Good morning members of the Lancaster/ Fairfield County Chamber of Commerce,
Many of you may know that there is important legislation pending in the State Senate in regards to the State Budget that will adversely affect Small Businesses in the State of Ohio. I have included information below from our partners at the Ohio Chamber of Commerce that describes the proposed changes to small business tax deductions as they relate to House Bill 166. The Lancaster/ Fairfield County Chamber of Commerce’s Legislative Action Committee found this concerning and took action by recommending to the Board of Directors that we join forces with the Ohio Chamber of Commerce to oppose the legislation.
After the Board approved this recommendation, we got to work and took action. Not only did we sign onto a growing list of other Chamber’s and associations joining forces with the Ohio Chamber, we went to the State House yesterday and testified before the Senate Finance Committee. Fellow Chamber members and Board of Directors members, Heather Yakes from Action Coach and Angela Krile of Krile Communications, submitted compelling written testimonies to the Ohio Chamber earlier this week which were then submitted to the House Finance Committee for an in-person reading. After nearly 7 hours yesterday, waiting our turn, both Heather and Angela stood before the committee and testified on behalf of small business owners, and our members, to the Senate House Finance committee. I would like to commend and thank the two of them for their efforts this week and for taking an entire day out of their schedules to help with this important issue.
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See attached written testimonies.
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I highly encourage you to read the attached testimonies and information below from the Ohio Chamber to learn more.
Your Chamber, hard at work for your business!!
Thank you,
Travis
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OHIO CHAMBER OF COMMERCE
The Small Business Income Deduction tax increase passed in the House budget this afternoon, along with an additional tax increase.
Here’s what you need to know:
- The change to $100,000 from $250,000 of deductible pass-through income remains.
- They now removed the cap of a 3% tax rate on income above the deduction ($100,000), which would now be based on tax bracket. The top rate would be 5%.
- This results in a $1.1 billion tax increase on small businesses in Ohio.
Proponents of this tax increase are claiming it will pay for an income tax cut across the board for all Ohioans. However, the reality is this is a personal income tax cut for Ohioans that Ohio’s small businesses will have to foot the bill on. This is bad for businesses in Ohio, and bad for local economies. Our state will be less competitive for businesses if the budget gets passed as-is.
But this fight is far from over, the budget now goes to the Senate where we arguably have a better chance to get this small business tax increase removed. If we do get it removed in the Senate, the House and Senate need to jointly accept the removal.
Learn more and take action:
