250,000 of income, there is a flat tax rate of 3 percent. These tax reductions help keep more money in the hands of our business owners and allowing them to reinvest in their facility and employees.


These kinds of policies not only reduce the burden on Ohioans who want to own and operate their own business, but they make Ohio more attractive to out-of-state entities who are looking for a business-friendly atmosphere in which to put down roots. As the backbone of our communities, small businesses are crucial to the economic development of our state, and I’m glad to see state initiatives making a real-life impact on their growth.


 

 
 
 
  
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